Baxter Bros Inc. Purchases New Stake in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Baxter Bros Inc. acquired 91,308 shares of Coca-Cola Consolidated during the second quarter, valued at approximately $7.4 million and representing about 0.14% of the company.
• Institutional ownership remains significant at 48.24%, with Vanguard and several other investment firms increasing their positions in recent quarters.
• Coca-Cola Consolidated reported quarterly EPS of $2.83 on $2.05 billion in revenue and maintains a “Buy” consensus rating; it also paid a quarterly dividend of $0.25 per share.

Baxter Bros Inc. acquired a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 91,308 shares of the company's stock, valued at approximately $7,421,000. Baxter Bros Inc. owned about 0.14% of Coca-Cola Consolidated at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Coca-Cola Consolidated by 6.4% in the fourth quarter. Vanguard Group Inc. now owns 5,686,058 shares of the company's stock valued at $871,673,000 after acquiring an additional 341,374 shares in the last quarter. Horizon Investments LLC raised its holdings in Coca-Cola Consolidated by 1,655,666.7% during the fourth quarter. Horizon Investments LLC now owns 49,673 shares of the company's stock worth $7,602,000 after purchasing an additional 49,670 shares in the last quarter. Vest Financial LLC raised its holdings in Coca-Cola Consolidated by 60.8% during the fourth quarter. Vest Financial LLC now owns 232,597 shares of the company's stock worth $35,657,000 after purchasing an additional 87,912 shares in the last quarter. James Investment Research Inc. lifted its position in Coca-Cola Consolidated by 62.2% in the fourth quarter. James Investment Research Inc. now owns 22,412 shares of the company's stock worth $3,436,000 after purchasing an additional 8,593 shares during the period. Finally, Walleye Capital LLC lifted its position in Coca-Cola Consolidated by 285.2% in the first quarter. Walleye Capital LLC now owns 86,972 shares of the company's stock worth $16,676,000 after purchasing an additional 64,396 shares during the period. 48.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on COKE. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen lowered Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy".

Coca-Cola Consolidated Price Performance

Shares of COKE opened at $189.11 on Monday. The company has a 50-day moving average of $184.81 and a two-hundred day moving average of $184.70. The stock has a market cap of $12.59 billion, a price-to-earnings ratio of 25.08 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a one year low of $110.60 and a one year high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.83 earnings per share (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 Dividend Announcement

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