Allstate Corp Increases Holdings in Keurig Dr Pepper, Inc $KDP

Key Points

• Allstate Corp more than doubled its position in Keurig Dr Pepper in the fourth quarter, buying an additional 48,868 shares to bring its total to 97,378 shares worth about $2.73 million.
• Several other hedge funds also increased or initiated positions, and 93.99% of KDP shares are held by institutional investors, signaling strong professional ownership interest.
• Analysts are mixed on the stock: the consensus rating is Hold with an average price target of $31.57, while KDP recently reported quarterly EPS above estimates and announced a $0.23 quarterly dividend yielding about 3.1%.

Allstate Corp increased its stake in Keurig Dr Pepper, Inc (NASDAQ:KDP - Free Report) by 100.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,378 shares of the company's stock after purchasing an additional 48,868 shares during the quarter. Allstate Corp's holdings in Keurig Dr Pepper were worth $2,728,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC boosted its stake in Keurig Dr Pepper by 30.6% during the first quarter. NewEdge Advisors LLC now owns 15,488 shares of the company's stock valued at $530,000 after buying an additional 3,627 shares during the period. Empowered Funds LLC boosted its stake in Keurig Dr Pepper by 248.0% during the first quarter. Empowered Funds LLC now owns 69,801 shares of the company's stock valued at $2,389,000 after buying an additional 49,741 shares during the period. Woodline Partners LP boosted its stake in Keurig Dr Pepper by 49.2% during the first quarter. Woodline Partners LP now owns 100,870 shares of the company's stock valued at $3,452,000 after buying an additional 33,258 shares during the period. Sivia Capital Partners LLC bought a new stake in Keurig Dr Pepper during the second quarter valued at $328,000. Finally, Jump Financial LLC boosted its stake in Keurig Dr Pepper by 253.6% during the second quarter. Jump Financial LLC now owns 76,089 shares of the company's stock valued at $2,516,000 after buying an additional 54,571 shares during the period. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KDP has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Keurig Dr Pepper from $32.00 to $33.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Weiss Ratings raised Keurig Dr Pepper from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. UBS Group lifted their price target on Keurig Dr Pepper from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Citigroup dropped their price target on Keurig Dr Pepper from $37.00 to $32.00 and set a "buy" rating for the company in a research note on Wednesday, April 15th. Finally, BNP Paribas Exane raised Keurig Dr Pepper from an "underperform" rating to a "neutral" rating and set a $28.00 price target for the company in a research note on Wednesday, April 22nd. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $31.57.

Keurig Dr Pepper Trading Up 1.9%

Shares of KDP stock opened at $30.10 on Thursday. The company has a quick ratio of 2.12, a current ratio of 2.31 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $27.52 and a two-hundred day moving average price of $27.94. Keurig Dr Pepper, Inc has a 12-month low of $24.88 and a 12-month high of $35.94. The firm has a market cap of $40.95 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 1.35 and a beta of 0.41.

Keurig Dr Pepper (NASDAQ:KDP - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. The firm had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $7.23 billion. Keurig Dr Pepper had a return on equity of 10.51% and a net margin of 10.81%.The company's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share. Equities analysts anticipate that Keurig Dr Pepper, Inc will post 2.29 EPS for the current fiscal year.

Keurig Dr Pepper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be issued a $0.23 dividend. The ex-dividend date is Friday, June 26th. This represents a $0.92 annualized dividend and a dividend yield of 3.1%. Keurig Dr Pepper's payout ratio is currently 68.15%.

About Keurig Dr Pepper

Keurig Dr Pepper NASDAQ: KDP is a North American beverage company formed in July 2018 through the combination of Keurig Green Mountain and Dr Pepper Snapple Group. The company designs, manufactures, markets and distributes a wide range of hot and cold beverages and related equipment, combining Keurig's single‑serve coffee systems with a large portfolio of carbonated and noncarbonated drink brands. It operates a network of manufacturing, packaging and distribution facilities to supply retail, foodservice and e-commerce channels across its served markets.

The company's product mix includes single‑serve coffee brewers and coffee pods under the Keurig brand as well as a broad assortment of branded beverages.

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