732,270 Shares in Coca-Cola Consolidated, Inc. $COKE Acquired by Allworth Financial LP

Key Points

• Allworth Financial LP acquired 732,270 shares of Coca-Cola Consolidated during the second quarter, valued at approximately $59.5 million and representing about 1.1% of the company. Institutional investors and hedge funds collectively own 48.24% of COKE.
• Coca-Cola Consolidated reported quarterly earnings of $2.83 per share on $2.05 billion in revenue. The company also paid a $0.25 quarterly dividend, equivalent to a $1.00 annualized payout and a 0.5% yield.
• COKE shares opened at $187.60, with a market capitalization of $12.49 billion and a P/E ratio of 24.88. Despite one analyst downgrade to “hold,” the stock retains a consensus “Buy” rating.

Allworth Financial LP acquired a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 732,270 shares of the company's stock, valued at approximately $59,512,000. Allworth Financial LP owned about 1.10% of Coca-Cola Consolidated at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on COKE shares. 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. Weiss Ratings restated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy".

Coca-Cola Consolidated Price Performance

Coca-Cola Consolidated stock opened at $187.60 on Friday. The business has a 50 day moving average of $184.97 and a 200-day moving average of $185.75. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65. The company has a market capitalization of $12.49 billion, a P/E ratio of 24.88 and a beta of 0.55.

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

Coca-Cola Consolidated Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 24th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend 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%.

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.

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