8,396,412 Shares in Coca-Cola Consolidated, Inc. $COKE Purchased by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 8.4 million shares of Coca-Cola Consolidated in the second quarter, worth approximately $682.4 million and representing a 12.61% stake.
• Institutional investors own 48.24% of COKE, while analyst sentiment remains positive overall with a consensus “Buy” rating, despite one recent downgrade to “Hold.”
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and earnings of $2.83 per share, and pays a $1.00 annualized dividend with a 0.5% yield.

Canada Pension Plan Investment Board purchased a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 8,396,412 shares of the company's stock, valued at approximately $682,376,000. Canada Pension Plan Investment Board owned approximately 12.61% of Coca-Cola Consolidated at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Coca-Cola Consolidated in the third quarter worth $25,000. Advisory Services Network LLC bought a new position in Coca-Cola Consolidated during the third quarter valued at $25,000. J.Safra Asset Management Corp purchased a new position in shares of Coca-Cola Consolidated in the 2nd quarter worth $26,000. Newbridge Financial Services Group Inc. grew its stake in shares of Coca-Cola Consolidated by 900.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 230 shares of the company's stock worth $26,000 after buying an additional 207 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Coca-Cola Consolidated by 900.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 250 shares of the company's stock worth $28,000 after buying an additional 225 shares during the last quarter. Institutional investors own 48.24% of the company's stock.

Analyst Ratings Changes

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

Coca-Cola Consolidated Stock Performance

Shares of COKE stock opened at $196.53 on Wednesday. The stock has a 50 day moving average price of $185.35 and a 200 day moving average price of $186.58. Coca-Cola Consolidated, Inc. has a 52-week low of $110.60 and a 52-week high of $219.65. The firm has a market capitalization of $13.08 billion, a P/E ratio of 26.07 and a beta of 0.55.

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

Coca-Cola Consolidated Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Friday, July 24th were issued a $0.25 dividend. The ex-dividend date was Friday, July 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio is presently 13.26%.

Coca-Cola Consolidated Company 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.

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