Foyston Gordon & Payne Inc Takes Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Foyston Gordon & Payne acquired 93,720 shares of Coca-Cola Consolidated worth approximately $7.6 million, representing about 0.14% of the company and 1.6% of the fund’s portfolio.
• Institutional ownership remains significant at 48.24%, with several other funds also initiating positions during the second quarter, including GQG Partners’ approximately $1.49 billion stake.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and earnings of $2.83 per share, while maintaining a $0.25 quarterly dividend. The stock was recently rated an average “Buy” by analysts and traded near $189.10.

Foyston Gordon & Payne Inc bought a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 93,720 shares of the company's stock, valued at approximately $7,617,000. Coca-Cola Consolidated accounts for approximately 1.6% of Foyston Gordon & Payne Inc's portfolio, making the stock its 27th biggest position. Foyston Gordon & Payne Inc owned approximately 0.14% of Coca-Cola Consolidated at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of COKE. Commerce Bank purchased a new position in Coca-Cola Consolidated during the 2nd quarter worth $52,917,000. GQG Partners LLC acquired a new stake in shares of Coca-Cola Consolidated during the second quarter worth about $1,494,498,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Coca-Cola Consolidated during the second quarter worth about $35,821,000. CFO4Life Group LLC acquired a new position in Coca-Cola Consolidated in the 2nd quarter valued at about $1,156,000. Finally, Quantbot Technologies LP purchased a new stake in Coca-Cola Consolidated during the 2nd quarter valued at approximately $1,672,000. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Stock Up 0.8%

Shares of NASDAQ COKE opened at $189.10 on Friday. Coca-Cola Consolidated, Inc. has a 52 week low of $110.60 and a 52 week high of $219.65. The firm has a 50-day moving average price of $185.00 and a 200 day moving average price of $185.77. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of 25.08 and a beta of 0.55.

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

Coca-Cola Consolidated Announces Dividend

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 dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.00 annualized dividend and a yield of 0.5%. Coca-Cola Consolidated's payout ratio is currently 13.26%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on COKE shares. Wall Street Zen lowered Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy".

Coca-Cola Consolidated Profile

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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