L2 Asset Management LLC Invests $1.70 Million in Coca-Cola Consolidated, Inc. $COKE

L2 Asset Management LLC acquired a new stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) in the second quarter, Holdings Channel.com reports. The firm acquired 20,966 shares of the company’s stock, valued at approximately $1,704,000.

Several other hedge funds also recently bought and sold shares of COKE. Quarry LP bought a new stake in Coca-Cola Consolidated during the 3rd quarter worth approximately $25,000. Advisory Services Network LLC bought a new position in Coca-Cola Consolidated in the 3rd quarter valued at $25,000. J.Safra Asset Management Corp bought a new position in Coca-Cola Consolidated in the 2nd quarter valued at $26,000. Newbridge Financial Services Group Inc. grew its position in shares of Coca-Cola Consolidated by 900.0% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 230 shares of the company’s stock valued at $26,000 after purchasing an additional 207 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of Coca-Cola Consolidated by 900.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 250 shares of the company’s stock valued at $28,000 after purchasing an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 48.24% of the company’s stock.

Coca-Cola Consolidated Trading Up 1.9%

COKE stock opened at $192.60 on Tuesday. The company’s 50 day moving average is $185.14 and its 200 day moving average is $186.25. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 25.54 and a beta of 0.55. Coca-Cola Consolidated, Inc. has a 1-year low of $110.60 and a 1-year high of $219.65.

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

Coca-Cola Consolidated Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COKE. Weiss Ratings reiterated a “buy (b)” rating on shares of Coca-Cola Consolidated in a research report on Wednesday, June 24th. Wall Street Zen cut Coca-Cola Consolidated from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy”.

Coca-Cola Consolidated Profile

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.