21,279 Shares in Coca-Cola Consolidated, Inc. $COKE Acquired by Summit Asset Management LLC

Summit Asset Management LLC acquired a new position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 21,279 shares of the company’s stock, valued at approximately $1,729,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ascentis Independent Advisors bought a new stake in shares of Coca-Cola Consolidated during the 1st quarter valued at $31,000. Torren Management LLC bought a new position in shares of Coca-Cola Consolidated in the fourth quarter worth $29,000. Morse Asset Management Inc bought a new position in shares of Coca-Cola Consolidated in the fourth quarter worth $31,000. Ballast Advisors LLC acquired a new position in Coca-Cola Consolidated in the first quarter valued at about $38,000. Finally, Quarry LP acquired a new position in Coca-Cola Consolidated in the third quarter valued at about $25,000. 48.24% of the stock is owned by institutional investors and hedge funds.

Coca-Cola Consolidated Stock Down 0.6%

Coca-Cola Consolidated stock opened at $189.11 on Friday. The stock has a market cap of $12.59 billion, a PE ratio of 25.08 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a 12-month low of $110.60 and a 12-month high of $219.65. The business’s 50-day moving average price is $184.81 and its two-hundred day moving average price is $184.46.

Coca-Cola Consolidated (NASDAQ:COKE) last posted its earnings results on Wednesday, August 5th. The company reported $2.83 EPS for the quarter. Coca-Cola Consolidated had a net margin of 7.15% and a negative return on equity of 1,041.59%. The firm had revenue of $2.05 billion during the quarter.

Coca-Cola Consolidated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 24th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Friday, July 24th. Coca-Cola Consolidated’s dividend payout ratio is currently 13.26%.

Analysts Set New Price Targets

A number of brokerages have issued reports on COKE. Weiss Ratings reiterated a “buy (b)” rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

About Coca-Cola Consolidated

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.