Coca-Cola (NYSE:KO) Announces Earnings Results, Beats Expectations By $0.02 EPS

Coca-Cola (NYSE:KO) announced its earnings results on Tuesday. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02, RTT News reports. The firm had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $11.01 billion. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company posted $0.68 EPS. Coca-Cola updated its FY 2024 guidance to 2.800-2.830 EPS and its FY24 guidance to $2.80-$2.82 EPS.

Coca-Cola Stock Up 0.5 %

KO opened at $62.04 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.95 and a debt-to-equity ratio of 1.29. The stock’s fifty day simple moving average is $60.17 and its 200 day simple moving average is $58.96. Coca-Cola has a 1-year low of $51.55 and a 1-year high of $64.69. The stock has a market cap of $267.47 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 3.53 and a beta of 0.59.

Coca-Cola Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.485 per share. The ex-dividend date was Thursday, March 14th. This is a positive change 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 3.13%. Coca-Cola’s payout ratio is presently 78.23%.

Insider Buying and Selling at Coca-Cola

In other news, insider Bruno Pietracci sold 18,551 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $59.41, for a total transaction of $1,102,114.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Coca-Cola news, CEO James Quincey sold 247,188 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruno Pietracci sold 18,551 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $59.41, for a total transaction of $1,102,114.91. The disclosure for this sale can be found here. Insiders have sold a total of 323,107 shares of company stock worth $19,657,742 over the last ninety days. Insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays lifted their price target on Coca-Cola from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. JPMorgan Chase & Co. reduced their price objective on shares of Coca-Cola from $66.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Finally, Citigroup raised their price target on Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $67.22.

Coca-Cola Company Profile

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.