Cannon Wealth Management Services LLC Makes New Investment in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Cannon Wealth Management Services purchased 7,876 shares of Coca-Cola Consolidated worth approximately $640,000 in the second quarter. Several other major institutions also initiated or increased positions, with institutional investors collectively owning 48.24% of the company.
• COKE shares opened at $187.60, with a market capitalization of $12.49 billion and a price-to-earnings ratio of 24.88. The company recently reported quarterly revenue of $2.05 billion and earnings per share of $2.83.
• Coca-Cola Consolidated paid a quarterly dividend of $0.25 per share, equivalent to an annualized $1.00 dividend and a 0.5% yield. Analyst sentiment remains generally positive, with the stock carrying an average “Buy” rating despite one recent downgrade to “Hold.”

Cannon Wealth Management Services LLC bought a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 7,876 shares of the company's stock, valued at approximately $640,000.

A number of other large investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Coca-Cola Consolidated in the 2nd quarter worth $26,229,118,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Coca-Cola Consolidated in the second quarter valued at about $1,591,427,000. Deutsche Bank AG bought a new position in Coca-Cola Consolidated during the second quarter worth about $1,346,125,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Coca-Cola Consolidated during the 2nd quarter worth about $147,857,000. Finally, State Street Corp grew its position in shares of Coca-Cola Consolidated by 836.9% during the 2nd quarter. State Street Corp now owns 1,729,065 shares of the company's stock worth $193,050,000 after buying an additional 1,544,516 shares during the period. Institutional investors and hedge funds own 48.24% of the company's stock.

Coca-Cola Consolidated Trading Up 0.4%

COKE stock opened at $187.60 on Friday. The stock has a 50-day moving average price of $184.97 and a two-hundred day moving average price of $185.75. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65. The stock has a market cap of $12.49 billion, a PE ratio of 24.88 and a beta of 0.55.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last announced its 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 negative return on equity of 1,041.59% and a net margin of 7.15%.

Coca-Cola Consolidated Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Friday, July 24th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, July 24th. Coca-Cola Consolidated's dividend payout ratio (DPR) is currently 13.26%.

Analyst Ratings Changes

COKE has been the topic of several recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen downgraded shares of Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average 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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