Royal Bank of Canada Has $3.99 Million Stock Holdings in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Royal Bank of Canada cut its Coca-Cola Consolidated stake by 41.2% in the first quarter, selling 14,600 shares and retaining 20,807 shares valued at approximately $3.99 million.
• Other institutional investors increased or initiated positions, bringing total institutional ownership of Coca-Cola Consolidated to 48.24%.
• Coca-Cola Consolidated reported quarterly revenue of $2.05 billion and EPS of $2.83, while maintaining a quarterly dividend of $0.25 per share. Analysts’ consensus rating remains “Buy,” despite one downgrade to “Hold.”

Royal Bank of Canada decreased its holdings in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 41.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,807 shares of the company's stock after selling 14,600 shares during the period. Royal Bank of Canada's holdings in Coca-Cola Consolidated were worth $3,989,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Empowered Funds LLC bought a new stake in Coca-Cola Consolidated in the first quarter worth approximately $795,000. Quantinno Capital Management LP boosted its holdings in shares of Coca-Cola Consolidated by 7.9% during the 1st quarter. Quantinno Capital Management LP now owns 30,649 shares of the company's stock worth $5,877,000 after buying an additional 2,254 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Coca-Cola Consolidated by 8.2% during the 1st quarter. Lazard Asset Management LLC now owns 36,005 shares of the company's stock worth $6,904,000 after buying an additional 2,719 shares in the last quarter. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Coca-Cola Consolidated during the 1st quarter worth approximately $211,000. Finally, Waverly Advisors LLC acquired a new stake in shares of Coca-Cola Consolidated during the 1st quarter worth approximately $280,000. Institutional investors own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

Shares of Coca-Cola Consolidated stock opened at $189.11 on Friday. The business has a 50-day simple moving average of $184.81 and a 200 day simple moving average of $184.46. Coca-Cola Consolidated, Inc. has a one year low of $110.60 and a one year high of $219.65. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 25.08 and a beta of 0.55.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $2.83 earnings per share (EPS) for the quarter. Coca-Cola Consolidated had a negative return on equity of 1,041.59% and a net margin of 7.15%.The business had revenue of $2.05 billion for the quarter.

Coca-Cola Consolidated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Friday, July 24th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, July 24th. Coca-Cola Consolidated's dividend payout ratio is presently 13.26%.

Analyst Ratings Changes

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

About Coca-Cola Consolidated

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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