Huntington National Bank significantly increased its investment in Coca-Cola Consolidated, Inc. (NASDAQ: COKE) by an impressive 912% during the second quarter of 2023, according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). The bank acquired an additional 757 shares, bringing its total holdings to 840 shares, valued at approximately $94,000.
This strategic move is part of a broader trend among institutional investors, as several large firms have adjusted their positions in Coca-Cola Consolidated. For instance, Davis Investment Partners LLC increased its stake by 980%, now owning 5,400 shares worth about $624,000 after acquiring 4,900 shares during the same period.
Another notable investor, Victory Capital Management Inc., raised its stake by 33.2% in the first quarter, resulting in ownership of 11,310 shares valued at $15.27 million after purchasing an additional 2,821 shares. Similarly, Pullen Investment Management LLC expanded its holdings by 910.4% to 17,167 shares, valued at $1.92 million, while VELA Investment Management LLC raised its investment by 905.9%, now owning 39,735 shares valued at $4.44 million.
In a dramatic shift, Jones Financial Companies Lllp increased its stake by an astonishing 265,541.3%, bringing its total to 502,062 shares valued at $677.78 million following the purchase of an additional 501,873 shares.
As of the latest filings, institutional investors hold 48.24% of Coca-Cola Consolidated’s stock.
Coca-Cola Consolidated Stock Performance
On October 27, 2023, Coca-Cola Consolidated shares opened at $137.78. The company has a 52-week low of $105.21 and a 52-week high of $146.09. Its 50-day moving average price stands at $123.40, while the 200-day moving average is at $125.22. Financial metrics indicate a quick ratio of 1.78, a current ratio of 2.04, and a debt-to-equity ratio of 0.88. The firm boasts a market capitalization of $11.97 billion, a price-to-earnings ratio of 19.62, and a beta of 0.69.
Recent Dividend Announcement
Coca-Cola Consolidated also announced a quarterly dividend of $0.25 per share, paid on November 7, 2023. Shareholders of record as of October 24, 2023 received this dividend, which translates to an annualized dividend of $1.00 and a yield of 0.7%. The ex-dividend date was also October 24, 2023. Currently, the company’s dividend payout ratio is 14.25%.
Analyst Ratings and Market Outlook
Recent reports from research firms reflect growing confidence in Coca-Cola Consolidated. Wall Street Zen upgraded the company from a “hold” to a “buy” rating on July 26, 2023. Additionally, Weiss Ratings raised its rating from “hold (C+)” to “buy (B-)” on October 8, 2023. Overall, one equities research analyst currently rates the stock as a buy, with a consensus rating reflecting optimism among market experts.
Coca-Cola Consolidated, Inc. operates as a key player in the nonalcoholic beverage industry, manufacturing, marketing, and distributing a variety of products, primarily those of The Coca-Cola Company, within the United States. Its product portfolio includes sparkling beverages, energy drinks, bottled water, ready-to-drink coffee and tea, enhanced water, juices, and sports drinks.
As institutional investments continue to rise, Coca-Cola Consolidated appears well-positioned within the beverage sector, attracting attention from both investors and analysts alike.
