Redwood Investment Management LLC Acquires New Holdings in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Redwood Investment Management acquired 6,056 shares of Coca-Cola Consolidated worth approximately $1.16 million during the second quarter. Institutional investors collectively own 48.24% of the company.
• Analyst sentiment remains positive, with the stock carrying an average “Buy” rating, although Wall Street Zen recently downgraded it to “Hold.” COKE opened at $194.60, compared with a 52-week range of $110.60 to $219.65.
• Coca-Cola Consolidated reported quarterly earnings of $2.83 per share on $2.05 billion in revenue and declared a quarterly dividend of $0.25 per share, representing a 0.5% annualized yield.

Redwood Investment Management LLC bought a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,056 shares of the company's stock, valued at approximately $1,156,000.

Several other hedge funds also recently bought and sold shares of COKE. Bessemer Group Inc. lifted its holdings in shares of Coca-Cola Consolidated by 19.1% in the 1st quarter. Bessemer Group Inc. now owns 331 shares of the company's stock worth $63,000 after acquiring an additional 53 shares during the last quarter. Beacon Pointe Advisors LLC boosted its position in shares of Coca-Cola Consolidated by 2.6% during the 4th quarter. Beacon Pointe Advisors LLC now owns 2,842 shares of the company's stock worth $436,000 after purchasing an additional 72 shares during the period. Wealthfront Advisers LLC increased its holdings in Coca-Cola Consolidated by 4.1% in the 1st quarter. Wealthfront Advisers LLC now owns 1,869 shares of the company's stock valued at $358,000 after purchasing an additional 73 shares during the last quarter. UMB Bank n.a. increased its holdings in Coca-Cola Consolidated by 8.9% in the 4th quarter. UMB Bank n.a. now owns 951 shares of the company's stock valued at $146,000 after purchasing an additional 78 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in Coca-Cola Consolidated by 2.2% in the third quarter. Private Advisor Group LLC now owns 4,297 shares of the company's stock valued at $503,000 after purchasing an additional 94 shares during the period. Hedge funds and other institutional investors own 48.24% of the company's stock.

Analysts Set New Price Targets

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

Coca-Cola Consolidated Stock Performance

Shares of COKE opened at $194.60 on Friday. The stock has a market capitalization of $12.95 billion, a PE ratio of 25.81 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65. The company's 50-day simple moving average is $185.82 and its 200-day simple moving average is $187.11.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.83 EPS for the quarter. The business had revenue of $2.05 billion during 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 firm also recently announced a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 24th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, July 24th. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. Coca-Cola Consolidated's dividend payout ratio is 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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