Bank of New York Mellon Corp Grows Stock Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Bank of New York Mellon increased its stake in Coca-Cola Consolidated by 1.5% in the first quarter, adding 6,063 shares to bring its total to 417,504 shares worth about $80.1 million.
• Coca-Cola Consolidated reported Q1 earnings of $1.79 per share on revenue of $1.71 billion, with a net margin of 7.72% and return on equity of 138.44%.
• The company declared a quarterly dividend of $0.25 per share, payable on August 7 to shareholders of record on July 24, implying an annualized dividend of $1.00 and a 0.5% yield.

Bank of New York Mellon Corp increased its stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 417,504 shares of the company's stock after buying an additional 6,063 shares during the quarter. Bank of New York Mellon Corp owned about 0.63% of Coca-Cola Consolidated worth $80,052,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Coca-Cola Consolidated by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,251 shares of the company's stock valued at $23,289,000 after purchasing an additional 1,385 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Coca-Cola Consolidated by 1,587.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 270 shares of the company's stock valued at $30,000 after buying an additional 254 shares in the last quarter. Baird Financial Group Inc. increased its stake in Coca-Cola Consolidated by 795.4% during the 2nd quarter. Baird Financial Group Inc. now owns 9,966 shares of the company's stock worth $1,113,000 after buying an additional 8,853 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Coca-Cola Consolidated by 5,152.8% during the second quarter. Marshall Wace LLP now owns 18,910 shares of the company's stock valued at $2,111,000 after acquiring an additional 18,550 shares during the last quarter. Finally, Cresset Asset Management LLC raised its holdings in shares of Coca-Cola Consolidated by 169.0% during the second quarter. Cresset Asset Management LLC now owns 4,589 shares of the company's stock valued at $512,000 after acquiring an additional 2,883 shares during the last quarter. 48.24% of the stock is owned by institutional investors and hedge funds.

Coca-Cola Consolidated Stock Performance

Shares of COKE opened at $183.09 on Wednesday. Coca-Cola Consolidated, Inc. has a 1 year low of $110.40 and a 1 year high of $219.65. The stock has a market capitalization of $12.19 billion, a PE ratio of 25.05 and a beta of 0.54. The stock has a 50-day simple moving average of $180.06 and a 200-day simple moving average of $180.11.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.79 earnings per share for the quarter. Coca-Cola Consolidated had a net margin of 7.72% and a return on equity of 138.44%. The firm had revenue of $1.71 billion during the quarter.

Coca-Cola Consolidated Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 24th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, July 24th. Coca-Cola Consolidated's dividend payout ratio is 13.68%.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy".

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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