Coca-Cola Consolidated (NASDAQ:COKE) Cut to Buy at StockNews.com

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

Coca-Cola Consolidated Stock Performance

COKE opened at $1,300.63 on Wednesday. Coca-Cola Consolidated has a 52-week low of $800.76 and a 52-week high of $1,460.92. The firm has a market capitalization of $11.34 billion, a PE ratio of 18.62 and a beta of 0.74. 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 business’s 50-day simple moving average is $1,356.38 and its 200 day simple moving average is $1,296.83.

Coca-Cola Consolidated shares are set to split before the market opens on 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 announced its quarterly earnings results on Thursday, February 20th. The company reported $18.11 earnings per share for the quarter. The firm had revenue of $1.75 billion for the quarter. Coca-Cola Consolidated had a return on equity of 49.88% and a net margin of 9.18%.

Coca-Cola Consolidated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, January 24th were given a $2.50 dividend. This represents a $10.00 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend was Friday, January 24th. Coca-Cola Consolidated’s payout ratio is 14.32%.

Hedge Funds Weigh In On Coca-Cola Consolidated

Several institutional investors and hedge funds have recently made changes to their positions in the company. James Investment Research Inc. boosted its stake in shares of Coca-Cola Consolidated by 34.7% in the fourth quarter. James Investment Research Inc. now owns 1,825 shares of the company’s stock valued at $2,299,000 after buying an additional 470 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Coca-Cola Consolidated by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 19,173 shares of the company’s stock valued at $25,239,000 after buying an additional 1,453 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Coca-Cola Consolidated by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 247 shares of the company’s stock valued at $311,000 after buying an additional 12 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Coca-Cola Consolidated in the third quarter valued at approximately $1,022,000. Finally, Dorsey Wright & Associates bought a new stake in shares of Coca-Cola Consolidated in the third quarter valued at approximately $1,468,000. Institutional investors and hedge funds own 48.24% of the company’s stock.

About Coca-Cola Consolidated

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.