L2 Asset Management LLC Increases Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• L2 Asset Management LLC boosted its stake in Coca‑Cola Consolidated by 75.4% during Q3, buying 13,943 shares to hold 32,446 shares worth about $3.80 million.
• Large institutions also accumulated shares—Norges Bank initiated a roughly $280.7 million position and Boston Partners, State Street, Geode and AQR each made sizable additions—bringing institutional ownership to about 48.24%.
• Coca‑Cola Consolidated reported quarterly EPS of $2.11 on $1.90 billion revenue, has a market cap around $14.21 billion (P/E ~31.3), and pays a quarterly dividend of $0.25 (annualized $1.00, ~0.5% yield); consensus analyst rating is Buy.

L2 Asset Management LLC grew its holdings in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 75.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,446 shares of the company's stock after buying an additional 13,943 shares during the quarter. L2 Asset Management LLC's holdings in Coca-Cola Consolidated were worth $3,801,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new position in Coca-Cola Consolidated in the 2nd quarter valued at $280,669,000. Boston Partners lifted its position in shares of Coca-Cola Consolidated by 942.2% during the second quarter. Boston Partners now owns 2,089,876 shares of the company's stock worth $233,345,000 after purchasing an additional 1,889,358 shares during the last quarter. State Street Corp boosted its stake in shares of Coca-Cola Consolidated by 836.9% during the second quarter. State Street Corp now owns 1,729,065 shares of the company's stock valued at $193,050,000 after purchasing an additional 1,544,516 shares during the period. Geode Capital Management LLC boosted its stake in shares of Coca-Cola Consolidated by 882.9% during the second quarter. Geode Capital Management LLC now owns 1,302,088 shares of the company's stock valued at $145,398,000 after purchasing an additional 1,169,611 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Coca-Cola Consolidated by 1,270.8% in the second quarter. AQR Capital Management LLC now owns 1,185,937 shares of the company's stock worth $131,906,000 after purchasing an additional 1,099,421 shares during the last quarter. 48.24% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Stock Down 1.6%

Shares of NASDAQ:COKE opened at $213.53 on Tuesday. The business's 50 day moving average is $171.15 and its 200 day moving average is $150.99. The stock has a market cap of $14.21 billion, a P/E ratio of 31.32 and a beta of 0.60. Coca-Cola Consolidated, Inc. has a 52-week low of $105.21 and a 52-week high of $219.65. The company has a quick ratio of 0.97, a current ratio of 1.26 and a debt-to-equity ratio of 0.88.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last issued its earnings results on Wednesday, February 18th. The company reported $2.11 earnings per share for the quarter. Coca-Cola Consolidated had a return on equity of 66.42% and a net margin of 7.89%.The business had revenue of $1.90 billion during the quarter.

Coca-Cola Consolidated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 6th. Investors of record on Friday, January 23rd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Friday, January 23rd. Coca-Cola Consolidated's payout ratio is presently 14.66%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Coca-Cola Consolidated presently 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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