Coca-Cola Consolidated (NASDAQ:COKE) Issues Quarterly Earnings Results

Coca-Cola Consolidated (NASDAQ:COKE) announced its earnings results on Wednesday. The company reported $2.83 earnings per share for the quarter, FiscalAI reports. Coca-Cola Consolidated had a net margin of 7.15% and a return on equity of 764.71%. The business had revenue of $2.05 billion for the quarter.

Coca-Cola Consolidated Price Performance

COKE stock traded up $0.23 during mid-day trading on Friday, reaching $188.47. 125,937 shares of the company’s stock were exchanged, compared to its average volume of 525,942. The stock’s 50 day moving average is $183.21 and its 200 day moving average is $183.15. Coca-Cola Consolidated has a 12-month low of $110.60 and a 12-month high of $219.65. The company has a market cap of $12.54 billion, a price-to-earnings ratio of 25.00 and a beta of 0.55.

Coca-Cola Consolidated Announces Dividend

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

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

Institutional Inflows and Outflows

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