Lazard Asset Management LLC Grows Stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE)

Lazard Asset Management LLC boosted its holdings in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) by 3.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,571 shares of the company’s stock after purchasing an additional 452 shares during the quarter. Lazard Asset Management LLC owned about 0.17% of Coca-Cola Consolidated worth $13,179,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in COKE. Norges Bank acquired a new position in shares of Coca-Cola Consolidated in the 4th quarter valued at $188,138,000. International Assets Investment Management LLC acquired a new position in shares of Coca-Cola Consolidated during the 4th quarter worth $174,971,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Coca-Cola Consolidated in the 4th quarter worth about $40,449,000. Hennessy Advisors Inc. acquired a new stake in Coca-Cola Consolidated in the 4th quarter valued at about $30,318,000. Finally, Vanguard Group Inc. increased its holdings in Coca-Cola Consolidated by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 608,875 shares of the company’s stock valued at $515,358,000 after acquiring an additional 30,443 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

NASDAQ:COKE traded up $27.12 during trading hours on Friday, reaching $1,130.65. 33,543 shares of the company traded hands, compared to its average volume of 75,433. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.47. The firm’s 50-day moving average is $1,041.48 and its 200-day moving average is $921.75. The stock has a market cap of $10.59 billion, a P/E ratio of 23.28 and a beta of 0.78. Coca-Cola Consolidated, Inc. has a 1-year low of $614.22 and a 1-year high of $1,135.00.

Coca-Cola Consolidated (NASDAQ:COKE) last posted its quarterly earnings data on Monday, May 6th. The company reported $17.31 EPS for the quarter. Coca-Cola Consolidated had a return on equity of 42.10% and a net margin of 6.83%. The business had revenue of $1.59 billion for the quarter.

Coca-Cola Consolidated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, July 26th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.18%. The ex-dividend date of this dividend is Friday, July 26th. Coca-Cola Consolidated’s dividend payout ratio is presently 4.12%.

Insider Activity at Coca-Cola Consolidated

In other Coca-Cola Consolidated news, major shareholder Cola Co Coca sold 598,619 shares of Coca-Cola Consolidated stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the completion of the sale, the insider now directly owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

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

Coca-Cola Consolidated Profile

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.