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

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

Coca-Cola Consolidated Price Performance

Coca-Cola Consolidated stock traded down $12.98 during mid-day trading on Wednesday, hitting $1,300.63. 164,723 shares of the company were exchanged, compared to its average volume of 47,530. The company has a market capitalization of $11.34 billion, a PE ratio of 18.62 and a beta of 0.74. The business has a fifty day moving average of $1,356.38 and a 200 day moving average of $1,296.83. Coca-Cola Consolidated has a 1-year low of $800.76 and a 1-year high of $1,460.92. The company has a quick ratio of 2.15, a current ratio of 2.47 and a debt-to-equity ratio of 1.39.

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 issued shares will be distributed to shareholders after the closing bell on Friday, May 23rd.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $18.11 EPS for the quarter. Coca-Cola Consolidated had a return on equity of 49.88% and a net margin of 9.18%. The company had revenue of $1.75 billion for the quarter.

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Coca-Cola Consolidated Announces Dividend

The business also recently announced 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. The ex-dividend date was Friday, January 24th. This represents a $10.00 dividend on an annualized basis and a dividend yield of 0.77%. Coca-Cola Consolidated's payout ratio is 14.32%.

Hedge Funds Weigh In On Coca-Cola Consolidated

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Coca-Cola Consolidated by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 578,916 shares of the company's stock valued at $729,428,000 after purchasing an additional 7,106 shares during the period. Proficio Capital Partners LLC lifted its holdings in Coca-Cola Consolidated by 197,133.5% in the fourth quarter. Proficio Capital Partners LLC now owns 453,637 shares of the company's stock valued at $571,578,000 after buying an additional 453,407 shares during the period. Norges Bank bought a new position in Coca-Cola Consolidated in the fourth quarter valued at approximately $284,418,000. State Street Corp lifted its stake in shares of Coca-Cola Consolidated by 18.4% in the 3rd quarter. State Street Corp now owns 172,409 shares of the company's stock valued at $226,959,000 after purchasing an additional 26,752 shares during the period. Finally, FMR LLC boosted its position in shares of Coca-Cola Consolidated by 1.6% in the 4th quarter. FMR LLC now owns 131,508 shares of the company's stock worth $165,698,000 after purchasing an additional 2,021 shares during the last quarter. 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.