Coca-Cola Consolidated, Inc. $COKE Stake Cut by Vest Financial LLC

Key Points

• Vest Financial LLC cut its Coca-Cola Consolidated stake by 53.1% in the third quarter, selling 127,867 shares and retaining 112,738 shares valued at approximately $21.3 million.
• Coca-Cola Consolidated reported quarterly earnings of $2.83 per share on $2.05 billion in revenue. The company also declared a quarterly dividend of $0.25 per share, equivalent to a 0.5% annualized yield.
• COKE shares opened at $214.93, near their 52-week high of $219.65, while analyst sentiment remained positive overall with a consensus rating of “Buy.”

Vest Financial LLC decreased its holdings in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 53.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 112,738 shares of the company's stock after selling 127,867 shares during the period. Vest Financial LLC owned 0.17% of Coca-Cola Consolidated worth $21,338,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in COKE. J.Safra Asset Management Corp purchased a new stake in shares of Coca-Cola Consolidated in the 2nd quarter worth approximately $26,000. Ascentis Independent Advisors bought a new position in shares of Coca-Cola Consolidated during the first quarter valued at approximately $31,000. CX Institutional boosted its stake in shares of Coca-Cola Consolidated by 122.6% during the third quarter. CX Institutional now owns 187 shares of the company's stock valued at $35,000 after purchasing an additional 103 shares in the last quarter. Strategic Wealth Advisors LLC purchased a new position in Coca-Cola Consolidated during the second quarter valued at approximately $37,000. Finally, Ballast Advisors LLC purchased a new position in Coca-Cola Consolidated during the first quarter valued at approximately $38,000. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Stock Up 2.5%

NASDAQ COKE opened at $214.93 on Friday. The firm has a market cap of $14.31 billion, a PE ratio of 28.51 and a beta of 0.55. The company has a 50 day moving average price of $194.63 and a 200 day moving average price of $188.31. Coca-Cola Consolidated, Inc. has a 52 week low of $126.00 and a 52 week high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $2.83 EPS for the quarter. The company 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 declared a quarterly dividend, which will be paid on Friday, November 6th. Stockholders of record on Friday, October 23rd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio is presently 13.26%.

Analyst Ratings Changes

A number of equities analysts recently commented on COKE shares. Weiss Ratings raised shares of Coca-Cola Consolidated from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, October 16th. Wall Street Zen cut 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, the stock presently has a consensus rating of "Buy".

Coca-Cola Consolidated Profile

Coca-Cola Consolidated, Inc is the largest Coca-Cola bottler in the United States. Based in Charlotte, North Carolina, the company produces, sells, markets and distributes a broad portfolio of nonalcoholic beverages for The Coca-Cola Company and other brand owners.

Its products include Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite, Fanta, DASANI, smartwater, POWERADE, Minute Maid and fairlife, along with other soft drinks, water, sports drinks, juices, dairy beverages and emerging beverage brands.

Want to see what other hedge funds are holding COKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.