Johnson Investment Counsel Inc. Lowers Stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE)

Johnson Investment Counsel Inc. cut its position in shares of Coca-Cola Consolidated, Inc. (NASDAQ:COKE) by 20.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,176 shares of the company’s stock after selling 570 shares during the period. Johnson Investment Counsel Inc.’s holdings in Coca-Cola Consolidated were worth $2,361,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Texas Permanent School Fund Corp increased its position in Coca-Cola Consolidated by 9.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 4,508 shares of the company’s stock worth $4,891,000 after purchasing an additional 406 shares in the last quarter. Choreo LLC purchased a new position in Coca-Cola Consolidated in the second quarter valued at about $258,000. Caprock Group LLC acquired a new position in shares of Coca-Cola Consolidated during the second quarter worth about $332,000. Los Angeles Capital Management LLC boosted its position in shares of Coca-Cola Consolidated by 1,271.0% in the second quarter. Los Angeles Capital Management LLC now owns 32,067 shares of the company’s stock worth $34,793,000 after buying an additional 29,728 shares during the period. Finally, Arizona State Retirement System grew its stake in shares of Coca-Cola Consolidated by 1.9% in the second quarter. Arizona State Retirement System now owns 1,523 shares of the company’s stock valued at $1,652,000 after buying an additional 28 shares in the last quarter. 48.24% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Consolidated Price Performance

Shares of COKE stock opened at $1,271.09 on Friday. The firm has a fifty day simple moving average of $1,216.72 and a 200-day simple moving average of $1,017.14. The company has a market capitalization of $11.92 billion, a PE ratio of 26.18 and a beta of 0.82. Coca-Cola Consolidated, Inc. has a twelve month low of $614.22 and a twelve month high of $1,376.84. The company has a current ratio of 1.97, a quick ratio of 1.75 and a debt-to-equity ratio of 1.50.

Coca-Cola Consolidated (NASDAQ:COKE) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $20.71 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 company had revenue of $1.80 billion during the quarter.

Coca-Cola Consolidated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Friday, July 26th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $2.00 dividend on an annualized basis and a yield of 0.16%. Coca-Cola Consolidated’s dividend payout ratio (DPR) is presently 20.59%.

Insiders Place Their Bets

In other news, major shareholder Cola Co Coca sold 598,619 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the completion of the transaction, the insider now directly owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Analysts Set New Price Targets

Separately, StockNews.com lowered Coca-Cola Consolidated from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 23rd.

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.