Coca-Cola Consolidated (NASDAQ:COKE) Posts Quarterly Earnings Results

Coca-Cola Consolidated (NASDAQ:COKE) announced its quarterly earnings results on Wednesday. The company reported $2.83 earnings per share for the quarter, FiscalAI reports. The company had revenue of $2.05 billion during the quarter. Coca-Cola Consolidated had a return on equity of 138.44% and a net margin of 7.72%.

Coca-Cola Consolidated Stock Performance

Shares of NASDAQ COKE traded up $8.18 during mid-day trading on Thursday, hitting $192.91. The stock had a trading volume of 273,684 shares, compared to its average volume of 523,000. The business has a 50 day moving average price of $182.94 and a two-hundred day moving average price of $182.89. Coca-Cola Consolidated has a 1 year low of $110.60 and a 1 year high of $219.65. The firm has a market cap of $12.84 billion, a P/E ratio of 26.37 and a beta of 0.55.

Coca-Cola Consolidated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Friday, July 24th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, July 24th. Coca-Cola Consolidated’s payout ratio is presently 13.68%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy”.

Hedge Funds Weigh In On Coca-Cola Consolidated

A number of hedge funds have recently modified their holdings of COKE. State Street Corp raised its position in Coca-Cola Consolidated by 836.9% during the 2nd quarter. State Street Corp now owns 1,729,065 shares of the company’s stock valued at $193,050,000 after purchasing an additional 1,544,516 shares during the last quarter. Norges Bank bought a new stake in shares of Coca-Cola Consolidated in the 4th quarter worth approximately $222,408,000. AQR Capital Management LLC grew its position in shares of Coca-Cola Consolidated by 1,270.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,185,937 shares of the company’s stock worth $131,906,000 after buying an additional 1,099,421 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Coca-Cola Consolidated by 42.1% during the fourth quarter. First Trust Advisors LP now owns 2,037,083 shares of the company’s stock valued at $312,285,000 after buying an additional 603,513 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Coca-Cola Consolidated by 153,487.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 417,757 shares of the company’s stock valued at $64,042,000 after buying an additional 417,485 shares during the period. Hedge funds and other institutional investors own 48.24% of the company’s stock.

Coca-Cola Consolidated Company Profile

Founded in 1902 and headquartered in Charlotte, North Carolina, Coca-Cola Consolidated, Inc is the largest independent bottler of Coca-Cola products in the United States. The company manufactures, sells and distributes a broad portfolio of sparkling and still beverages under exclusive agreements with The Coca-Cola Company. Its brand lineup includes Coca-Cola, Diet Coke, Sprite and Fanta, as well as noncarbonated offerings such as Minute Maid juices, Gold Peak teas, Dasani water, Powerade sports drinks and vitaminwater.

Coca-Cola Consolidated’s operations span 14 states and the District of Columbia across the Southeastern, South Central and Mid-Atlantic regions.