Magellan Asset Management Ltd Purchases New Position in Coca-Cola Consolidated, Inc. $COKE

Magellan Asset Management Ltd purchased a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 41,619 shares of the company’s stock, valued at approximately $3,382,000.

Several other hedge funds have also added to or reduced their stakes in COKE. Quarry LP acquired a new position in Coca-Cola Consolidated in the 3rd quarter valued at approximately $25,000. Advisory Services Network LLC bought a new stake in shares of Coca-Cola Consolidated in the third quarter worth $25,000. J.Safra Asset Management Corp bought a new stake in shares of Coca-Cola Consolidated in the second quarter worth $26,000. Newbridge Financial Services Group Inc. increased its holdings in Coca-Cola Consolidated by 900.0% in the second quarter. Newbridge Financial Services Group Inc. now owns 230 shares of the company’s stock valued at $26,000 after purchasing an additional 207 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in Coca-Cola Consolidated by 900.0% in the second quarter. Geneos Wealth Management Inc. now owns 250 shares of the company’s stock valued at $28,000 after purchasing an additional 225 shares during the period. 48.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on COKE shares. Weiss Ratings restated a “buy (b)” rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. Wall Street Zen lowered shares of Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Coca-Cola Consolidated has a consensus rating of “Buy”.

Coca-Cola Consolidated Stock Performance

COKE opened at $189.10 on Monday. The firm has a 50-day moving average of $185.00 and a 200 day moving average of $185.99. Coca-Cola Consolidated, Inc. has a fifty-two week low of $110.60 and a fifty-two week high of $219.65. The firm has a market cap of $12.59 billion, a P/E ratio of 25.08 and a beta of 0.55.

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

Coca-Cola Consolidated Dividend Announcement

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

Coca-Cola Consolidated 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.