BlackRock Inc. Acquires Shares of 322,740,471 Coca-Cola Consolidated, Inc. $COKE

Key Points

• BlackRock reported a new position of 322.7 million Coca-Cola Consolidated shares valued at approximately $26.2 billion, while other institutional investors also increased their holdings.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating despite one downgrade to “Hold.”
• COKE shares opened at $186.21, down 1.5%; the company reported quarterly revenue of $2.05 billion and EPS of $2.83, and declared a quarterly dividend of $0.25, equivalent to a 0.5% annual yield.

BlackRock Inc. bought a new position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 322,740,471 shares of the company's stock, valued at approximately $26,229,118,000. BlackRock Inc. owned approximately 484.89% of Coca-Cola Consolidated at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in COKE. Vanguard Group Inc. increased its position in shares of Coca-Cola Consolidated by 6.4% during 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 during the last quarter. Horizon Investments LLC boosted its position in shares of Coca-Cola Consolidated by 1,655,666.7% during the 4th 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 during the period. Vest Financial LLC boosted its position in shares of Coca-Cola Consolidated by 60.8% during the 4th 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 during the period. James Investment Research Inc. increased its holdings in Coca-Cola Consolidated by 62.2% in the 4th quarter. James Investment Research Inc. now owns 22,412 shares of the company's stock valued at $3,436,000 after purchasing an additional 8,593 shares during the last quarter. Finally, Walleye Capital LLC boosted its position in shares of Coca-Cola Consolidated by 285.2% during the first quarter. Walleye Capital LLC now owns 86,972 shares of the company's stock worth $16,676,000 after buying an additional 64,396 shares during the period. 48.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Coca-Cola Consolidated Stock Down 1.5%

NASDAQ:COKE opened at $186.21 on Tuesday. Coca-Cola Consolidated, Inc. has a 52 week low of $110.60 and a 52 week high of $219.65. The company has a fifty day simple moving average of $184.96 and a two-hundred day simple moving average of $184.96. The company has a market cap of $12.39 billion, a price-to-earnings ratio of 24.70 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 earnings per share (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 business 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. Shareholders of record on Friday, July 24th were given a $0.25 dividend. 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 (DPR) is currently 13.26%.

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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