M&T Bank Corp Buys New Stake in Coca-Cola Consolidated, Inc. $COKE

Key Points

• M&T Bank Corp initiated a new stake in Coca‑Cola Consolidated (NASDAQ:COKE), buying 403,992 shares worth about $61.93 million and representing roughly 0.47% ownership.
• Multiple large institutions — including State Street, AQR, First Trust, Raymond James and Vaughan Nelson — substantially increased their COKE positions in recent quarters, leaving institutional investors with about 48.24% of the stock.
• Coca‑Cola Consolidated reported quarterly EPS of $2.11 on $1.90 billion in revenue, has a market cap of $12.29 billion and a P/E of 27.08, and declared a quarterly dividend of $0.25 (annualized $1.00, yield ~0.5%).

M&T Bank Corp bought a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 403,992 shares of the company's stock, valued at approximately $61,932,000. M&T Bank Corp owned about 0.47% of Coca-Cola Consolidated as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of COKE. State Street Corp lifted its position in 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 acquiring an additional 1,544,516 shares during the last quarter. AQR Capital Management LLC increased its stake in Coca-Cola Consolidated by 1,270.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,185,937 shares of the company's stock valued at $131,906,000 after purchasing an additional 1,099,421 shares in the last quarter. First Trust Advisors LP increased its stake in Coca-Cola Consolidated by 119.3% during the 3rd quarter. First Trust Advisors LP now owns 1,433,570 shares of the company's stock valued at $167,957,000 after purchasing an additional 779,915 shares in the last quarter. Raymond James Financial Inc. increased its stake in Coca-Cola Consolidated by 1,084.4% during the 2nd quarter. Raymond James Financial Inc. now owns 345,059 shares of the company's stock valued at $38,526,000 after purchasing an additional 315,925 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its stake in Coca-Cola Consolidated by 136.9% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 537,640 shares of the company's stock valued at $62,990,000 after purchasing an additional 310,735 shares in the last quarter. Hedge funds and other institutional investors own 48.24% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Coca-Cola Consolidated presently has an average rating of "Buy".

Coca-Cola Consolidated Stock Down 0.7%

NASDAQ:COKE opened at $184.60 on Wednesday. The firm has a market capitalization of $12.29 billion, a P/E ratio of 27.08 and a beta of 0.61. Coca-Cola Consolidated, Inc. has a 1-year low of $105.21 and a 1-year high of $219.65. The company's fifty day moving average price is $193.61 and its 200-day moving average price is $165.04. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.26 and a quick ratio of 0.97.

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

Coca-Cola Consolidated Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Friday, April 24th will be paid a $0.25 dividend. The ex-dividend date is Friday, April 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio is presently 14.66%.

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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