Mitsubishi UFJ Asset Management Co. Ltd. Invests $1.59 Billion in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Mitsubishi UFJ Asset Management acquired approximately 19.6 million Coca-Cola Consolidated shares worth $1.59 billion, representing a 29.42% ownership stake and its 17th-largest portfolio position.
• Institutional investors own 48.24% of COKE, with several firms—including Marshall Wace, Baird Financial, and Cresset Asset Management—also increasing their holdings during the second quarter.
• Coca-Cola Consolidated reported quarterly EPS of $2.83 on $2.05 billion in revenue. The company maintains a “Buy” consensus rating and pays a quarterly dividend of $0.25, equivalent to a 0.5% yield.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,581,969 shares of the company's stock, valued at approximately $1,591,427,000. Coca-Cola Consolidated makes up approximately 0.9% of Mitsubishi UFJ Asset Management Co. Ltd.'s investment portfolio, making the stock its 17th biggest position. Mitsubishi UFJ Asset Management Co. Ltd. owned 29.42% of Coca-Cola Consolidated as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Coca-Cola Consolidated by 8.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,251 shares of the company's stock valued at $23,289,000 after buying an additional 1,385 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Coca-Cola Consolidated by 1,587.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 270 shares of the company's stock worth $30,000 after acquiring an additional 254 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of Coca-Cola Consolidated by 795.4% in the second quarter. Baird Financial Group Inc. now owns 9,966 shares of the company's stock worth $1,113,000 after acquiring an additional 8,853 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Coca-Cola Consolidated by 5,152.8% in the 2nd quarter. Marshall Wace LLP now owns 18,910 shares of the company's stock valued at $2,111,000 after acquiring an additional 18,550 shares during the period. Finally, Cresset Asset Management LLC raised its stake in shares of Coca-Cola Consolidated by 169.0% in the 2nd quarter. Cresset Asset Management LLC now owns 4,589 shares of the company's stock valued at $512,000 after acquiring an additional 2,883 shares during the period. Hedge funds and other institutional investors own 48.24% of the company's stock.

Analyst Upgrades and Downgrades

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

Coca-Cola Consolidated Stock Performance

Shares of NASDAQ:COKE opened at $189.11 on Monday. The firm has a market cap of $12.59 billion, a PE ratio of 25.08 and a beta of 0.55. The company has a fifty day simple moving average of $184.81 and a 200 day simple moving average of $184.70. Coca-Cola Consolidated, Inc. has a 12-month low of $110.60 and a 12-month high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.83 EPS for the quarter. The firm had revenue of $2.05 billion for 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 Dividend Announcement

The business 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 is 13.26%.

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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