Bank of America Corp DE Sells 300,553 Shares of Coca-Cola Europacific Partners PLC (NASDAQ:CCEP)

Bank of America Corp DE lowered its position in shares of Coca-Cola Europacific Partners PLC (NASDAQ:CCEP - Free Report) by 9.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 2,752,711 shares of the company's stock after selling 300,553 shares during the quarter. Bank of America Corp DE owned about 0.60% of Coca-Cola Europacific Partners worth $211,436,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CCEP. SBI Securities Co. Ltd. purchased a new stake in Coca-Cola Europacific Partners in the fourth quarter valued at approximately $27,000. Optiver Holding B.V. acquired a new stake in Coca-Cola Europacific Partners in the fourth quarter valued at about $29,000. MassMutual Private Wealth & Trust FSB lifted its position in Coca-Cola Europacific Partners by 85.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 428 shares of the company's stock valued at $33,000 after purchasing an additional 197 shares during the period. Summit Securities Group LLC purchased a new position in Coca-Cola Europacific Partners in the fourth quarter valued at about $34,000. Finally, Whipplewood Advisors LLC purchased a new position in Coca-Cola Europacific Partners in the fourth quarter valued at about $52,000. Institutional investors and hedge funds own 31.35% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CCEP. Kepler Capital Markets lowered shares of Coca-Cola Europacific Partners from a "hold" rating to a "reduce" rating in a report on Tuesday, February 25th. UBS Group boosted their price objective on shares of Coca-Cola Europacific Partners from $96.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Evercore ISI upped their target price on shares of Coca-Cola Europacific Partners from $82.00 to $90.00 and gave the company an "outperform" rating in a research note on Tuesday, February 18th. Finally, Barclays boosted their price objective on shares of Coca-Cola Europacific Partners from $100.00 to $101.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.50.

Coca-Cola Europacific Partners Price Performance

NASDAQ:CCEP traded down $1.19 on Wednesday, hitting $86.20. The company had a trading volume of 795,203 shares, compared to its average volume of 1,721,469. The firm has a 50 day moving average of $86.62 and a two-hundred day moving average of $81.46. The stock has a market capitalization of $39.73 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 4.89 and a beta of 0.77. Coca-Cola Europacific Partners PLC has a 52 week low of $70.82 and a 52 week high of $91.37. The company has a current ratio of 0.81, a quick ratio of 0.63 and a debt-to-equity ratio of 1.11.

Coca-Cola Europacific Partners Cuts Dividend

The company also recently declared a semi-annual dividend, which will be paid on Tuesday, May 27th. Investors of record on Friday, May 16th will be given a dividend of $0.8993 per share. This represents a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, May 16th. Coca-Cola Europacific Partners's payout ratio is currently 16.26%.

Coca-Cola Europacific Partners Company Profile

Coca-Cola Europacific Partners PLC, together with its subsidiaries, produces, distributes, and sells a range of non-alcoholic ready to drink beverages. It offers flavours, mixers, and energy drinks; soft drinks, waters, enhanced water, and isotonic drinks; and ready-to-drink tea and coffee, juices, and other drinks.