Coca-Cola Consolidated, Inc. (NASDAQ:COKE) Short Interest Up 23.6% in April

Key Points

• Short interest rose 23.6% in April to 1,561,950 shares (about 2.3% of shares outstanding), leaving a days-to-cover ratio of 3.4 based on average daily volume.
• Institutional buying increased notably—State Street, AQR and Norges Bank added large positions, and institutions now own roughly 48.24% of the company.
• The company announced a quarterly dividend of $0.25 (annualized $1.00) with an ex-dividend date of April 24 and pay date of May 8, implying a yield of about 0.5%.

Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Get Free Report) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totaling 1,561,950 shares, a growth of 23.6% from the March 31st total of 1,263,587 shares. Based on an average daily volume of 456,802 shares, the days-to-cover ratio is currently 3.4 days. Approximately 2.3% of the company's shares are sold short.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy".

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in shares of Coca-Cola Consolidated by 836.9% during the second quarter. State Street Corp now owns 1,729,065 shares of the company's stock valued at $193,050,000 after acquiring an additional 1,544,516 shares during the period. Norges Bank acquired a new position in shares of Coca-Cola Consolidated in the 4th quarter valued at $222,408,000. AQR Capital Management LLC raised its stake 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 valued at $131,906,000 after buying an additional 1,099,421 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Coca-Cola Consolidated by 119.3% in the 3rd quarter. First Trust Advisors LP now owns 1,433,570 shares of the company's stock valued at $167,957,000 after buying an additional 779,915 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Coca-Cola Consolidated by 153,487.1% in the 4th 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 in the last quarter. 48.24% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Stock Up 0.5%

Coca-Cola Consolidated stock traded up $0.97 during mid-day trading on Wednesday, reaching $201.94. 386,513 shares of the company were exchanged, compared to its average volume of 472,118. The business has a fifty day moving average of $197.39 and a 200 day moving average of $167.84. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.97 and a current ratio of 1.26. The firm has a market cap of $13.44 billion, a P/E ratio of 29.62 and a beta of 0.61. Coca-Cola Consolidated has a 12-month low of $105.21 and a 12-month high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its earnings results on Wednesday, February 18th. The company reported $2.11 earnings per share for the quarter. Coca-Cola Consolidated had a return on equity of 66.42% and a net margin of 7.89%.The company had revenue of $1.90 billion during the quarter.

Coca-Cola Consolidated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Friday, April 24th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, April 24th. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio (DPR) is 14.66%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.