Dimensional Fund Advisors LP Trims Stake in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Dimensional Fund Advisors LP cut its stake in Coca-Cola Consolidated by 12.8% in the first quarter, selling 143,325 shares and leaving it with 972,176 shares worth about $186.4 million.
• Other institutional investors were mixed: several hedge funds increased their positions, and overall institutional ownership now stands at 48.24% of the stock.
• Weiss Ratings reaffirmed a buy rating on COKE, and the stock was up 3.5% with shares trading at $184.70; the company also recently declared a quarterly dividend of $0.25 per share.

Dimensional Fund Advisors LP lessened its holdings in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 972,176 shares of the company's stock after selling 143,325 shares during the period. Dimensional Fund Advisors LP owned approximately 1.46% of Coca-Cola Consolidated worth $186,357,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Parallel Advisors LLC raised its holdings in Coca-Cola Consolidated by 52.2% in the 1st quarter. Parallel Advisors LLC now owns 1,073 shares of the company's stock valued at $206,000 after buying an additional 368 shares during the period. California Public Employees Retirement System boosted its stake in Coca-Cola Consolidated by 7.2% during the first quarter. California Public Employees Retirement System now owns 113,281 shares of the company's stock worth $21,720,000 after buying an additional 7,631 shares during the period. Bessemer Group Inc. boosted its stake 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 period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Coca-Cola Consolidated during the first quarter valued at about $438,000. Finally, Independent Financial Group LLC acquired a new stake in shares of Coca-Cola Consolidated during the first quarter valued at about $545,000. 48.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy".

Coca-Cola Consolidated Stock Up 3.5%

COKE opened at $184.70 on Friday. Coca-Cola Consolidated, Inc. has a 52 week low of $110.40 and a 52 week high of $219.65. The business has a fifty day simple moving average of $181.03 and a 200-day simple moving average of $180.56. The firm has a market cap of $12.29 billion, a P/E ratio of 25.27 and a beta of 0.54.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.79 earnings per share (EPS) for the quarter. Coca-Cola Consolidated had a return on equity of 138.44% and a net margin of 7.72%.The firm had revenue of $1.71 billion for the quarter.

Coca-Cola Consolidated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, July 24th. Coca-Cola Consolidated's payout ratio is currently 13.68%.

About Coca-Cola Consolidated

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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