VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Virginia Retirement Systems initiated a stake in Coca-Cola Consolidated, purchasing 7,830 shares valued at approximately $1.5 million during the second quarter. Institutional investors and hedge funds collectively own 48.24% of the company.
• Coca-Cola Consolidated reported quarterly earnings of $2.83 per share on revenue of $2.05 billion, with a 7.15% net margin. The company also maintains a quarterly dividend of $0.25 per share, equal to a 0.5% annualized yield.
• COKE shares recently traded at $192.61, up 2.0%, while analyst sentiment remained broadly positive: MarketBeat data shows an average rating of “Buy,” despite one recent downgrade to “Hold.”

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 7,830 shares of the company's stock, valued at approximately $1,495,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in shares of Coca-Cola Consolidated by 19.1% during the 1st quarter. Bessemer Group Inc. now owns 331 shares of the company's stock worth $63,000 after acquiring an additional 53 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in Coca-Cola Consolidated by 4.9% during the second quarter. Concurrent Investment Advisors LLC now owns 1,228 shares of the company's stock valued at $234,000 after purchasing an additional 57 shares in the last quarter. Beacon Pointe Advisors LLC raised its position in Coca-Cola Consolidated by 2.6% during the fourth quarter. Beacon Pointe Advisors LLC now owns 2,842 shares of the company's stock valued at $436,000 after purchasing an additional 72 shares in the last quarter. Wealthfront Advisers LLC lifted its stake in Coca-Cola Consolidated by 4.1% during the first quarter. Wealthfront Advisers LLC now owns 1,869 shares of the company's stock worth $358,000 after purchasing an additional 73 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Coca-Cola Consolidated by 8.9% during the fourth quarter. UMB Bank n.a. now owns 951 shares of the company's stock worth $146,000 after purchasing an additional 78 shares during the last quarter. 48.24% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Consolidated Trading Up 2.0%

Shares of Coca-Cola Consolidated stock opened at $192.61 on Friday. The firm's 50 day moving average is $187.03 and its 200 day moving average is $189.05. The firm has a market capitalization of $12.82 billion, a PE ratio of 25.55 and a beta of 0.56. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last issued 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 Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on COKE shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. Wall Street Zen downgraded Coca-Cola Consolidated from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy".

About Coca-Cola Consolidated

Coca-Cola Consolidated, Inc is the largest Coca-Cola bottler in the United States. Headquartered in Charlotte, North Carolina, the company manufactures, sells, markets and distributes beverages produced under The Coca-Cola Company's brands, as well as a selection of other beverage products.

Its portfolio includes Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite, Fanta, DASANI, smartwater, Powerade, Minute Maid, Simply, fairlife and Topo Chico, along with other brands and products available in its distribution territories.

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