Saranac Partners Ltd Invests $597,000 in Coca-Cola Consolidated, Inc. $COKE

Saranac Partners Ltd bought a new position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) during the second quarter, HoldingsChannel reports. The fund bought 7,352 shares of the company’s stock, valued at approximately $597,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Coca-Cola Consolidated by 8.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 17,251 shares of the company’s stock valued at $23,289,000 after purchasing an additional 1,385 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Coca-Cola Consolidated by 1,587.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 270 shares of the company’s stock worth $30,000 after buying an additional 254 shares during the period. Baird Financial Group Inc. raised its stake in shares of Coca-Cola Consolidated by 795.4% in the second quarter. Baird Financial Group Inc. now owns 9,966 shares of the company’s stock worth $1,113,000 after buying an additional 8,853 shares during the period. Marshall Wace LLP lifted its position in shares of Coca-Cola Consolidated by 5,152.8% during the 2nd quarter. Marshall Wace LLP now owns 18,910 shares of the company’s stock valued at $2,111,000 after buying an additional 18,550 shares in the last quarter. Finally, Cresset Asset Management LLC grew its stake in shares of Coca-Cola Consolidated by 169.0% during the 2nd quarter. Cresset Asset Management LLC now owns 4,589 shares of the company’s stock valued at $512,000 after acquiring an additional 2,883 shares during the period. 48.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Coca-Cola Consolidated Price Performance

NASDAQ:COKE opened at $189.10 on Monday. The business’s 50-day simple moving average is $185.00 and its two-hundred day simple moving average is $185.99. Coca-Cola Consolidated, Inc. has a 52 week low of $110.60 and a 52 week high of $219.65. The stock has a market cap of $12.59 billion, a PE ratio of 25.08 and a beta of 0.55.

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

Coca-Cola Consolidated Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 24th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, July 24th. Coca-Cola Consolidated’s dividend payout ratio is presently 13.26%.

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.