The Manufacturers Life Insurance Company Makes New $168.40 Million Investment in Coca-Cola Consolidated, Inc. $COKE

The Manufacturers Life Insurance Company acquired a new stake in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,072,126 shares of the company’s stock, valued at approximately $168,402,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Coca-Cola Consolidated in the second quarter valued at about $26,229,118,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Coca-Cola Consolidated during the 2nd quarter valued at approximately $1,591,427,000. GQG Partners LLC bought a new position in Coca-Cola Consolidated during the 2nd quarter valued at approximately $1,494,498,000. Deutsche Bank AG purchased a new stake in Coca-Cola Consolidated in the 2nd quarter worth approximately $1,346,125,000. Finally, Vanguard Group Inc. grew its position in shares of Coca-Cola Consolidated by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 5,686,058 shares of the company’s stock worth $871,673,000 after buying an additional 341,374 shares during the last quarter. 48.24% of the stock is currently owned by institutional investors.

Coca-Cola Consolidated Stock Performance

COKE stock opened at $192.60 on Tuesday. Coca-Cola Consolidated, Inc. has a fifty-two week low of $110.60 and a fifty-two week high of $219.65. The company has a market capitalization of $12.82 billion, a price-to-earnings ratio of 25.54 and a beta of 0.55. The business’s 50 day moving average price is $185.14 and its two-hundred day moving average price is $186.25.

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

Coca-Cola Consolidated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 7th. Stockholders 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 dividend yield of 0.5%. The ex-dividend date was Friday, July 24th. Coca-Cola Consolidated’s payout ratio is 13.26%.

Wall Street Analysts Forecast Growth

COKE has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. Wall Street Zen downgraded shares of Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus 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.