Public Employees Retirement System of Ohio Purchases New Holdings in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Public Employees Retirement System of Ohio purchased 16,737 shares of Coca-Cola Consolidated valued at approximately $3.2 million. Other institutional investors also increased their positions, with institutions collectively owning 48.24% of the company.
• Coca-Cola Consolidated reported quarterly earnings of $2.83 per share on revenue of $2.05 billion, while announcing a quarterly dividend of $0.25 per share, equivalent to a 0.5% annualized yield.
• Analyst sentiment remains generally positive, with the stock holding a consensus “Buy” rating despite one downgrade to “Hold.” Shares opened at $189.33, compared with a 52-week range of $110.60 to $219.65.

Public Employees Retirement System of Ohio purchased a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,737 shares of the company's stock, valued at approximately $3,195,000.

Several other institutional investors have also recently made changes to their positions in COKE. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Coca-Cola Consolidated by 8.7% in the 1st 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 during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Coca-Cola Consolidated by 1,587.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 270 shares of the company's stock worth $30,000 after buying an additional 254 shares during the last quarter. Baird Financial Group Inc. raised its position in Coca-Cola Consolidated by 795.4% during 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 position in Coca-Cola Consolidated by 5,152.8% during the second quarter. Marshall Wace LLP now owns 18,910 shares of the company's stock worth $2,111,000 after acquiring an additional 18,550 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its stake in Coca-Cola Consolidated by 169.0% in the second 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 last quarter. Institutional investors and hedge funds own 48.24% of the company's stock.

Analyst Ratings Changes

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

Coca-Cola Consolidated Price Performance

Shares of Coca-Cola Consolidated stock opened at $189.33 on Friday. The business has a fifty day simple moving average of $187.44 and a two-hundred day simple moving average of $188.42. 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 capitalization of $12.60 billion, a price-to-earnings ratio of 25.11 and a beta of 0.56.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last released 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 Announces Dividend

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

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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