Millennium Management LLC Cuts Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Millennium Management LLC has significantly reduced its stake in Coca-Cola Consolidated by 49.4%, now holding approximately 37,248 shares worth about $50 million.
• Various institutional investors, including Mercer Global Advisors and Baird Financial Group, have adjusted their holdings, with one boosting its position by 29%.
• Coca-Cola Consolidated recently declared a quarterly dividend of $0.25, reflecting a 0.8% dividend yield, with a payout ratio of 14.93%.

Millennium Management LLC lessened its stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 49.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,248 shares of the company's stock after selling 36,318 shares during the period. Millennium Management LLC owned approximately 0.43% of Coca-Cola Consolidated worth $50,285,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of COKE. Boston Partners lifted its stake in Coca-Cola Consolidated by 676.9% during the 1st quarter. Boston Partners now owns 200,518 shares of the company's stock valued at $270,711,000 after acquiring an additional 174,709 shares during the period. GAMMA Investing LLC lifted its stake in Coca-Cola Consolidated by 175,140.4% during the 1st quarter. GAMMA Investing LLC now owns 182,250 shares of the company's stock valued at $246,038,000 after acquiring an additional 182,146 shares during the period. AQR Capital Management LLC lifted its stake in Coca-Cola Consolidated by 16.2% during the 1st quarter. AQR Capital Management LLC now owns 86,516 shares of the company's stock valued at $114,206,000 after acquiring an additional 12,066 shares during the period. Bank of New York Mellon Corp lifted its stake in Coca-Cola Consolidated by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 60,812 shares of the company's stock valued at $82,097,000 after acquiring an additional 2,545 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Coca-Cola Consolidated by 2.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 53,442 shares of the company's stock valued at $72,147,000 after acquiring an additional 1,497 shares during the period. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

COKE stock traded down $2.17 during trading on Friday, hitting $121.98. The stock had a trading volume of 468,808 shares, compared to its average volume of 428,420. 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, Inc. has a twelve month low of $105.21 and a twelve month high of $146.09. The stock has a market capitalization of $10.60 billion, a P/E ratio of 18.20 and a beta of 0.76. The company's 50-day moving average price is $115.87 and its two-hundred day moving average price is $128.09.

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

Coca-Cola Consolidated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Friday, July 25th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Friday, July 25th. Coca-Cola Consolidated's dividend payout ratio is 14.93%.

Analyst Ratings Changes

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

Coca-Cola Consolidated Company Profile

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.