Coca-Cola (NYSE:KO) Issues Earnings Results

Coca-Cola (NYSE:KO - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.03, Briefing.com reports. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The business had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same period in the prior year, the company earned $0.74 EPS. Coca-Cola's revenue for the quarter was down .8% on a year-over-year basis. 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 Trading Down 1.0 %

Shares of KO traded down $0.71 during trading hours on Thursday, hitting $67.30. 17,489,661 shares of the stock were exchanged, compared to its average volume of 13,263,326. Coca-Cola has a fifty-two week low of $55.10 and a fifty-two week high of $73.53. The business has a 50-day moving average of $70.74 and a 200-day moving average of $65.96. The firm has a market capitalization of $289.93 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 3.92 and a beta of 0.60. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92.

Coca-Cola Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.485 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.88%. Coca-Cola's dividend payout ratio (DPR) is currently 77.60%.

Insider Activity at Coca-Cola

In related news, EVP Nancy Quan sold 18,484 shares of the company's stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Bruno Pietracci sold 38,653 shares of the business's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total transaction of $2,667,443.53. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of the firm's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the completion of the sale, the executive vice president now owns 223,330 shares of the company's stock, valued at $15,968,095. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 356,792 shares of company stock worth $24,728,364 over the last quarter. Company insiders own 0.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on KO shares. Truist Financial increased their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price 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. Royal Bank of Canada upped their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an "outperform" rating in a report on Wednesday, July 24th. Morgan Stanley reduced their price objective on Coca-Cola from $78.00 to $76.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Hsbc Global Res upgraded Coca-Cola to a "strong-buy" rating in a research report on Friday, September 27th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Coca-Cola presently has an average rating of "Moderate Buy" and a consensus price target of $71.87.

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.