Mystic Asset Management Inc. Buys New Stake in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Mystic Asset Management acquired 16,653 shares of Coca-Cola Consolidated in the second quarter, worth approximately $1.35 million. Institutional investors collectively own 48.24% of the company.
• COKE shares opened at $187.60, with a market capitalization of $12.49 billion and a 12-month trading range of $110.60 to $219.65.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and EPS of $2.83, while maintaining a quarterly dividend of $0.25 per share. Analyst sentiment remained broadly positive, with MarketBeat reporting an average “Buy” rating despite one recent downgrade to “Hold.”

Mystic Asset Management Inc. bought a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,653 shares of the company's stock, valued at approximately $1,353,000.

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

Coca-Cola Consolidated Price Performance

Shares of NASDAQ COKE opened at $187.60 on Friday. The stock has a market capitalization of $12.49 billion, a price-to-earnings ratio of 24.88 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a 12 month low of $110.60 and a 12 month high of $219.65. The firm's 50 day simple moving average is $184.97 and its 200-day simple moving average is $185.75.

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

Coca-Cola Consolidated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 24th were given a $0.25 dividend. The ex-dividend date was Friday, July 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 13.26%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen downgraded Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Coca-Cola Consolidated has an average rating of "Buy".

Coca-Cola Consolidated 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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