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

Coca-Cola (NYSE:KO) announced its quarterly earnings results on Wednesday. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03, Briefing.com reports. The company had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.61 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. Coca-Cola’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $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 Trading Down 0.8 %

Coca-Cola stock traded down $0.55 during mid-day trading on Thursday, hitting $67.46. The company’s stock had a trading volume of 3,867,049 shares, compared to its average volume of 13,196,854. Coca-Cola has a one year low of $55.10 and a one year high of $73.53. The stock has a market cap of $290.61 billion, a PE ratio of 26.98, a P/E/G ratio of 3.92 and a beta of 0.60. The company has a 50 day moving average of $70.74 and a 200-day moving average of $65.96. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s payout ratio is currently 77.60%.

Insider Buying and Selling

In related news, EVP Nancy Quan sold 18,484 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,968,095. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Coca-Cola news, EVP Lisa Chang sold 58,122 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $68.51, for a total transaction of $3,981,938.22. Following the completion of the sale, the executive vice president now directly owns 74,067 shares of the company’s stock, valued at approximately $5,074,330.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were 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 in the company, valued at $15,968,095. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,792 shares of company stock valued at $24,728,364 in the last 90 days. Company insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Morgan Stanley reduced their price target on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday. Bank of America raised their target price on Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. StockNews.com lowered shares of Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Wells Fargo & Company raised their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.