25,610 Coca-Cola Europacific Partners $CCEP Shares Sold by Smith Group Asset Management LLC

Key Points

• Smith Group Asset Management LLC cut its Coca-Cola Europacific Partners stake by 89.8% in the third quarter, selling 25,610 shares and retaining 2,900 shares valued at approximately $295,000.
• Institutional ownership remains significant at 31.35%, with firms including Amundi, Bessemer Group and Swiss National Bank increasing their positions.
• Analyst sentiment is moderately positive: CCEP has a consensus “Moderate Buy” rating and a $107.11 average price target, while the stock recently opened at $110.94 within a 52-week range of $84.65 to $114.55.

Smith Group Asset Management LLC reduced its holdings in Coca-Cola Europacific Partners (NASDAQ:CCEP - Free Report) by 89.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,900 shares of the company's stock after selling 25,610 shares during the quarter. Smith Group Asset Management LLC's holdings in Coca-Cola Europacific Partners were worth $295,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CCEP. Amundi lifted its stake in Coca-Cola Europacific Partners by 13.4% during the first quarter. Amundi now owns 3,399,052 shares of the company's stock valued at $308,192,000 after buying an additional 401,683 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Coca-Cola Europacific Partners by 0.6% in the first quarter. Bank of America Corp DE now owns 2,692,575 shares of the company's stock worth $244,136,000 after buying an additional 17,036 shares during the period. Bessemer Group Inc. increased its position in shares of Coca-Cola Europacific Partners by 14.5% in the first quarter. Bessemer Group Inc. now owns 2,289,254 shares of the company's stock worth $207,568,000 after acquiring an additional 289,080 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Coca-Cola Europacific Partners in the first quarter worth approximately $97,058,000. Finally, Swiss National Bank increased its position in shares of Coca-Cola Europacific Partners by 26.9% in the first quarter. Swiss National Bank now owns 719,614 shares of the company's stock worth $65,247,000 after acquiring an additional 152,400 shares in the last quarter. 31.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCEP has been the subject of several research analyst reports. ING Group downgraded shares of Coca-Cola Europacific Partners to a "hold" rating in a research report on Friday, September 18th. Sanford C. Bernstein reiterated a "market perform" rating and set a $106.00 price objective on shares of Coca-Cola Europacific Partners in a research report on Wednesday, August 5th. JPMorgan Chase & Co. began coverage on shares of Coca-Cola Europacific Partners in a research note on Friday, September 4th. They set an "underweight" rating and a $92.00 target price on the stock. Weiss Ratings upgraded Coca-Cola Europacific Partners from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, October 15th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $114.00 target price (up from $110.00) on shares of Coca-Cola Europacific Partners in a report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $107.11.

Coca-Cola Europacific Partners Price Performance

NASDAQ CCEP opened at $110.94 on Friday. The company has a 50 day simple moving average of $105.92 and a 200-day simple moving average of $100.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.89 and a quick ratio of 0.68. Coca-Cola Europacific Partners has a 52-week low of $84.65 and a 52-week high of $114.55.

About Coca-Cola Europacific Partners

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Coca-Cola Europacific Partners plc NASDAQ: CCEP is a consumer beverage company and one of the world's largest Coca-Cola bottlers. The company manufactures, distributes and sells a broad portfolio of branded beverages, including Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Fanta, Sprite, Schweppes, Fuze Tea, Powerade, Monster Energy and Costa Coffee products, depending on the market.

CCEP serves customers across Europe and the Asia-Pacific region. Its territories include Great Britain, France, Germany, Spain, Portugal, Belgium, the Netherlands, Norway, Sweden and Iceland, as well as Australia, New Zealand, Indonesia, Papua New Guinea and several Pacific island markets.

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