Coca-Cola Consolidated (NASDAQ:COKE) Shares Up 4.5% – What’s Next?

Coca-Cola Consolidated, Inc. (NASDAQ:COKE)’s share price shot up 4.5% during mid-day trading on Friday . The company traded as high as $176.80 and last traded at $178.01. 96,794 shares were traded during mid-day trading, a decline of 81% from the average session volume of 513,280 shares. The stock had previously closed at $170.27.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Coca-Cola Consolidated in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Coca-Cola Consolidated Price Performance

The company has a market capitalization of $12.02 billion, a PE ratio of 24.72 and a beta of 0.55. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.23 and a quick ratio of 0.91. The company’s 50 day simple moving average is $185.85 and its 200 day simple moving average is $175.25.

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

Coca-Cola Consolidated Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Friday, April 24th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.6%. The ex-dividend date was Friday, April 24th. Coca-Cola Consolidated’s dividend payout ratio is currently 13.68%.

Hedge Funds Weigh In On Coca-Cola Consolidated

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its position 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 worth $193,050,000 after acquiring an additional 1,544,516 shares during the last quarter. Norges Bank acquired a new position in shares of Coca-Cola Consolidated in the 4th quarter valued at $222,408,000. AQR Capital Management LLC increased its holdings in shares of Coca-Cola Consolidated by 1,270.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,185,937 shares of the company’s stock valued at $131,906,000 after acquiring an additional 1,099,421 shares during the period. First Trust Advisors LP increased its holdings in shares of Coca-Cola Consolidated by 119.3% in the 3rd quarter. First Trust Advisors LP now owns 1,433,570 shares of the company’s stock valued at $167,957,000 after acquiring an additional 779,915 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Coca-Cola Consolidated by 153,487.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 417,757 shares of the company’s stock valued at $64,042,000 after acquiring an additional 417,485 shares during the period. 48.24% of the stock is currently 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.