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

Coca-Cola (NYSE:KO) issued its quarterly earnings results on Wednesday. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03, Briefing.com reports. The company had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company’s quarterly revenue was down .8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 earnings per share. Coca-Cola updated its FY 2024 guidance to 2.830-2.850 EPS and its FY24 guidance to $2.82 to $2.85 EPS.

Coca-Cola Stock Performance

KO stock traded down $0.38 during trading hours on Friday, hitting $66.92. 11,067,101 shares of the stock were exchanged, compared to its average volume of 13,253,075. Coca-Cola has a 12 month low of $55.10 and a 12 month high of $73.53. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $288.42 billion, a P/E ratio of 27.09, a P/E/G ratio of 3.91 and a beta of 0.60. The company has a 50-day simple moving average of $70.71 and a two-hundred day simple moving average of $65.97.

Coca-Cola Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a yield of 2.90%. Coca-Cola’s dividend payout ratio (DPR) is presently 78.54%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Royal Bank of Canada upped their price target on Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. StockNews.com downgraded Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Morgan Stanley decreased their price target on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday. Cfra reissued a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Finally, Citigroup boosted their target price on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $71.80.

Insider Activity

In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Nancy Quan sold 18,482 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $68.95, for a total value of $1,274,333.90. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,398,603.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 319,005 shares of company stock valued at $22,198,147. 0.97% of the stock is owned by company 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.