Clear Harbor Asset Management LLC Takes Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Clear Harbor Asset Management purchased 14,728 shares of Coca-Cola Consolidated worth approximately $1.2 million during the second quarter. Institutional investors and hedge funds collectively own 48.24% of the company.
• COKE opened at $189.10, with a 52-week range of $110.60 to $219.65 and a market capitalization of $12.59 billion. 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, equivalent to an annualized $1.00 dividend and a 0.5% yield. Analyst sentiment remains positive overall, with the stock carrying an average “Buy” rating despite one recent downgrade to “Hold.”

Clear Harbor Asset Management LLC bought a new position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,728 shares of the company's stock, valued at approximately $1,197,000.

Several other hedge funds have also bought and sold shares of COKE. Bessemer Group Inc. raised its holdings in Coca-Cola Consolidated by 19.1% during the first quarter. Bessemer Group Inc. now owns 331 shares of the company's stock worth $63,000 after buying an additional 53 shares during the last quarter. Beacon Pointe Advisors LLC increased its position in shares of Coca-Cola Consolidated by 2.6% during the fourth quarter. Beacon Pointe Advisors LLC now owns 2,842 shares of the company's stock worth $436,000 after acquiring an additional 72 shares in the last quarter. Wealthfront Advisers LLC raised its holdings in shares of Coca-Cola Consolidated by 4.1% in the 1st quarter. Wealthfront Advisers LLC now owns 1,869 shares of the company's stock worth $358,000 after acquiring an additional 73 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Coca-Cola Consolidated by 8.9% in the 4th quarter. UMB Bank n.a. now owns 951 shares of the company's stock worth $146,000 after acquiring an additional 78 shares during the last quarter. Finally, Private Advisor Group LLC lifted its position in Coca-Cola Consolidated by 2.2% in the 3rd quarter. Private Advisor Group LLC now owns 4,297 shares of the company's stock valued at $503,000 after acquiring an additional 94 shares in the last quarter. Institutional investors and hedge funds own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

COKE opened at $189.10 on Friday. Coca-Cola Consolidated, Inc. has a fifty-two week low of $110.60 and a fifty-two week high of $219.65. The firm has a market capitalization of $12.59 billion, a P/E ratio of 25.08 and a beta of 0.55. The company's 50-day moving average is $185.00 and its 200 day moving average is $185.77.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.83 earnings per share (EPS) 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Friday, July 24th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, July 24th. Coca-Cola Consolidated's payout ratio is presently 13.26%.

Analyst Ratings Changes

A number of equities analysts have issued reports on COKE shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen downgraded 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, Based on data from MarketBeat.com, the stock has an average rating of "Buy".

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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