Coca-Cola Consolidated (NASDAQ:COKE) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Coca-Cola Consolidated shares rose above their 200-day moving average, reaching $192.95 and closing at $192.04, up 2.6%. The company has a $12.78 billion market capitalization and a consensus analyst rating of “Buy.”
• The company reported quarterly revenue of $2.05 billion and earnings of $2.83 per share, while maintaining a quarterly dividend of $0.25, or $1.00 annualized, yielding approximately 0.5%.
• Institutional investors own 48.24% of Coca-Cola Consolidated’s stock, with BlackRock, Legal & General, Mitsubishi UFJ Asset Management, GQG Partners and Deutsche Bank among firms that recently acquired stakes.

Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $187.87 and traded as high as $192.95. Coca-Cola Consolidated shares last traded at $192.04, with a volume of 457,905 shares.

Analysts Set New Price Targets

A number of research analysts have commented on COKE shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coca-Cola Consolidated in a research report on Monday, September 21st. Wall Street Zen lowered 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, According to data from MarketBeat, the company currently has a consensus rating of "Buy".

Coca-Cola Consolidated Trading Up 2.6%

The company's fifty day simple moving average is $190.76 and its 200 day simple moving average is $187.87. The firm has a market capitalization of $12.78 billion, a P/E ratio of 25.47 and a beta of 0.55.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last announced 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 for the quarter.

Coca-Cola Consolidated Dividend Announcement

The business 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 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 13.26%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in COKE. BlackRock Inc. purchased a new position in shares of Coca-Cola Consolidated in the 2nd quarter worth about $26,229,118,000. Legal & General Group Plc bought a new position in Coca-Cola Consolidated in the 2nd quarter worth about $1,978,267,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Coca-Cola Consolidated during the 2nd quarter valued at about $1,591,427,000. GQG Partners LLC purchased a new stake in Coca-Cola Consolidated during the 2nd quarter valued at about $1,494,498,000. Finally, Deutsche Bank AG purchased a new stake in Coca-Cola Consolidated during the 2nd quarter valued at about $1,346,125,000. Hedge funds and other institutional investors own 48.24% of the company's stock.

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, packages, distributes and sells a broad portfolio of nonalcoholic beverages, including Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite, Fanta, DASANI, smartwater, POWERADE and Topo Chico, along with other brands owned or licensed by The Coca-Cola Company and additional beverage partners.

The company serves customers across a territory covering portions of the Southeast, Mid-Atlantic and Midwest, including Alabama, Florida, Georgia, Kentucky, Maryland, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia, as well as the District of Columbia.

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