Huntington National Bank has significantly increased its investment in Coca-Cola Consolidated, Inc. (NASDAQ: COKE) by an impressive 912.0% during the second quarter of 2024, according to its recent 13F filing with the Securities and Exchange Commission (SEC). The bank now owns 840 shares of Coca-Cola Consolidated, having acquired an additional 757 shares during this period. As of the latest filing, these holdings are valued at approximately $94,000.
Several other major investors have also adjusted their stakes in Coca-Cola Consolidated. Davis Investment Partners LLC increased its holdings by 980.0%, bringing its total to 5,400 shares worth $624,000 after purchasing an additional 4,900 shares. Similarly, Victory Capital Management Inc. expanded its stake by 33.2% in the first quarter, now owning 11,310 shares valued at $15,268,000.
Pullen Investment Management LLC raised its holdings by 910.4% in the second quarter, acquiring an additional 15,468 shares to reach a total of 17,167 shares valued at $1,917,000. VELA Investment Management LLC also boosted its stake by 905.9%, resulting in ownership of 39,735 shares valued at $4,436,000. Notably, Jones Financial Companies Lllp made a remarkable increase of 265,541.3% in the first quarter, now holding 502,062 shares worth $677,784,000. Currently, institutional investors collectively own 48.24% of Coca-Cola Consolidated’s stock.
Coca-Cola Consolidated’s stock has shown positive movement, opening at $137.78 on the NASDAQ on the last trading day. Over the past year, shares have fluctuated between a low of $105.21 and a high of $146.09. The company’s 50-day moving average price stands at $123.40, while the 200-day moving average price is $125.22. Additionally, Coca-Cola Consolidated maintains a quick ratio of 1.78, a current ratio of 2.04, and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $11.97 billion, a price-to-earnings (P/E) ratio of 19.62, and a beta of 0.69.
In addition to these developments, Coca-Cola Consolidated recently declared a quarterly dividend of $0.25 per share, which was paid on November 7, 2024. This dividend was distributed to investors on record as of October 24, 2024, representing an annualized dividend of $1.00 and a yield of 0.7%. The company’s current dividend payout ratio is 14.25%.
Wall Street analysts have responded positively to Coca-Cola Consolidated’s performance. In a recent upgrade, Wall Street Zen moved the stock rating from “hold” to “buy” on July 26, 2024. Similarly, Weiss Ratings elevated its assessment from “hold (c+)” to “buy (b-)” on October 8, 2024. Currently, the stock holds a consensus rating of “Buy” among analysts, indicating a favorable outlook.
Coca-Cola Consolidated, Inc. operates primarily in the United States, manufacturing, marketing, and distributing a wide array of nonalcoholic beverages. Its product lineup includes sparkling beverages and still drinks, such as energy products, bottled water, ready-to-drink coffee and tea, juices, and sports drinks, all of which are key offerings from The Coca-Cola Company.
Investors and market observers will continue to monitor the company’s performance and the evolving landscape of institutional investment in Coca-Cola Consolidated as it navigates future growth opportunities.
