Pallas Capital Advisors LLC Buys New Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Pallas Capital Advisors acquired 136,451 shares of Coca-Cola Consolidated worth approximately $11.1 million, representing 0.21% of the company. Institutional investors collectively own 48.24% of COKE.
• Coca-Cola Consolidated reported quarterly EPS of $2.83 on revenue of $2.05 billion, with a 7.15% net margin. Shares recently opened at $186.21, versus a 52-week range of $110.60 to $219.65.
• The company maintains a quarterly dividend of $0.25 per share, or $1.00 annually, yielding about 0.5%. Despite one analyst downgrade to “hold,” COKE carries a consensus “buy” rating.

Pallas Capital Advisors LLC purchased a new position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 136,451 shares of the company's stock, valued at approximately $11,089,000. Pallas Capital Advisors LLC owned 0.21% of Coca-Cola Consolidated as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Coca-Cola Consolidated in the 2nd quarter valued at $1,591,427,000. Deutsche Bank AG acquired a new stake in Coca-Cola Consolidated during the 2nd quarter worth $1,346,125,000. Commerzbank Aktiengesellschaft FI purchased a new position in Coca-Cola Consolidated during the 2nd quarter worth $147,857,000. State Street Corp grew its position in Coca-Cola Consolidated by 836.9% during the 2nd quarter. State Street Corp now owns 1,729,065 shares of the company's stock worth $193,050,000 after purchasing an additional 1,544,516 shares during the last quarter. Finally, Norges Bank acquired a new position in Coca-Cola Consolidated in the fourth quarter valued at $222,408,000. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

Shares of NASDAQ COKE opened at $186.21 on Tuesday. The stock has a fifty day moving average price of $184.96 and a 200 day moving average price of $184.96. Coca-Cola Consolidated, Inc. has a 1-year low of $110.60 and a 1-year high of $219.65. The company has a market cap of $12.39 billion, a PE ratio of 24.70 and a beta of 0.55.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $2.83 earnings per share (EPS) for the quarter. The company 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 company also recently declared a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 24th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, July 24th. Coca-Cola Consolidated's dividend payout ratio is currently 13.26%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COKE. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. Wall Street Zen lowered Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy".

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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