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

Coca-Cola (NYSE:KO) posted its quarterly earnings results on Tuesday. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03, Briefing.com reports. The business had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share. 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 Price Performance

Shares of Coca-Cola stock traded up $0.79 during trading on Friday, reaching $66.86. The company’s stock had a trading volume of 7,457,176 shares, compared to its average volume of 12,852,205. The stock has a 50-day moving average price of $63.40 and a two-hundred day moving average price of $61.44. The company has a current ratio of 1.08, a quick ratio of 0.86 and a debt-to-equity ratio of 1.39. Coca-Cola has a one year low of $51.55 and a one year high of $67.08. The stock has a market capitalization of $288.03 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. Investors of record on Friday, June 14th were issued a $0.485 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.90%. Coca-Cola’s dividend payout ratio is 77.60%.

Insider Activity at Coca-Cola

In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nikolaos Koumettis sold 80,891 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $62.34, for a total value of $5,042,744.94. Following the sale, the insider now directly owns 218,880 shares of the company’s stock, valued at $13,644,979.20. The disclosure for this sale can be found here. Insiders sold 841,588 shares of company stock valued at $568,972,027 over the last ninety days. 0.97% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Coca-Cola from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Wednesday. Argus raised their price objective 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 22nd. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Finally, StockNews.com downgraded shares of Coca-Cola from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $70.25.

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.