Coca-Cola (NYSE:KO) Issues Quarterly Earnings Results

Coca-Cola (NYSE:KO) posted its quarterly 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 business had revenue of $11.30 billion during 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 company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 earnings per share. 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 Performance

Shares of KO opened at $62.04 on Tuesday. The company has a market capitalization of $267.47 billion, a price-to-earnings ratio of 25.02, a price-to-earnings-growth ratio of 3.53 and a beta of 0.59. Coca-Cola has a 52-week low of $51.55 and a 52-week high of $64.69. The company has a quick ratio of 0.95, a current ratio of 1.13 and a debt-to-equity ratio of 1.29. The stock has a 50 day moving average price of $60.17 and a 200 day moving average price of $58.96.

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 paid a dividend of $0.485 per share. This is a boost from Coca-Cola’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, March 14th. This represents a $1.94 annualized dividend and a yield of 3.13%. Coca-Cola’s payout ratio is presently 78.23%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, CEO James Quincey sold 247,188 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $60.94, for a total value of $15,063,636.72. Following the completion of the transaction, the chief executive officer now owns 442,546 shares in the company, valued at approximately $26,968,753.24. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruno Pietracci sold 18,551 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $59.41, for a total value of $1,102,114.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 323,107 shares of company stock valued at $19,657,742. 0.97% of the stock is owned by corporate insiders.

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.