“Why Coca-Cola Consolidated Stock Skyrocketed Over $1,000 Per Share Today” [May 7th]
May 10, 2024
“…As far as growth goes, Coca-Cola Consolidated doesn’t really have any. Its first-quarter volume was down less than 1% year over year. And with slightly higher prices, its net sales rose 1%.
Regarding profitability, there was improvement in the company’s first quarter. Its operating margin was 13.1% in the prior-year period, but it improved to 13.5% in the first quarter. That’s good but hardly worthy of a massive 16% jump for the stock.
The real surprise today was Coca-Cola Consolidated’s announcement of a plan to repurchase up to $3.1 billion of its stock. For perspective, the company had a market cap of $8 billion before the announcement. Therefore, its buyback plan represented nearly 40% of the company, which is unheard of…”
https://finance.yahoo.com/news/why-coca-cola-consolidated-stock-160400301.html