Westpac Banking Corp Buys New Position in Coca-Cola Consolidated, Inc. $COKE

Key Points

• Westpac Banking Corp acquired 40,728 shares of Coca-Cola Consolidated in the second quarter, worth approximately $3.31 million, giving it a 0.06% stake. Institutional investors and hedge funds collectively own 48.24% of the company.
• COKE shares opened at $189.10, with a 12-month range of $110.60 to $219.65 and a market capitalization of about $12.59 billion. The company reported quarterly revenue of $2.05 billion and earnings of $2.83 per share.
• Coca-Cola Consolidated paid a quarterly dividend of $0.25, equivalent to $1.00 annually and a 0.5% yield. Analyst sentiment remains generally positive, with MarketBeat reporting an average rating of “Buy,” despite one recent downgrade to “Hold.”

Westpac Banking Corp purchased a new position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 40,728 shares of the company's stock, valued at approximately $3,310,000. Westpac Banking Corp owned 0.06% of Coca-Cola Consolidated as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Ascentis Independent Advisors purchased a new stake in shares of Coca-Cola Consolidated during the first quarter valued at approximately $31,000. Torren Management LLC purchased a new position in shares of Coca-Cola Consolidated in the fourth quarter valued at $29,000. Morse Asset Management Inc purchased a new position in shares of Coca-Cola Consolidated in the fourth quarter valued at $31,000. Ballast Advisors LLC acquired a new stake in Coca-Cola Consolidated during the 1st quarter valued at $38,000. Finally, Quarry LP acquired a new stake in Coca-Cola Consolidated during the 3rd quarter valued at $25,000. Institutional investors and hedge funds own 48.24% of the company's stock.

Coca-Cola Consolidated Price Performance

Shares of COKE opened at $189.10 on Friday. Coca-Cola Consolidated, Inc. has a 12 month low of $110.60 and a 12 month high of $219.65. The stock has a fifty day moving average price of $185.00 and a 200 day moving average price of $185.77. The company has a market cap of $12.59 billion, a P/E ratio of 25.08 and a beta of 0.55.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its 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 company had revenue of $2.05 billion for the quarter.

Coca-Cola Consolidated Announces Dividend

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

Analysts Set New Price Targets

COKE has been the topic of several analyst reports. Wall Street Zen downgraded 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 report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy".

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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