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

The Coca-Cola Company (NYSE:KO) – Investment analysts at Wedbush raised their Q2 2024 earnings per share estimates for shares of Coca-Cola in a research report issued to clients and investors on Wednesday, May 1st. Wedbush analyst G. Pascarelli now forecasts that the company will post earnings per share of $0.81 for the quarter, up from their prior forecast 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.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $11.01 billion. Coca-Cola had a return on equity of 42.74% and a net margin of 23.41%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.68 EPS.

Other analysts have also recently issued reports about the company. Barclays increased their price objective on Coca-Cola from $68.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup increased their price objective on Coca-Cola from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, January 17th. JPMorgan Chase & Co. increased their price objective on Coca-Cola from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Evercore ISI increased their price objective on Coca-Cola from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Finally, UBS Group increased their price objective on Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Coca-Cola currently has a consensus rating of “Moderate Buy” and an average target price of $68.27.

Coca-Cola Trading Up 0.3 %

NYSE:KO opened at $62.17 on Monday. The stock’s 50 day moving average price is $60.24 and its 200 day moving average price is $59.19. The company has a market capitalization of $268.03 billion, a PE ratio of 24.87, a P/E/G ratio of 3.55 and a beta of 0.57. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 1.26. Coca-Cola has a 52-week low of $51.55 and a 52-week high of $64.25.

Hedge Funds Weigh In On Coca-Cola

Several hedge funds have recently bought and sold shares of the stock. Insigneo Advisory Services LLC grew its position in shares of Coca-Cola by 12.2% in the third quarter. Insigneo Advisory Services LLC now owns 41,683 shares of the company’s stock valued at $2,354,000 after purchasing an additional 4,527 shares during the period. Birchcreek Wealth Management LLC grew its position in shares of Coca-Cola by 12.6% in the fourth quarter. Birchcreek Wealth Management LLC now owns 4,539 shares of the company’s stock valued at $267,000 after purchasing an additional 507 shares during the period. HF Advisory Group LLC grew its position in shares of Coca-Cola by 7.6% in the third quarter. HF Advisory Group LLC now owns 6,770 shares of the company’s stock valued at $379,000 after purchasing an additional 476 shares during the period. Wahed Invest LLC grew its position in shares of Coca-Cola by 10.3% in the third quarter. Wahed Invest LLC now owns 61,355 shares of the company’s stock valued at $3,435,000 after purchasing an additional 5,707 shares during the period. Finally, Smart Money Group LLC grew its position 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 period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling

In related news, CEO James Quincey sold 247,188 shares of Coca-Cola stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the completion of the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at $26,968,753.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Bruno Pietracci sold 18,551 shares of Coca-Cola stock in a transaction on Monday, March 4th. The stock was sold at an average price of $59.41, for a total transaction of $1,102,114.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Quincey sold 247,188 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 323,107 shares of company stock valued at $19,657,742. 0.97% of the stock is owned by insiders.

Coca-Cola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.94 annualized dividend and a dividend yield of 3.12%. Coca-Cola’s dividend payout ratio is currently 77.60%.

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.