Coca-Cola Consolidated (NASDAQ:COKE) Downgraded by StockNews.com to Buy

StockNews.com downgraded shares of Coca-Cola Consolidated (NASDAQ:COKE) from a strong-buy rating to a buy rating in a research note released on Wednesday.

Coca-Cola Consolidated Price Performance

Shares of NASDAQ:COKE opened at $1,326.47 on Wednesday. Coca-Cola Consolidated has a fifty-two week low of $800.76 and a fifty-two week high of $1,460.92. The business has a 50-day simple moving average of $1,354.14 and a two-hundred day simple moving average of $1,296.79. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.15 and a current ratio of 2.47. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 18.99 and a beta of 0.74.

Shares of Coca-Cola Consolidated are set to split on the morning of Tuesday, May 27th. The 10-1 split was announced on Tuesday, March 4th. The newly created shares will be distributed to shareholders after the closing bell on Friday, May 23rd.

Coca-Cola Consolidated (NASDAQ:COKE) last issued its earnings results on Thursday, February 20th. The company reported $18.11 earnings per share for the quarter. Coca-Cola Consolidated had a return on equity of 49.88% and a net margin of 9.18%. The business had revenue of $1.75 billion during the quarter.

Coca-Cola Consolidated Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, January 24th were given a dividend of $2.50 per share. This represents a $10.00 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend was Friday, January 24th. Coca-Cola Consolidated’s payout ratio is currently 14.32%.

Institutional Investors Weigh In On Coca-Cola Consolidated

Several hedge funds and other institutional investors have recently made changes to their positions in COKE. Proficio Capital Partners LLC increased its position in shares of Coca-Cola Consolidated by 197,133.5% during the 4th quarter. Proficio Capital Partners LLC now owns 453,637 shares of the company’s stock valued at $571,578,000 after purchasing an additional 453,407 shares during the last quarter. Norges Bank purchased a new stake in shares of Coca-Cola Consolidated during the 4th quarter valued at about $284,418,000. Estuary Capital Management LP purchased a new stake in shares of Coca-Cola Consolidated during the 4th quarter valued at about $42,845,000. Invesco Ltd. increased its position in shares of Coca-Cola Consolidated by 33.3% during the 4th quarter. Invesco Ltd. now owns 125,003 shares of the company’s stock valued at $157,503,000 after purchasing an additional 31,195 shares during the last quarter. Finally, State Street Corp increased its holdings in Coca-Cola Consolidated by 18.4% in the 3rd quarter. State Street Corp now owns 172,409 shares of the company’s stock worth $226,959,000 after acquiring an additional 26,752 shares in the last quarter. Hedge funds and other institutional investors own 48.24% of the company’s stock.

Coca-Cola Consolidated Company Profile

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