Raymond James Financial Inc. Acquires 7,643 Shares of Coca-Cola Consolidated, Inc. $COKE

Key Points

• Raymond James Financial Inc. increased its stake in Coca-Cola Consolidated by 35.6% during Q1, owning approximately 29,134 shares valued at $39.3 million.
• Other institutional investors have also significantly raised their positions, including Boston Partners with a 676.9% increase, now holding 200,518 shares worth $270.7 million.
• Wall Street Zen upgraded Coca-Cola Consolidated from a "hold" to a "buy" rating as of July 26, reflecting positive market sentiment.

Raymond James Financial Inc. lifted its holdings in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 35.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,134 shares of the company's stock after acquiring an additional 7,643 shares during the quarter. Raymond James Financial Inc. owned 0.33% of Coca-Cola Consolidated worth $39,331,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of COKE. Wayfinding Financial LLC bought a new position in Coca-Cola Consolidated in the 1st quarter valued at $46,000. Allworth Financial LP boosted its holdings in shares of Coca-Cola Consolidated by 58.3% in the 1st quarter. Allworth Financial LP now owns 57 shares of the company's stock worth $79,000 after buying an additional 21 shares during the last quarter. Fifth Third Bancorp grew its position in Coca-Cola Consolidated by 40.9% during the first quarter. Fifth Third Bancorp now owns 62 shares of the company's stock valued at $84,000 after buying an additional 18 shares during the period. Spire Wealth Management increased its holdings in Coca-Cola Consolidated by 115.6% during the first quarter. Spire Wealth Management now owns 69 shares of the company's stock worth $92,000 after buying an additional 37 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in Coca-Cola Consolidated in the first quarter worth about $108,000. Hedge funds and other institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

Shares of Coca-Cola Consolidated stock traded down $1.05 on Thursday, reaching $116.37. The stock had a trading volume of 85,549 shares, compared to its average volume of 558,468. The business's 50 day moving average is $113.90 and its two-hundred day moving average is $130.00. The company has a current ratio of 2.04, a quick ratio of 1.78 and a debt-to-equity ratio of 0.88. Coca-Cola Consolidated, Inc. has a 1 year low of $105.21 and a 1 year high of $146.09. The company has a market cap of $10.11 billion, a P/E ratio of 17.38 and a beta of 0.81.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.24 EPS for the quarter. Coca-Cola Consolidated had a net margin of 8.43% and a return on equity of 44.91%. The company had revenue of $1.86 billion during the quarter.

Coca-Cola Consolidated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Friday, July 25th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $1.00 annualized dividend and a yield of 0.9%. Coca-Cola Consolidated's payout ratio is 14.93%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Coca-Cola Consolidated from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th.

About Coca-Cola Consolidated

Coca-Cola Consolidated, Inc, together with its subsidiaries, manufactures, markets, and distributes nonalcoholic beverages primarily products of The Coca-Cola Company in the United States. The company offers sparkling beverages; and still beverages, including energy products, as well as noncarbonated beverages comprising bottled water, ready to drink coffee and tea, enhanced water, juices, and sports drinks.