Ninepoint Partners LP Acquires New Shares in Coca-Cola Consolidated, Inc. $COKE

Ninepoint Partners LP acquired a new position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,345 shares of the company’s stock, valued at approximately $353,000.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Coca-Cola Consolidated during the 2nd quarter valued at about $26,229,118,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Coca-Cola Consolidated in the 2nd quarter worth approximately $1,591,427,000. Deutsche Bank AG purchased a new stake in shares of Coca-Cola Consolidated in the 2nd quarter worth approximately $1,346,125,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of Coca-Cola Consolidated during the second quarter valued at approximately $147,857,000. Finally, State Street Corp boosted its stake in shares of Coca-Cola Consolidated by 836.9% during the second quarter. State Street Corp now owns 1,729,065 shares of the company’s stock valued at $193,050,000 after purchasing an additional 1,544,516 shares in the last quarter. 48.24% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Stock Performance

NASDAQ:COKE opened at $189.10 on Friday. The company’s 50-day simple moving average is $185.00 and its 200-day simple moving average is $185.77. Coca-Cola Consolidated, Inc. has a fifty-two week low of $110.60 and a fifty-two week high of $219.65. The stock has a market capitalization of $12.59 billion, a P/E ratio of 25.08 and a beta of 0.55.

Coca-Cola Consolidated (NASDAQ:COKE) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.83 EPS 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 24th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, July 24th. Coca-Cola Consolidated’s payout ratio is currently 13.26%.

Analysts Set New Price Targets

Several brokerages recently issued reports on COKE. Weiss Ratings reissued a “buy (b)” rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. Wall Street Zen lowered Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

About Coca-Cola Consolidated

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.