Independence Bank of Kentucky Purchases 4,950 Shares of Coca-Cola Consolidated, Inc. $COKE

Key Points

• Independence Bank of Kentucky significantly increased its investment in Coca-Cola Consolidated, acquiring 4,950 additional shares, bringing its total holdings to 5,500 shares valued at approximately $614,000.
• Other institutional investments in Coca-Cola Consolidated were reported, with notable increases from firms like Allworth Financial LP and Fifth Third Bancorp during the first quarter of the year.
• Coca-Cola Consolidated recently received an upgrade from a "hold" to a "buy" rating by Wall Street Zen, indicating increased analyst confidence in the stock.

Independence Bank of Kentucky boosted its position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 900.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,500 shares of the company's stock after acquiring an additional 4,950 shares during the quarter. Independence Bank of Kentucky's holdings in Coca-Cola Consolidated were worth $614,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wayfinding Financial LLC bought a new stake in Coca-Cola Consolidated during the first quarter worth $46,000. Semmax Financial Advisors Inc. bought a new stake in Coca-Cola Consolidated during the first quarter worth $50,000. Allworth Financial LP raised its position in Coca-Cola Consolidated by 58.3% during the first quarter. Allworth Financial LP now owns 57 shares of the company's stock worth $79,000 after acquiring an additional 21 shares in the last quarter. Fifth Third Bancorp raised its position in Coca-Cola Consolidated by 40.9% during the first quarter. Fifth Third Bancorp now owns 62 shares of the company's stock worth $84,000 after acquiring an additional 18 shares in the last quarter. Finally, Spire Wealth Management raised its position in Coca-Cola Consolidated by 115.6% during the first quarter. Spire Wealth Management now owns 69 shares of the company's stock worth $92,000 after acquiring an additional 37 shares in the last quarter. 48.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Coca-Cola Consolidated Price Performance

Shares of COKE opened at $116.34 on Tuesday. The firm has a market capitalization of $10.11 billion, a PE ratio of 17.36 and a beta of 0.76. The company's 50-day moving average is $116.42 and its 200-day moving average is $126.73. Coca-Cola Consolidated, Inc. has a fifty-two week low of $105.21 and a fifty-two week high of $146.09. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.04 and a quick ratio of 1.78.

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

Coca-Cola Consolidated Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Friday, July 25th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, July 25th. Coca-Cola Consolidated's dividend payout ratio (DPR) is currently 14.93%.

About Coca-Cola Consolidated

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.

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