NewEdge Wealth LLC Acquires Shares of 483,648 Coca-Cola Consolidated, Inc. $COKE

Key Points

• NewEdge Wealth LLC acquired 483,648 shares of Coca-Cola Consolidated in the second quarter, valued at approximately $39.3 million and representing about 0.73% of the company.
• Institutional investors own 48.24% of COKE, with Vanguard and Boston Partners increasing their holdings while several large institutions initiated new positions.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and EPS of $2.83, paid a quarterly dividend of $0.25, and retains a consensus “Buy” rating despite one analyst downgrade to “Hold.”

NewEdge Wealth LLC acquired a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 483,648 shares of the company's stock, valued at approximately $39,306,000. NewEdge Wealth LLC owned approximately 0.73% of Coca-Cola Consolidated as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Coca-Cola Consolidated in the 2nd quarter worth $26,229,118,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Coca-Cola Consolidated during the 2nd quarter valued at $1,591,427,000. Deutsche Bank AG acquired a new position in Coca-Cola Consolidated during the second quarter worth $1,346,125,000. Vanguard Group Inc. raised its holdings in Coca-Cola Consolidated by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 5,686,058 shares of the company's stock worth $871,673,000 after buying an additional 341,374 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Coca-Cola Consolidated by 7.8% in the fourth quarter. Boston Partners now owns 2,329,643 shares of the company's stock valued at $357,091,000 after buying an additional 169,555 shares in the last quarter. Institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Stock Down 1.0%

Shares of NASDAQ:COKE opened at $186.84 on Thursday. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of 24.78 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 business's 50 day moving average is $184.95 and its 200 day moving average is $185.50.

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

Coca-Cola Consolidated Announces Dividend

The company 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. The ex-dividend date was Friday, July 24th. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio is presently 13.26%.

Analyst Ratings Changes

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

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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