Coca-Cola Consolidated Inc (NASDAQ:COKE) Sees Significant Decrease in Short Interest

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Coca-Cola Consolidated Inc (NASDAQ:COKE) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 234,400 shares, a drop of 20.7% from the July 31st total of 295,600 shares. Currently, 5.0% of the shares of the stock are short sold. Based on an average trading volume of 67,500 shares, the days-to-cover ratio is currently 3.5 days.

NASDAQ:COKE traded up $2.44 during mid-day trading on Thursday, hitting $297.07. 4,106 shares of the company’s stock traded hands, compared to its average volume of 59,295. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.05 and a current ratio of 1.44. The firm’s 50 day simple moving average is $322.98 and its 200 day simple moving average is $303.95. Coca-Cola Consolidated has a 1 year low of $160.19 and a 1 year high of $413.39. The company has a market cap of $2.74 billion, a PE ratio of 30.40 and a beta of 0.72.

Coca-Cola Consolidated (NASDAQ:COKE) last released its earnings results on Tuesday, August 6th. The company reported $4.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $3.09. The firm had revenue of $1.27 billion during the quarter. Coca-Cola Consolidated had a net margin of 0.14% and a return on equity of 19.53%.

COKE has been the subject of several recent research reports. BidaskClub downgraded shares of Coca-Cola Consolidated from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine downgraded shares of Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a report on Thursday, August 1st.

A number of hedge funds have recently made changes to their positions in COKE. Public Employees Retirement System of Ohio lifted its position in shares of Coca-Cola Consolidated by 1.0% during the second quarter. Public Employees Retirement System of Ohio now owns 2,895 shares of the company’s stock worth $866,000 after purchasing an additional 30 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Coca-Cola Consolidated by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 1,797 shares of the company’s stock worth $517,000 after buying an additional 32 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Coca-Cola Consolidated by 0.6% in the second quarter. Arizona State Retirement System now owns 7,200 shares of the company’s stock worth $2,155,000 after buying an additional 40 shares during the last quarter. Mason Street Advisors LLC increased its stake in shares of Coca-Cola Consolidated by 3.5% in the first quarter. Mason Street Advisors LLC now owns 1,491 shares of the company’s stock worth $429,000 after buying an additional 50 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in shares of Coca-Cola Consolidated by 5.9% in the second quarter. Private Advisor Group LLC now owns 900 shares of the company’s stock worth $269,000 after buying an additional 50 shares during the last quarter. 40.48% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Company Profile

Coca-Cola Consolidated, Inc, together with its subsidiaries, produces, markets, and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company in the United States. The company offers sparkling beverages, including carbonated beverages; and still beverages, such as energy products, as well as noncarbonated beverages comprising bottled water, tea, ready to drink coffee, enhanced water, juices, and sports drinks.

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