Summit Asset Management LLC Makes New Investment in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Summit Asset Management acquired 21,279 shares of Coca-Cola Consolidated valued at approximately $1.73 million in the second quarter. Institutional investors and hedge funds collectively own 48.24% of the company.
• Analyst sentiment remains positive, with Coca-Cola Consolidated holding a consensus “Buy” rating despite one firm recently downgrading the stock to “Hold.” The stock opened at $189.11 and has traded between $110.60 and $219.65 over the past year.
• The company reported quarterly revenue of $2.05 billion and earnings of $2.83 per share, while maintaining a quarterly dividend of $0.25 per share, equivalent to a 0.5% annualized yield.

Summit Asset Management LLC acquired a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 21,279 shares of the company's stock, valued at approximately $1,729,000.

Several other institutional investors also recently modified their holdings of the company. State Street Corp lifted its stake in Coca-Cola Consolidated by 836.9% in the 2nd quarter. State Street Corp now owns 1,729,065 shares of the company's stock valued at $193,050,000 after purchasing an additional 1,544,516 shares during the last quarter. Norges Bank bought a new position in Coca-Cola Consolidated during the fourth quarter worth about $222,408,000. AQR Capital Management LLC increased its position in Coca-Cola Consolidated by 1,270.8% during the second quarter. AQR Capital Management LLC now owns 1,185,937 shares of the company's stock worth $131,906,000 after buying an additional 1,099,421 shares during the last quarter. First Trust Advisors LP increased its position in Coca-Cola Consolidated by 42.1% during the fourth quarter. First Trust Advisors LP now owns 2,037,083 shares of the company's stock worth $312,285,000 after buying an additional 603,513 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Coca-Cola Consolidated by 153,487.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 417,757 shares of the company's stock valued at $64,042,000 after buying an additional 417,485 shares during the period. 48.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on COKE. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. Wall Street Zen lowered Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy".

Coca-Cola Consolidated Stock Performance

COKE opened at $189.11 on Friday. The stock has a fifty day moving average of $184.81 and a 200-day moving average of $184.46. The company has a market capitalization of $12.59 billion, a P/E ratio of 25.08 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a fifty-two week low of $110.60 and a fifty-two week high of $219.65.

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

Coca-Cola Consolidated Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 24th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. Coca-Cola Consolidated's payout ratio is currently 13.26%.

Coca-Cola Consolidated 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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