Coca-Cola Consolidated, Inc. (NASDAQ:COKE) Short Interest Up 59.3% in September

Key Points

• Coca-Cola Consolidated experienced a significant increase in short interest, rising by 59.3% in September, bringing the total to 1,880,000 shares shorted.
• Several analysts have upgraded their ratings for Coca-Cola Consolidated, with a consensus rating now being "Buy".
• The company declared a quarterly dividend of $0.25 per share, set to be paid on November 7th, reflecting an annual yield of 0.8%.

Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Get Free Report) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totaling 1,880,000 shares, a growth of 59.3% from the September 15th total of 1,180,000 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average trading volume of 549,800 shares, the days-to-cover ratio is presently 3.4 days. Based on an average trading volume of 549,800 shares, the days-to-cover ratio is presently 3.4 days. Currently, 3.2% of the shares of the stock are short sold.

Analysts Set New Price Targets

COKE has been the subject of a number of research reports. Weiss Ratings raised shares of Coca-Cola Consolidated from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Coca-Cola Consolidated from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Buy rating, According to MarketBeat, Coca-Cola Consolidated currently has a consensus rating of "Buy".

Institutional Investors Weigh In On Coca-Cola Consolidated

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in Coca-Cola Consolidated in the second quarter worth $280,669,000. Boston Partners grew its holdings in shares of Coca-Cola Consolidated by 942.2% during the 2nd quarter. Boston Partners now owns 2,089,876 shares of the company's stock worth $233,345,000 after acquiring an additional 1,889,358 shares during the period. State Street Corp raised its position in shares of Coca-Cola Consolidated by 836.9% in the 2nd quarter. State Street Corp now owns 1,729,065 shares of the company's stock worth $193,050,000 after acquiring an additional 1,544,516 shares in the last quarter. Diversified Trust Co grew its stake in Coca-Cola Consolidated by 900.0% in the second quarter. Diversified Trust Co now owns 1,462,487 shares of the company's stock worth $163,287,000 after purchasing an additional 1,316,233 shares during the period. Finally, Geode Capital Management LLC lifted its position in Coca-Cola Consolidated by 882.9% during the second quarter. Geode Capital Management LLC now owns 1,302,088 shares of the company's stock valued at $145,398,000 after buying an additional 1,169,611 shares during the period. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Trading Down 2.7%

COKE traded down $3.60 during trading on Wednesday, hitting $129.22. 440,137 shares of the stock traded hands, compared to its average volume of 491,180. The firm has a market capitalization of $11.23 billion, a P/E ratio of 19.28 and a beta of 0.70. Coca-Cola Consolidated has a 12-month low of $105.21 and a 12-month high of $146.09. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.04 and a quick ratio of 1.78. The firm has a 50-day moving average of $119.92 and a 200 day moving average of $125.84.

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

Coca-Cola Consolidated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Friday, October 24th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 24th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Coca-Cola Consolidated's dividend payout ratio is presently 14.93%.

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.

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