California Public Employees Retirement System Grows Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• CalPERS increased its stake in Coca-Cola Consolidated by 7.2% in the first quarter, buying 7,631 more shares and bringing its total holding to 113,281 shares valued at about $21.7 million.
• Institutional ownership remains significant, with several other funds also adding to their positions and institutions collectively owning 48.24% of the company’s stock.
• The company reported solid operating results and a dividend: last quarter it posted earnings of $1.79 per share on $1.71 billion in revenue, and it announced a quarterly dividend of $0.25 per share payable on August 7.

California Public Employees Retirement System raised its position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 7.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,281 shares of the company's stock after purchasing an additional 7,631 shares during the quarter. California Public Employees Retirement System owned 0.17% of Coca-Cola Consolidated worth $21,720,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in COKE. Bessemer Group Inc. grew its stake in shares of Coca-Cola Consolidated by 19.1% during the first quarter. Bessemer Group Inc. now owns 331 shares of the company's stock valued at $63,000 after buying an additional 53 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Coca-Cola Consolidated during the 1st quarter worth approximately $438,000. Independent Financial Group LLC purchased a new position in Coca-Cola Consolidated during the 1st quarter valued at $545,000. Wealthfront Advisers LLC boosted its holdings in Coca-Cola Consolidated by 4.1% during the 1st quarter. Wealthfront Advisers LLC now owns 1,869 shares of the company's stock valued at $358,000 after acquiring an additional 73 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Coca-Cola Consolidated by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 417,504 shares of the company's stock valued at $80,052,000 after acquiring an additional 6,063 shares during the last quarter. Institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Trading Up 0.7%

Shares of COKE stock opened at $184.36 on Thursday. Coca-Cola Consolidated, Inc. has a twelve month low of $110.40 and a twelve month high of $219.65. The stock has a market capitalization of $12.27 billion, a price-to-earnings ratio of 25.22 and a beta of 0.54. The stock has a fifty day simple moving average of $180.44 and a two-hundred day simple moving average of $180.33.

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

Coca-Cola Consolidated Announces Dividend

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. One equities 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 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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