Covington Investment Advisors Inc. Invests $5.86 Million in Coca-Cola Consolidated, Inc. $COKE

Covington Investment Advisors Inc. acquired a new position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 72,087 shares of the company’s stock, valued at approximately $5,859,000.

Other large investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in Coca-Cola Consolidated during the 3rd quarter valued at $25,000. Advisory Services Network LLC bought a new position in shares of Coca-Cola Consolidated in the third quarter worth $25,000. J.Safra Asset Management Corp acquired a new position in shares of Coca-Cola Consolidated during the second quarter valued at $26,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Coca-Cola Consolidated by 900.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 230 shares of the company’s stock valued at $26,000 after purchasing an additional 207 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in shares of Coca-Cola Consolidated by 900.0% during the second quarter. Geneos Wealth Management Inc. now owns 250 shares of the company’s stock valued at $28,000 after purchasing an additional 225 shares in the last quarter. 48.24% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Consolidated Stock Performance

Shares of NASDAQ COKE opened at $189.10 on Monday. The stock has a fifty day moving average price of $185.00 and a two-hundred day moving average price of $185.99. The firm has a market cap of $12.59 billion, a P/E ratio of 25.08 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a 1 year low of $110.60 and a 1 year high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.83 earnings per share (EPS) for the quarter. The company had revenue of $2.05 billion for the quarter. Coca-Cola Consolidated had a negative return on equity of 1,041.59% and a net margin of 7.15%.

Coca-Cola Consolidated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 24th were issued 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 of this dividend was Friday, July 24th. Coca-Cola Consolidated’s payout ratio is presently 13.26%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COKE. Wall Street Zen lowered shares of Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “buy (b)” rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, According to 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.