GQG Partners LLC Takes $1.49 Billion Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• GQG Partners acquired 18.39 million shares of Coca-Cola Consolidated in the second quarter, valued at approximately $1.49 billion. The stake represents about 27.63% of COKE and 2.8% of GQG’s portfolio.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and earnings per share of $2.83. The company also paid a $0.25 quarterly dividend, equivalent to a 0.5% annualized yield.
• COKE shares opened at $189.10, with a market capitalization of roughly $12.59 billion; analysts’ average rating remains “Buy,” although Wall Street Zen recently downgraded the stock to “Hold.”

GQG Partners LLC acquired a new position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,389,277 shares of the company's stock, valued at approximately $1,494,498,000. Coca-Cola Consolidated makes up about 2.8% of GQG Partners LLC's investment portfolio, making the stock its 11th biggest position. GQG Partners LLC owned about 27.63% of Coca-Cola Consolidated as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. acquired a new position in Coca-Cola Consolidated during the 2nd quarter valued at about $35,821,000. CFO4Life Group LLC purchased a new stake in Coca-Cola Consolidated in the second quarter valued at about $1,156,000. Quantbot Technologies LP acquired a new stake in Coca-Cola Consolidated in the second quarter worth about $1,672,000. Fortress Financial Group LLC acquired a new stake in Coca-Cola Consolidated in the second quarter worth about $377,000. Finally, Evolve Private Wealth LLC acquired a new stake in Coca-Cola Consolidated in the second quarter worth about $358,000. 48.24% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Price Performance

Shares of COKE opened at $189.10 on Friday. The company's fifty day moving average price is $185.00 and its 200-day moving average price is $185.77. 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 $12.59 billion, a PE 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 (EPS) for the quarter. Coca-Cola Consolidated had a negative return on equity of 1,041.59% and a net margin of 7.15%.The company had revenue of $2.05 billion during the quarter.

Coca-Cola Consolidated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Stockholders 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%.

Analysts Set New Price Targets

Several research firms have recently issued reports on COKE. Wall Street Zen downgraded shares of Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a report 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 analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Coca-Cola Consolidated presently has an average rating of "Buy".

Coca-Cola Consolidated Company 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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