Bank of America Corp DE Lowers Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Bank of America reduced its Coca-Cola Consolidated stake by 3.9%, selling 7,248 shares and retaining 177,636 shares valued at approximately $34.1 million. Institutional investors collectively own 48.24% of the company.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and earnings of $2.83 per share. The company also paid a quarterly dividend of $0.25 per share, representing a 0.5% annualized yield.
• COKE shares opened at $189.11, with a market capitalization of $12.59 billion. Analyst sentiment remains broadly positive, with a consensus “Buy” rating despite one recent downgrade to “Hold.”

Bank of America Corp DE reduced its stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 3.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 177,636 shares of the company's stock after selling 7,248 shares during the period. Bank of America Corp DE owned approximately 0.27% of Coca-Cola Consolidated worth $34,060,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp boosted its position in shares of Coca-Cola Consolidated by 836.9% during the 2nd 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 last quarter. Norges Bank bought a new stake in shares of Coca-Cola Consolidated in the 4th quarter valued at approximately $222,408,000. AQR Capital Management LLC boosted its holdings 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 worth $131,906,000 after purchasing an additional 1,099,421 shares during the period. First Trust Advisors LP boosted its holdings in shares of Coca-Cola Consolidated by 42.1% in the 4th quarter. First Trust Advisors LP now owns 2,037,083 shares of the company's stock worth $312,285,000 after purchasing an additional 603,513 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Coca-Cola Consolidated by 153,487.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 417,757 shares of the company's stock valued at $64,042,000 after purchasing an additional 417,485 shares during the last quarter. Institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Stock Down 0.6%

Shares of NASDAQ COKE opened at $189.11 on Friday. The business's 50 day moving average price is $184.81 and its 200 day moving average price is $184.46. 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, Inc. has a 52 week low of $110.60 and a 52 week high of $219.65.

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

Coca-Cola Consolidated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 24th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, July 24th. Coca-Cola Consolidated's dividend payout ratio (DPR) is 13.26%.

Analyst Upgrades and Downgrades

COKE has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy".

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.

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