Coca-Cola Consolidated, Inc. $COKE Stock Position Raised by VELA Investment Management LLC

Key Points

• VELA Investment Management LLC significantly increased its holdings in Coca-Cola Consolidated, Inc. by 905.9% during the second quarter, now owning 39,735 shares worth approximately $4.44 million.
• Coca-Cola Consolidated announced a quarterly dividend of $0.25 per share, representing a yield of 0.8%, which will be paid on November 7th.
• The company reported $1.86 billion in revenue and $2.24 earnings per share for its most recent quarter, reflecting strong financial performance.

VELA Investment Management LLC grew its holdings in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 905.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,735 shares of the company's stock after purchasing an additional 35,785 shares during the period. Coca-Cola Consolidated makes up 1.2% of VELA Investment Management LLC's portfolio, making the stock its 20th biggest position. VELA Investment Management LLC's holdings in Coca-Cola Consolidated were worth $4,436,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wayfinding Financial LLC purchased a new stake in shares of Coca-Cola Consolidated in the first quarter valued at $46,000. Semmax Financial Advisors Inc. purchased a new stake in shares of Coca-Cola Consolidated in the first quarter valued at $50,000. Allworth Financial LP lifted its holdings in shares of Coca-Cola Consolidated by 58.3% in the first quarter. Allworth Financial LP now owns 57 shares of the company's stock valued at $79,000 after purchasing an additional 21 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Coca-Cola Consolidated by 40.9% in the first quarter. Fifth Third Bancorp now owns 62 shares of the company's stock valued at $84,000 after purchasing an additional 18 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of Coca-Cola Consolidated by 115.6% in the first quarter. Spire Wealth Management now owns 69 shares of the company's stock valued at $92,000 after purchasing an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

Shares of NASDAQ:COKE opened at $130.59 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.78 and a debt-to-equity ratio of 0.88. Coca-Cola Consolidated, Inc. has a 1 year low of $105.21 and a 1 year high of $146.09. The business has a fifty day simple moving average of $118.56 and a 200 day simple moving average of $125.99. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 19.49 and a beta of 0.70.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.24 earnings per share (EPS) for the quarter. Coca-Cola Consolidated had a return on equity of 44.91% and a net margin of 8.43%.The business had revenue of $1.86 billion during the quarter.

Coca-Cola Consolidated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Friday, October 24th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, October 24th. Coca-Cola Consolidated's dividend payout ratio is presently 14.93%.

Analysts Set New Price Targets

COKE has been the subject of a number of research analyst reports. Wall Street Zen upgraded Coca-Cola Consolidated from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Weiss Ratings upgraded Coca-Cola Consolidated from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Coca-Cola Consolidated presently has a consensus rating of "Buy".

Coca-Cola Consolidated Profile

Coca-Cola Consolidated, Inc, together with its subsidiaries, manufactures, markets, and distributes nonalcoholic beverages primarily products of The Coca-Cola Company in the United States. The company offers sparkling beverages; and still beverages, including energy products, as well as noncarbonated beverages comprising bottled water, ready to drink coffee and tea, enhanced water, juices, and sports drinks.

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