Johnson Financial Group Inc. Makes New Investment in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Johnson Financial Group acquired 14,895 shares of Coca-Cola Consolidated during the second quarter, valued at approximately $1.22 million. Several other institutional investors also initiated positions, bringing institutional ownership to 48.24%.
• Analyst sentiment remains broadly positive, with Coca-Cola Consolidated carrying an average “Buy” rating, although Wall Street Zen recently downgraded the stock to “Hold.”
• COKE opened at $186.84, while the company reported quarterly revenue of $2.05 billion and earnings of $2.83 per share. It also paid a quarterly dividend of $0.25, equivalent to a 0.5% annualized yield.

Johnson Financial Group Inc. acquired a new stake in 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 acquired 14,895 shares of the company's stock, valued at approximately $1,218,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. one8zero8 LLC bought a new stake in shares of Coca-Cola Consolidated in the second quarter worth about $982,000. Kentucky Farm Bureau Mutual Insurance Co purchased a new position in Coca-Cola Consolidated during the 2nd quarter valued at about $2,438,000. Addison Advisors LLC bought a new position in Coca-Cola Consolidated during the 2nd quarter valued at approximately $96,000. West Family Investments Inc. purchased a new stake in Coca-Cola Consolidated in the 2nd quarter worth approximately $1,707,000. Finally, Bantamac Capital LLC purchased a new stake in Coca-Cola Consolidated in the 2nd quarter worth approximately $569,000. 48.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Coca-Cola Consolidated Price Performance

COKE stock opened at $186.84 on Thursday. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65. The company has a market cap of $12.44 billion, a P/E ratio of 24.78 and a beta of 0.55. The firm has a 50-day moving average of $184.95 and a 200 day moving average of $185.50.

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

Coca-Cola Consolidated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Friday, July 24th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, July 24th. Coca-Cola Consolidated's dividend payout ratio (DPR) is presently 13.26%.

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.

Want to see what other hedge funds are holding COKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source