Field & Main Bank Makes New $3.66 Million Investment in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Field & Main Bank purchased 44,986 shares of Coca-Cola Consolidated in the second quarter, a stake valued at approximately $3.66 million and representing about 0.07% of the company.
• Coca-Cola Consolidated reported second-quarter earnings of $2.83 per share on $2.05 billion in revenue. The company also paid a quarterly dividend of $0.25 per share, equivalent to a 0.5% annualized yield.
• COKE shares opened at $198.49, near their 52-week high of $219.65; institutional investors and hedge funds collectively own 48.24% of the stock, while analyst coverage remains consensus “Buy” despite one recent downgrade to “Hold.”

Field & Main Bank purchased a new position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 44,986 shares of the company's stock, valued at approximately $3,656,000. Field & Main Bank owned about 0.07% of Coca-Cola Consolidated as of its most recent filing with the Securities & Exchange Commission.

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

Coca-Cola Consolidated Price Performance

COKE stock opened at $198.49 on Friday. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65. The firm has a market capitalization of $13.21 billion, a PE ratio of 26.32 and a beta of 0.55. The business has a 50 day simple moving average of $186.16 and a 200-day simple moving average of $187.19.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $2.83 earnings per share for the quarter. The company had revenue of $2.05 billion for the quarter. Coca-Cola Consolidated had a negative return on equity of 1,041.59% and a net margin of 7.15%.

Coca-Cola Consolidated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 24th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, July 24th. 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 currently 13.26%.

Analyst Upgrades and Downgrades

COKE has been the subject of a number of research analyst reports. Wall Street Zen lowered Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Coca-Cola Consolidated currently has a consensus rating of "Buy".

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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