VELA Investment Management LLC Has $4.78 Million Stock Position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE)

VELA Investment Management LLC lowered its stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE) by 11.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,632 shares of the company’s stock after selling 456 shares during the quarter. Coca-Cola Consolidated makes up approximately 1.5% of VELA Investment Management LLC’s investment portfolio, making the stock its 13th largest position. VELA Investment Management LLC’s holdings in Coca-Cola Consolidated were worth $4,781,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of COKE. Millennium Management LLC increased its position in Coca-Cola Consolidated by 1,308.6% during the second quarter. Millennium Management LLC now owns 172,788 shares of the company’s stock worth $187,475,000 after buying an additional 160,521 shares during the last quarter. International Assets Investment Management LLC increased its position in Coca-Cola Consolidated by 74,390.2% during the third quarter. International Assets Investment Management LLC now owns 152,705 shares of the company’s stock worth $201,021,000 after buying an additional 152,500 shares during the last quarter. Wallace Capital Management Inc. acquired a new position in Coca-Cola Consolidated during the second quarter worth approximately $90,404,000. Vaughan Nelson Investment Management L.P. increased its position in Coca-Cola Consolidated by 88.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 112,156 shares of the company’s stock worth $121,689,000 after buying an additional 52,491 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Coca-Cola Consolidated by 5.3% during the first quarter. Vanguard Group Inc. now owns 608,875 shares of the company’s stock worth $515,358,000 after buying an additional 30,443 shares during the last quarter. Institutional investors and hedge funds own 48.24% of the company’s stock.

Coca-Cola Consolidated Stock Performance

NASDAQ COKE traded up $10.12 during trading on Friday, reaching $1,134.38. 57,760 shares of the company’s stock were exchanged, compared to its average volume of 52,375. Coca-Cola Consolidated, Inc. has a fifty-two week low of $628.00 and a fifty-two week high of $1,376.84. The business has a 50 day moving average price of $1,285.22 and a 200-day moving average price of $1,127.68. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.97 and a quick ratio of 1.75. The stock has a market capitalization of $9.94 billion, a P/E ratio of 19.74 and a beta of 0.82.

Coca-Cola Consolidated (NASDAQ:COKE) last posted its earnings results on Wednesday, October 30th. The company reported $18.81 EPS for the quarter. Coca-Cola Consolidated had a return on equity of 45.90% and a net margin of 7.81%. The company had revenue of $1.77 billion for the quarter.

Coca-Cola Consolidated Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, October 25th will be given a $2.50 dividend. This is an increase from Coca-Cola Consolidated’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, October 25th. This represents a $10.00 annualized dividend and a dividend yield of 0.88%. Coca-Cola Consolidated’s dividend payout ratio is presently 17.40%.

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.