Coca-Cola (NYSE:KO) Posts Earnings Results, Beats Estimates By $0.03 EPS

Coca-Cola (NYSE:KO) announced its quarterly earnings results on Tuesday. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03, Briefing.com reports. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.78 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. Coca-Cola updated its FY24 guidance to $2.82-2.85 EPS and its FY 2024 guidance to 2.830-2.850 EPS.

Coca-Cola Stock Performance

NYSE KO traded up $0.76 during trading hours on Friday, hitting $66.83. The company’s stock had a trading volume of 4,668,042 shares, compared to its average volume of 12,832,363. Coca-Cola has a 12 month low of $51.55 and a 12 month high of $66.89. The company’s 50 day simple moving average is $63.40 and its two-hundred day simple moving average is $61.44. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.86. The company has a market cap of $287.90 billion, a P/E ratio of 26.65, a price-to-earnings-growth ratio of 3.71 and a beta of 0.59.

Coca-Cola Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Friday, June 14th. Coca-Cola’s payout ratio is currently 77.60%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on KO shares. UBS Group boosted their price target on shares of Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Citigroup upped their target price on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen raised their target price on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday. Argus upped their price target on Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Finally, Barclays boosted their target price on shares of Coca-Cola from $69.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and an average price target of $70.25.

Insider Buying and Selling at Coca-Cola

In related news, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the sale, the insider now owns 1,883,546 shares in the company, valued at $1,742,280,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Beatriz R. Perez sold 57,298 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.99, for a total transaction of $3,551,903.02. Following the completion of the sale, the executive vice president now owns 167,107 shares of the company’s stock, valued at approximately $10,358,962.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the completion of the transaction, the insider now directly owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 841,588 shares of company stock worth $568,972,027. 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.