Cubist Systematic Strategies LLC Reduces Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Cubist Systematic Strategies LLC significantly reduced its position in Coca-Cola Consolidated, lowering its holdings by 95.4% to just 411 shares, worth around $555,000.
• Coca-Cola Consolidated received an upgraded rating from Wall Street Zen, moving from a "hold" to a "buy" rating as of late July.
• The company reported $2.24 earnings per share and $1.86 billion in revenue in its latest quarterly results, demonstrating strong financial performance.

Cubist Systematic Strategies LLC cut its holdings in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 95.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 411 shares of the company's stock after selling 8,450 shares during the period. Cubist Systematic Strategies LLC's holdings in Coca-Cola Consolidated were worth $555,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of Coca-Cola Consolidated by 175,140.4% during the first quarter. GAMMA Investing LLC now owns 182,250 shares of the company's stock valued at $246,038,000 after acquiring an additional 182,146 shares during the last quarter. Boston Partners increased its holdings in Coca-Cola Consolidated by 676.9% in the 1st quarter. Boston Partners now owns 200,518 shares of the company's stock valued at $270,711,000 after purchasing an additional 174,709 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Coca-Cola Consolidated in the first quarter valued at approximately $21,557,000. Nuveen LLC acquired a new position in Coca-Cola Consolidated during the first quarter worth $19,346,000. Finally, Raymond James Financial Inc. boosted its position in shares of Coca-Cola Consolidated by 35.6% during the first quarter. Raymond James Financial Inc. now owns 29,134 shares of the company's stock worth $39,331,000 after buying an additional 7,643 shares during the period. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Stock Down 3.3%

COKE stock traded down $3.97 during midday trading on Tuesday, hitting $117.80. The company's stock had a trading volume of 584,076 shares, compared to its average volume of 427,796. The firm has a 50-day simple moving average of $116.06 and a 200-day simple moving average of $127.88. The firm has a market capitalization of $10.24 billion, a P/E ratio of 17.58 and a beta of 0.76. The company has a quick ratio of 1.78, a current ratio of 2.04 and a debt-to-equity ratio of 0.88. Coca-Cola Consolidated, Inc. has a 52-week low of $105.21 and a 52-week high of $146.09.

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

Coca-Cola Consolidated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Friday, July 25th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, July 25th. Coca-Cola Consolidated's dividend payout ratio (DPR) is presently 14.93%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Coca-Cola Consolidated from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

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.