Huntington National Bank has significantly increased its investment in Coca-Cola Consolidated, Inc. (NASDAQ: COKE), raising its stake by an impressive 912% in the second quarter of 2023. According to the bank’s latest 13F filing with the Securities and Exchange Commission (SEC), it now holds 840 shares of the beverage company after acquiring an additional 757 shares during this period. As of the most recent filing, Huntington’s total holdings in Coca-Cola Consolidated are valued at approximately $94,000.
Several other institutional investors have also adjusted their positions in Coca-Cola Consolidated. For instance, Davis Investment Partners LLC increased its stake by 980%, bringing its ownership to 5,400 shares valued at $624,000 after acquiring 4,900 shares in the same quarter. Similarly, Victory Capital Management Inc. raised its holdings by 33.2%, now owning 11,310 shares worth $15.27 million after purchasing an additional 2,821 shares.
Pullen Investment Management LLC and VELA Investment Management LLC also made substantial increases in their stakes, with Pullen up by 910.4% to 17,167 shares valued at $1.92 million, while VELA boosted its holdings by 905.9% to 39,735 shares, valued at $4.44 million. Notably, Jones Financial Companies Lllp has made the most dramatic increase, raising its stake by an astounding 265,541.3%, now owning 502,062 shares valued at $677.78 million.
As of now, institutional investors collectively own 48.24% of Coca-Cola Consolidated’s stock.
Coca-Cola Consolidated’s Market Position
As of the latest trading session, Coca-Cola Consolidated shares opened at $137.78. The stock has shown resilience, with a 52-week low of $105.21 and a 52-week high of $146.09. The company has a market capitalization of $11.97 billion, a price-to-earnings (P/E) ratio of 19.62, and a beta of 0.69, indicating lower volatility compared to the market.
Coca-Cola Consolidated has also announced a quarterly dividend of $0.25 per share, which was paid to investors of record on October 24, 2023. This amounts to an annualized dividend of $1.00 and a yield of 0.7%. The company’s dividend payout ratio stands at 14.25%.
Analyst Ratings and Future Outlook
Recent reports from several research firms indicate a positive outlook for Coca-Cola Consolidated. Wall Street Zen upgraded the stock from a “hold” to a “buy” rating, while Weiss Ratings elevated its rating from “hold (C+)” to “buy (B-)”. Currently, one equities research analyst has rated the stock with a buy recommendation, and overall consensus ratings indicate a strong buy sentiment.
Coca-Cola Consolidated, Inc., along with its subsidiaries, specializes in the manufacture, marketing, and distribution of non-alcoholic beverages, primarily those of The Coca-Cola Company, throughout the United States. The company offers a diverse range of products, including sparkling beverages, energy drinks, bottled water, and ready-to-drink coffee and tea.
Investors continue to monitor the performance of Coca-Cola Consolidated as it navigates the beverage market, with recent institutional interest suggesting a robust confidence in its future growth potential.
