Coca-Cola Consolidated (NASDAQ:COKE) Trading Down 7.4% – Here’s What Happened

by · The Markets Daily

Coca-Cola Consolidated, Inc. (NASDAQ:COKE – Get Free Report)’s stock price traded down 7.4% during trading on Thursday . The stock traded as low as $1,065.43 and last traded at $1,110.43. 20,132 shares changed hands during trading, a decline of 61% from the average session volume of 51,918 shares. The stock had previously closed at $1,199.57.

Coca-Cola Consolidated Trading Down 6.7 %

The firm has a market cap of $10.49 billion, a price-to-earnings ratio of 22.72 and a beta of 0.82. The business has a fifty day moving average of $1,294.16 and a two-hundred day moving average of $1,125.45. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.75 and a current ratio of 1.97.

Coca-Cola Consolidated (NASDAQ:COKE – Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $18.81 earnings per share for the quarter. Coca-Cola Consolidated had a net margin of 7.52% and a return on equity of 44.83%. The firm had revenue of $1.77 billion during the quarter.

Coca-Cola Consolidated Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 25th will be paid a $2.50 dividend. The ex-dividend date is Friday, October 25th. This represents a $10.00 dividend on an annualized basis and a yield of 0.89%. This is a positive change from Coca-Cola Consolidated’s previous quarterly dividend of $0.25. Coca-Cola Consolidated’s dividend payout ratio is presently 20.59%.

Hedge Funds Weigh In On Coca-Cola Consolidated

Several hedge funds have recently bought and sold shares of the stock. Millennium Management LLC boosted its stake in shares of Coca-Cola Consolidated by 1,308.6% during the second quarter. Millennium Management LLC now owns 172,788 shares of the company’s stock valued at $187,475,000 after acquiring an additional 160,521 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Coca-Cola Consolidated by 74,390.2% during the third quarter. International Assets Investment Management LLC now owns 152,705 shares of the company’s stock worth $201,021,000 after buying an additional 152,500 shares in the last quarter. Wallace Capital Management Inc. acquired a new position in shares of Coca-Cola Consolidated in the second quarter valued at approximately $90,404,000. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Coca-Cola Consolidated by 88.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 112,156 shares of the company’s stock valued at $121,689,000 after buying an additional 52,491 shares during the period. Finally, Vanguard Group Inc. boosted its position in Coca-Cola Consolidated by 5.3% during the first quarter. Vanguard Group Inc. now owns 608,875 shares of the company’s stock worth $515,358,000 after acquiring an additional 30,443 shares during the last quarter. Hedge funds and other institutional investors own 48.24% of the company’s stock.

About Coca-Cola Consolidated

(Get Free Report)

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.

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