Wellington Management Group LLP Acquires New Stake in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Wellington Management Group acquired 37,631 shares of Coca-Cola Consolidated worth approximately $7.2 million, representing a 0.06% stake. Institutional investors collectively own 48.24% of the company.
• Analyst sentiment remains generally positive: Coca-Cola Consolidated has an average “Buy” rating, although Wall Street Zen recently downgraded the stock to “Hold.”
• 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% annual yield.

Wellington Management Group LLP 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 Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 37,631 shares of the company's stock, valued at approximately $7,185,000. Wellington Management Group LLP owned 0.06% of Coca-Cola Consolidated as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Coca-Cola Consolidated in the 2nd quarter worth approximately $26,229,118,000. Legal & General Group Plc purchased a new stake in Coca-Cola Consolidated during the second quarter valued at approximately $1,978,267,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Coca-Cola Consolidated during the second quarter valued at approximately $1,591,427,000. GQG Partners LLC bought a new position in Coca-Cola Consolidated in the second quarter worth approximately $1,494,498,000. Finally, Deutsche Bank AG purchased a new position in shares of Coca-Cola Consolidated during the 2nd quarter worth $1,346,125,000. 48.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Coca-Cola Consolidated Price Performance

Coca-Cola Consolidated stock opened at $188.28 on Wednesday. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65. The firm's 50 day moving average price is $187.33 and its 200-day moving average price is $188.89. The stock has a market cap of $12.53 billion, a P/E ratio of 24.97 and a beta of 0.56.

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

Coca-Cola Consolidated Dividend Announcement

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