Biglari Sardar Buys New Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Biglari Sardar acquired 110,248 shares of Coca-Cola Consolidated in the second quarter, valued at approximately $8.96 billion and representing 14.4% of its portfolio. The investment made COKE its second-largest holding, with about 0.17% of the company owned.
• Institutional interest increased, with BlackRock and several other major firms establishing new positions; institutional investors now own 48.24% of COKE. Analysts maintain a generally positive view, with the stock carrying an average “Buy” rating.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and earnings of $2.83 per share. Shares recently traded at $196.53, while the company declared a $0.25 quarterly dividend, equivalent to a 0.5% annual yield.

Biglari Sardar bought a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 110,248 shares of the company's stock, valued at approximately $8,959,855,000. Coca-Cola Consolidated accounts for approximately 14.4% of Biglari Sardar's holdings, making the stock its 2nd largest position. Biglari Sardar owned approximately 0.17% of Coca-Cola Consolidated as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COKE. BlackRock Inc. acquired a new stake in Coca-Cola Consolidated in the second quarter worth approximately $26,229,118,000. Legal & General Group Plc acquired a new position in shares of Coca-Cola Consolidated during the 2nd quarter valued at $1,978,267,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Coca-Cola Consolidated during the 2nd quarter valued at $1,591,427,000. GQG Partners LLC bought a new stake in shares of Coca-Cola Consolidated in the 2nd quarter worth $1,494,498,000. Finally, Deutsche Bank AG acquired a new position in Coca-Cola Consolidated during the second quarter worth about $1,346,125,000. 48.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on COKE shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy".

Coca-Cola Consolidated Stock Up 2.0%

Shares of Coca-Cola Consolidated stock opened at $196.53 on Wednesday. The stock's fifty day moving average is $185.35 and its 200-day moving average is $186.58. The firm has a market capitalization of $13.08 billion, a PE ratio of 26.07 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a 12-month low of $110.60 and a 12-month 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 for the quarter. Coca-Cola Consolidated had a negative return on equity of 1,041.59% and a net margin of 7.15%.The business had revenue of $2.05 billion during the quarter.

Coca-Cola Consolidated Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio is currently 13.26%.

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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