Legal & General Group Plc Invests $1.98 Billion in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Legal & General Group Plc acquired 24.34 million shares of Coca-Cola Consolidated during the second quarter, valued at approximately $1.98 billion and representing a 36.57% stake.
• Coca-Cola Consolidated reported quarterly EPS of $2.83 on $2.05 billion in revenue. The company also declared a quarterly dividend of $0.25 per share, or $1.00 annually, yielding about 0.5%.
• COKE shares opened at $192.60, with a $12.82 billion market capitalization. Analyst sentiment remains broadly positive, with an average “Buy” rating despite one recent downgrade to “Hold.”

Legal & General Group Plc purchased a new position 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 and Exchange Commission (SEC). The firm purchased 24,341,909 shares of the company's stock, valued at approximately $1,978,267,000. Legal & General Group Plc owned 36.57% of Coca-Cola Consolidated as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Quarry LP acquired a new stake in Coca-Cola Consolidated during the third quarter worth about $25,000. Advisory Services Network LLC bought a new position in Coca-Cola Consolidated in the 3rd quarter valued at about $25,000. J.Safra Asset Management Corp acquired a new position in shares of Coca-Cola Consolidated in the 2nd quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. raised its position in shares of Coca-Cola Consolidated by 900.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 230 shares of the company's stock valued at $26,000 after buying an additional 207 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Coca-Cola Consolidated by 900.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 250 shares of the company's stock valued at $28,000 after buying an additional 225 shares in the last quarter. Institutional investors and hedge funds own 48.24% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on COKE. Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. Wall Street Zen downgraded shares of Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy".

Coca-Cola Consolidated Stock Up 1.9%

NASDAQ:COKE opened at $192.60 on Tuesday. The stock's 50-day simple moving average is $185.14 and its 200 day simple moving average is $186.25. The firm has a market capitalization of $12.82 billion, a PE ratio of 25.54 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a twelve month low of $110.60 and a twelve month high of $219.65.

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

Coca-Cola Consolidated Announces Dividend

The business also recently declared 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 dividend yield of 0.5%. Coca-Cola Consolidated's payout ratio is 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.

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