California State Teachers Retirement System Boosts Stake in Coca-Cola Consolidated, Inc. $COKE

Key Points

• California State Teachers Retirement System increased its Coca-Cola Consolidated stake by 18,902.4% to 11.29 million shares, representing approximately 16.96% of the company and a reported value of $2.16 billion.
• Other major institutions, including BlackRock, Legal & General, Mitsubishi UFJ, GQG Partners and Deutsche Bank, also initiated positions; institutional investors and hedge funds now own 48.24% of COKE.
• Coca-Cola Consolidated reported quarterly earnings of $2.83 per share on $2.05 billion in revenue and maintains a $0.25 quarterly dividend, equal to a 0.5% yield. The stock had an average analyst rating of “Buy,” though one firm recently downgraded it to “Hold.”

California State Teachers Retirement System boosted its position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 18,902.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 11,290,818 shares of the company's stock after acquiring an additional 11,231,400 shares during the period. California State Teachers Retirement System owned about 16.96% of Coca-Cola Consolidated worth $2,155,643,000 at the end of the most recent reporting period.

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

Coca-Cola Consolidated Stock Performance

Shares of NASDAQ:COKE opened at $192.61 on Friday. The stock's 50-day moving average is $187.03 and its 200-day moving average is $189.05. The company has a market cap of $12.82 billion, a P/E ratio of 25.55 and a beta of 0.56. Coca-Cola Consolidated, Inc. has a 52-week low of $110.60 and a 52-week high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $2.83 earnings per share for the quarter. The business had revenue of $2.05 billion during 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 firm also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 24th were paid 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 payout ratio is presently 13.26%.

Analysts Set New Price Targets

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

Coca-Cola Consolidated Company Profile

Coca-Cola Consolidated, Inc is the largest Coca-Cola bottler in the United States. Headquartered in Charlotte, North Carolina, the company manufactures, sells, markets and distributes beverages produced under The Coca-Cola Company's brands, as well as a selection of other beverage products.

Its portfolio includes Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite, Fanta, DASANI, smartwater, Powerade, Minute Maid, Simply, fairlife and Topo Chico, along with other brands and products available in its distribution territories.

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