Coca-Cola Consolidated (NASDAQ:COKE) Stock Price Up 7.1% – Here’s What Happened

Coca-Cola Consolidated, Inc. (NASDAQ:COKE)’s share price was up 7.1% during trading on Tuesday . The stock traded as high as $199.30 and last traded at $199.5660. Approximately 193,327 shares changed hands during trading, a decline of 63% from the average daily volume of 524,241 shares. The stock had previously closed at $186.28.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy”.

Coca-Cola Consolidated Stock Performance

The firm has a market cap of $12.66 billion, a P/E ratio of 26.05 and a beta of 0.54. The business’s 50-day simple moving average is $182.07 and its 200 day simple moving average is $181.71.

Coca-Cola Consolidated (NASDAQ:COKE) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.79 earnings per share for the quarter. The firm had revenue of $1.71 billion for the quarter. Coca-Cola Consolidated had a return on equity of 138.44% and a net margin of 7.72%.

Coca-Cola Consolidated Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Friday, July 24th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, July 24th. Coca-Cola Consolidated’s dividend payout ratio is 13.68%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of COKE. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Coca-Cola Consolidated by 8.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,251 shares of the company’s stock valued at $23,289,000 after purchasing an additional 1,385 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Coca-Cola Consolidated by 1,587.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 270 shares of the company’s stock valued at $30,000 after buying an additional 254 shares during the period. Baird Financial Group Inc. increased its holdings in Coca-Cola Consolidated by 795.4% during the second quarter. Baird Financial Group Inc. now owns 9,966 shares of the company’s stock valued at $1,113,000 after buying an additional 8,853 shares during the last quarter. Marshall Wace LLP increased its holdings in Coca-Cola Consolidated by 5,152.8% during the second quarter. Marshall Wace LLP now owns 18,910 shares of the company’s stock valued at $2,111,000 after buying an additional 18,550 shares during the last quarter. Finally, Cresset Asset Management LLC raised its position in Coca-Cola Consolidated by 169.0% in the second quarter. Cresset Asset Management LLC now owns 4,589 shares of the company’s stock worth $512,000 after acquiring an additional 2,883 shares during the period. 48.24% of the stock is owned by hedge funds and other institutional investors.

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.