Coca-Cola

Coca-Cola’s (KO) latest financial results and “strong” guidance suggest that it continues to be best placed among the large soda makers headed into 2024, Wedbush Securities said Wednesday. The soft drinks company delivered its third straight year of above-algorithm top-line and earnings growth, Wedbush analysts Gerald Pascarelli and Antoine Legault said in a note. The company’s 2024 outlook was “strong,” indicating another year of earnings and sales growth meeting or surpassing the high-end of long-term targets, the analysts said. Wedbush increased its price target on the Coca-Cola stock to $68 from $66 while reiterating its outperform rating.

Coca-Cola Company (NYSE:KO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/14/2024 11.63% JP Morgan $64 → $66 Maintains Overweight 01/16/2024 11.63% Barclays $60 → $66 Maintains Overweight 11/13/2023 8.25% Jefferies → $64 Initiates Coverage On → Hold 10/25/2023 4.86% JP Morgan $59 → $62 Maintains Overweight 10/25/2023 9.94% Morgan Stanley $70 → $65 Maintains Overweight 10/17/2023 1.48% B of A Securities $74 → $60 Maintains Buy 10/16/2023 -0.21% JP Morgan $71 → $59 Maintains Overweight 10/12/2023 -0.21% Barclays $70 → $59 Maintains Overweight 10/11/2023 9.94% Citigroup $74 → $65 Maintains Buy 07/28/2023 18.39% Barclays $69 → $70 Maintains Overweight 07/27/2023 18.39% Morgan Stanley $70 → $70 Reiterates Overweight → Overweight 07/27/2023 18.39% RBC Capital $69 → $70 Maintains Outperform 07/27/2023 20.08% JP Morgan $67 → $71 Maintains Overweight 07/27/2023 20.08% Wedbush $70 → $71 Maintains Outperform 07/20/2023 16.7% Barclays $73 →

Beverage giant increased its yield advantage over rival PepsiCo Shares of Coca-Cola Co. (NYSE:KO) gained Thursday, after the beverage giant raised its dividend, effectively increasing its yield advantage over rival PepsiCo Inc. Coca-Cola said it is raising its quarterly dividend by 5.4%, to 48.5 cents a share, from 46 cents a share. Shareholders of record on March 15 will receive the new dividend on April 1.

Jefferies analyst Kaumil Gajrawala initiates coverage on Coca-Cola (NYSE:KO) with a Hold rating and announces Price Target of $64.

Coca-Cola Sees FY23 Non-GAAP EPS Growth 7-8%.

Coca-Cola Reports Third Quarter 2023 Results and Raises Full-Year Guidance Global Unit Case Volume Grew 2% Net Revenues Grew 8%; Organic Revenues (Non-GAAP) Grew 11% Operating Income Grew 6%; Comparable Currency Neutral Operating Income (Non-GAAP) Grew 13% Operating Margin Was 27.4% Versus 27.9% in the Prior Year; Comparable Operating Margin (Non-GAAP) Was 29.7% Versus 29.5% in the Prior Year EPS Grew 9% to $0.71; Comparable EPS (Non-GAAP) Grew 7% to $0.74 Coca-Cola Reports Third Quarter 2023 Results and Raises Full-Year Guidance ATLANTA–(BUSINESS WIRE)–October 24, 2023– The Coca-Cola Company today reported third quarter 2023 results, reflecting continued momentum from the first half of the year. “We delivered an overall solid quarter and are raising our full-year topline and bottom-line guidance in light of our year-to-date performance,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “Our leading portfolio of brands, coupled with an aligned and motivated system, positions us to

Coca-Cola Company (NYSE:KO) reported third-quarter FY23 sales growth of 8% year-on-year to $11.95 billion, beating the analyst consensus estimate of $11.44 billion. Revenue performance included a 2% growth in concentrate sales and a 9% growth in price/mix. Unit case volume grew 2% in the quarter. Organic revenues increased 11%. Gross profit rose 12% to $7.296 billion with a profit margin of 61%. The operating margin contracted 50 basis points to 27.4%, while the comparable operating margin gained 20 basis points to 29.7%. Operating income for the quarter increased 6% to $3.27 billion. Adjusted EPS of $0.74 beat the analyst consensus estimate of $0.69. Operating cash flow generated year-to-date was $8.9 billion, an increase of $861 million from the prior year. KO held $15.4 billion in cash and equivalents as of Sept. 29, 2023. Coca-Cola’s regular quarterly dividend of $0.46 per common share is payable Dec. 15 to shareowners of record of

Outlook: Coca-Cola raises FY23 organic revenue growth outlook from 8% – 9% to 10% – 11%, KO sees comparable currency neutral EPS growth of 13%-14% (prior 9%-11%) and comparable EPS growth of 7%-8% (prior 5%-6%) versus $2.48 in 2022. Coca-Cola continues to expect to repurchase shares to offset dilution resulting from employee stock-based compensation plans.

JPMorgan analyst Andrea Teixeira maintains Coca-Cola (NYSE:KO) with a Overweight and lowers the price target from $71 to $59.

Citigroup analyst Filippo Falorni maintains Coca-Cola (NYSE:KO) with a Buy and lowers the price target from $74 to $65.

For the second quarter, analysts are expecting Coca-Cola (NYSE:KO) to report earnings of 72 cents a share from revenue of $11.7 billion, according to FactSet. That would be a jump from earnings of 70 cents a share and revenue of $11.3 billion in the second quarter of 2022. “Since KO reported its strong 1Q, we’ve seen several positive read throughs indicating momentum continued into 2Q,” Evercore ISI analyst Robert Ottenstein wrote in a research note last week. “First, PEP delivered a robust 2Q, with pricing-led upside.” He rates Coca-Cola stock at Outperform with a target of $70 for the price. Coca-Cola’s average selling prices increased 11% during its first quarter. The question is whether consumers have remained willing and able to pay up for Coke and the other beverages the company sells.