Wedbush Weighs in on The Coca-Cola Company’s Q2 2024 Earnings (NYSE:KO)

The Coca-Cola Company (NYSE:KO) – Stock analysts at Wedbush upped their Q2 2024 earnings estimates for shares of Coca-Cola in a research report issued to clients and investors on Wednesday, May 1st. Wedbush analyst G. Pascarelli now anticipates that the company will earn $0.81 per share for the quarter, up from their previous estimate of $0.80. The consensus estimate for Coca-Cola’s current full-year earnings is $2.82 per share. Wedbush also issued estimates for Coca-Cola’s Q4 2024 earnings at $0.53 EPS.

KO has been the subject of several other reports. Citigroup upped their target price on shares of Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. UBS Group upped their target price on shares of Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. upped their target price on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Evercore ISI upped their target price on shares of Coca-Cola from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Finally, Barclays upped their target price on shares of Coca-Cola from $68.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.27.

Coca-Cola Price Performance

NYSE KO opened at $62.62 on Monday. The company has a market cap of $269.74 billion, a P/E ratio of 25.05, a P/E/G ratio of 3.53 and a beta of 0.57. Coca-Cola has a 1 year low of $51.55 and a 1 year high of $64.25. The company has a fifty day simple moving average of $60.32 and a 200 day simple moving average of $59.30. The company has a current ratio of 1.04, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.02. 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 23.41% and a return on equity of 42.74%. Coca-Cola’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 EPS.

Institutional Trading of Coca-Cola

A number of hedge funds have recently modified their holdings of the company. Insigneo Advisory Services LLC raised its holdings in Coca-Cola by 12.2% during the 3rd quarter. Insigneo Advisory Services LLC now owns 41,683 shares of the company’s stock worth $2,354,000 after buying an additional 4,527 shares during the period. Birchcreek Wealth Management LLC raised its holdings in Coca-Cola by 12.6% during the 4th quarter. Birchcreek Wealth Management LLC now owns 4,539 shares of the company’s stock worth $267,000 after buying an additional 507 shares during the period. HF Advisory Group LLC raised its holdings in Coca-Cola by 7.6% during the 3rd quarter. HF Advisory Group LLC now owns 6,770 shares of the company’s stock worth $379,000 after buying an additional 476 shares during the period. Wahed Invest LLC raised its holdings in Coca-Cola by 10.3% during the 3rd quarter. Wahed Invest LLC now owns 61,355 shares of the company’s stock worth $3,435,000 after buying an additional 5,707 shares during the period. Finally, Smart Money Group LLC raised its holdings in shares of Coca-Cola by 21.6% in the fourth quarter. Smart Money Group LLC now owns 4,932 shares of the company’s stock valued at $291,000 after purchasing an additional 877 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Coca-Cola news, insider Bruno Pietracci sold 18,551 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $59.41, for a total transaction of $1,102,114.91. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Bruno Pietracci sold 18,551 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Beatriz R. Perez sold 57,298 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.99, for a total transaction of $3,551,903.02. Following the completion of the transaction, the executive vice president now directly owns 167,107 shares in the company, valued at approximately $10,358,962.93. The disclosure for this sale can be found here. Insiders have sold a total of 380,405 shares of company stock valued at $23,209,645 in the last 90 days. 0.97% of the stock is currently owned by insiders.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Friday, June 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

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.