Lord Abbett & CO. LLC Makes New $21.56 Million Investment in Coca-Cola Consolidated, Inc. (NASDAQ:COKE)

Lord Abbett & CO. LLC bought a new position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,968 shares of the company’s stock, valued at approximately $21,557,000.

Other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. grew its position in shares of Coca-Cola Consolidated by 33.2% during the first quarter. Victory Capital Management Inc. now owns 11,310 shares of the company’s stock worth $15,268,000 after acquiring an additional 2,821 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Coca-Cola Consolidated by 4.4% during the first quarter. Bank of New York Mellon Corp now owns 60,812 shares of the company’s stock worth $82,097,000 after acquiring an additional 2,545 shares during the last quarter. Two Sigma Advisers LP purchased a new position in shares of Coca-Cola Consolidated during the fourth quarter worth approximately $378,000. Edgestream Partners L.P. purchased a new position in shares of Coca-Cola Consolidated during the first quarter worth approximately $3,638,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Coca-Cola Consolidated by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,658 shares of the company’s stock worth $2,238,000 after acquiring an additional 374 shares during the last quarter. 48.24% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Stock Performance

Shares of COKE opened at $113.05 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.78 and a debt-to-equity ratio of 0.88. The firm has a market cap of $9.82 billion, a PE ratio of 16.87 and a beta of 0.81. The company’s 50 day simple moving average is $112.44 and its 200-day simple moving average is $131.07. Coca-Cola Consolidated, Inc. has a 12-month low of $105.21 and a 12-month high of $146.09.

Coca-Cola Consolidated (NASDAQ:COKE) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.24 earnings per share for the quarter. Coca-Cola Consolidated had a net margin of 8.43% and a return on equity of 44.91%. The firm had revenue of $1.86 billion for the quarter.

Coca-Cola Consolidated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Friday, July 25th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, July 25th. Coca-Cola Consolidated’s dividend payout ratio (DPR) is 14.93%.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Coca-Cola Consolidated from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th.

About Coca-Cola Consolidated

Coca-Cola Consolidated, Inc, together with its subsidiaries, manufactures, markets, and distributes nonalcoholic beverages primarily products of The Coca-Cola Company in the United States. The company offers sparkling beverages; and still beverages, including energy products, as well as noncarbonated beverages comprising bottled water, ready to drink coffee and tea, enhanced water, juices, and sports drinks.