Raymond James Financial Inc. Raises Position in 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. raised its holdings in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 35.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 approximately 0.33% of Coca-Cola Consolidated worth $39,331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Partners raised its position in shares of Coca-Cola Consolidated by 676.9% during the 1st quarter. Boston Partners now owns 200,518 shares of the company's stock valued at $270,711,000 after purchasing an additional 174,709 shares during the period. GAMMA Investing LLC raised its position in shares of Coca-Cola Consolidated by 175,140.4% during the 1st quarter. GAMMA Investing LLC now owns 182,250 shares of the company's stock valued at $246,038,000 after purchasing an additional 182,146 shares during the period. Bank of New York Mellon Corp raised its position in shares of Coca-Cola Consolidated by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 60,812 shares of the company's stock valued at $82,097,000 after purchasing an additional 2,545 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Coca-Cola Consolidated by 2.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 53,442 shares of the company's stock valued at $72,147,000 after purchasing an additional 1,497 shares during the period. Finally, Northern Trust Corp lifted its holdings in Coca-Cola Consolidated by 27.3% in the 4th quarter. Northern Trust Corp now owns 51,778 shares of the company's stock worth $65,240,000 after purchasing an additional 11,104 shares in the last quarter. 48.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Coca-Cola Consolidated Stock Performance

COKE opened at $119.23 on Friday. The stock has a market capitalization of $10.36 billion, a price-to-earnings ratio of 17.79 and a beta of 0.81. The company has a fifty day moving average of $113.30 and a 200 day moving average of $130.43. Coca-Cola Consolidated, Inc. has a fifty-two week low of $105.21 and a fifty-two week high of $146.09. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.78 and a current ratio of 2.04.

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

Coca-Cola Consolidated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Friday, July 25th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, July 25th. Coca-Cola Consolidated's dividend payout ratio (DPR) is presently 14.93%.

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.

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