Coca-Cola (NYSE:KO) Updates FY 2024 Earnings Guidance

Coca-Cola (NYSE:KO) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.800-2.830 for the period, compared to the consensus EPS estimate of 2.630. The company issued revenue guidance of -. Coca-Cola also updated its FY24 guidance to $2.80-$2.82 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on KO. Barclays increased their target price on Coca-Cola from $66.00 to $68.00 and gave the company an overweight rating in a research report on Friday, April 12th. JPMorgan Chase & Co. dropped their target price on Coca-Cola from $66.00 to $65.00 and set an overweight rating on the stock in a research report on Friday, April 19th. Finally, Citigroup increased their target price on Coca-Cola from $67.00 to $68.00 and gave the company a buy rating in a research report on Wednesday, January 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $67.22.

Coca-Cola Stock Performance

KO stock traded down $0.31 during midday trading on Tuesday, reaching $61.73. The stock had a trading volume of 8,597,680 shares, compared to its average volume of 13,921,744. The stock has a market cap of $266.13 billion, a PE ratio of 24.92, a P/E/G ratio of 3.53 and a beta of 0.59. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13. The firm has a fifty day simple moving average of $60.17 and a two-hundred day simple moving average of $58.96. Coca-Cola has a 52-week low of $51.55 and a 52-week high of $64.69.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. Coca-Cola had a return on equity of 42.50% and a net margin of 23.42%. The business had revenue of $11.30 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same quarter last year, the business posted $0.68 EPS. The company’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts anticipate that Coca-Cola will post 2.81 EPS for the current year.

Coca-Cola Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.485 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.14%. Coca-Cola’s dividend payout ratio (DPR) is 78.23%.

Insider Activity

In other news, EVP Nancy Quan sold 57,368 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $60.87, for a total transaction of $3,491,990.16. Following the sale, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $13,594,097.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Bruno Pietracci sold 18,551 shares of Coca-Cola stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $59.41, for a total value of $1,102,114.91. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Nancy Quan sold 57,368 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $60.87, for a total value of $3,491,990.16. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The disclosure for this sale can be found here. Insiders have sold 323,107 shares of company stock worth $19,657,742 in the last ninety days. Company insiders own 0.97% of the company’s stock.

About Coca-Cola

The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.