Coca-Cola Consolidated Inc (NASDAQ:COKE)’s stock price rose 10.7% on Wednesday following a stronger than expected earnings report. The company traded as high as $360.00 and last traded at $324.79, approximately 368,039 shares traded hands during mid-day trading. An increase of 561% from the average daily volume of 55,656 shares. The stock had previously closed at $293.44.
The company reported $4.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $3.09. The company had revenue of $1.27 billion during the quarter. Coca-Cola Consolidated had a negative net margin of 0.27% and a positive return on equity of 12.79%.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, July 26th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend is Thursday, July 25th.
A number of equities research analysts have recently commented on the stock. ValuEngine cut shares of Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub cut Coca-Cola Consolidated from a “hold” rating to a “sell” rating in a research note on Wednesday, July 17th.
In other Coca-Cola Consolidated news, Director John W. Murrey III sold 1,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $379.60, for a total transaction of $379,600.00. Following the completion of the transaction, the director now owns 500 shares of the company’s stock, valued at $189,800. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.01% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Creative Planning raised its holdings in Coca-Cola Consolidated by 2.0% during the first quarter. Creative Planning now owns 1,650 shares of the company’s stock worth $475,000 after purchasing an additional 33 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Coca-Cola Consolidated by 13.5% during the fourth quarter. Geode Capital Management LLC now owns 59,721 shares of the company’s stock valued at $10,593,000 after acquiring an additional 7,088 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Coca-Cola Consolidated by 5.4% during the fourth quarter. Bank of America Corp DE now owns 16,288 shares of the company’s stock valued at $2,889,000 after acquiring an additional 841 shares during the last quarter. U S Global Investors Inc. bought a new position in shares of Coca-Cola Consolidated during the first quarter valued at about $1,389,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Coca-Cola Consolidated by 42.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 42,332 shares of the company’s stock valued at $12,184,000 after acquiring an additional 12,576 shares during the last quarter. 38.37% of the stock is owned by institutional investors.
The stock has a market capitalization of $2.83 billion, a PE ratio of 46.97 and a beta of 0.78. The firm’s 50 day moving average price is $300.29. The company has a quick ratio of 1.05, a current ratio of 1.45 and a debt-to-equity ratio of 2.73.
Coca-Cola Consolidated Company Profile (NASDAQ:COKE)
Coca-Cola Consolidated, Inc, together with its subsidiaries, produces, markets, and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company in the United States. The company offers sparkling beverages, including carbonated beverages; and still beverages, such as energy products, as well as noncarbonated beverages comprising bottled water, tea, ready to drink coffee, enhanced water, juices, and sports drinks.
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