Bank of Nova Scotia Lowers Stake in Keurig Dr Pepper, Inc (NASDAQ:KDP)

Key Points

• The Bank of Nova Scotia significantly reduced its stake in Keurig Dr Pepper, Inc by 72.7%, selling 336,290 shares and retaining only 126,134 shares valued at approximately $4.3 million.
• Despite this divestment, institutional investors own 93.99% of Keurig Dr Pepper’s stock, with various firms adjusting their positions, including Townsquare Capital LLC and Citadel Investment Advisory Inc.
• Keurig Dr Pepper announced a quarterly dividend of $0.23 per share, representing a 2.8% yield, and reported a year-over-year revenue increase of 6.1% for the latest quarter.

Bank of Nova Scotia cut its position in Keurig Dr Pepper, Inc (NASDAQ:KDP - Free Report) by 72.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,134 shares of the company's stock after selling 336,290 shares during the quarter. Bank of Nova Scotia's holdings in Keurig Dr Pepper were worth $4,316,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. ST Germain D J Co. Inc. bought a new stake in shares of Keurig Dr Pepper during the 1st quarter valued at $27,000. Continuum Advisory LLC raised its stake in shares of Keurig Dr Pepper by 82.5% during the 1st quarter. Continuum Advisory LLC now owns 1,332 shares of the company's stock valued at $46,000 after purchasing an additional 602 shares during the period. Global Trust Asset Management LLC bought a new stake in shares of Keurig Dr Pepper during the 1st quarter valued at $48,000. LRI Investments LLC raised its stake in shares of Keurig Dr Pepper by 65.6% during the 4th quarter. LRI Investments LLC now owns 1,527 shares of the company's stock valued at $49,000 after purchasing an additional 605 shares during the period. Finally, Riverview Trust Co raised its stake in shares of Keurig Dr Pepper by 47.7% during the 1st quarter. Riverview Trust Co now owns 1,710 shares of the company's stock valued at $59,000 after purchasing an additional 552 shares during the period. 93.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on KDP shares. UBS Group decreased their price objective on Keurig Dr Pepper from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Royal Bank Of Canada restated an "outperform" rating and set a $42.00 target price on shares of Keurig Dr Pepper in a report on Tuesday, April 22nd. Argus initiated coverage on Keurig Dr Pepper in a report on Wednesday, April 16th. They set a "buy" rating and a $40.00 target price for the company. Hsbc Global Res upgraded Keurig Dr Pepper from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Finally, HSBC upgraded Keurig Dr Pepper from a "hold" rating to a "buy" rating and raised their target price for the company from $36.00 to $42.00 in a research note on Friday, April 25th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.77.

Insider Activity

In other Keurig Dr Pepper news, Director De Ven Michael G. Van acquired 15,000 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was acquired at an average cost of $33.20 per share, with a total value of $498,000.00. Following the purchase, the director directly owned 15,000 shares of the company's stock, valued at approximately $498,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mary Beth Denooyer sold 12,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $32.92, for a total value of $395,040.00. Following the sale, the insider owned 118,511 shares in the company, valued at approximately $3,901,382.12. This trade represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 672,000 shares of company stock worth $22,235,760 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Keurig Dr Pepper Price Performance

NASDAQ:KDP traded up $0.52 on Friday, reaching $34.42. 6,662,959 shares of the company's stock traded hands, compared to its average volume of 10,135,060. The company has a quick ratio of 0.40, a current ratio of 0.64 and a debt-to-equity ratio of 0.56. The stock has a 50-day simple moving average of $33.30 and a 200-day simple moving average of $33.39. The firm has a market cap of $46.76 billion, a PE ratio of 16.95, a P/E/G ratio of 2.47 and a beta of 0.45. Keurig Dr Pepper, Inc has a 12 month low of $30.12 and a 12 month high of $38.28.

Keurig Dr Pepper (NASDAQ:KDP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.49 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.49. Keurig Dr Pepper had a net margin of 9.75% and a return on equity of 11.05%. The business had revenue of $4.16 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period last year, the firm posted $0.45 EPS. The company's revenue was up 6.1% on a year-over-year basis. Equities research analysts forecast that Keurig Dr Pepper, Inc will post 1.92 earnings per share for the current year.

Keurig Dr Pepper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.23 per share. The ex-dividend date was Friday, June 27th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.7%. Keurig Dr Pepper's dividend payout ratio (DPR) is presently 82.14%.

Keurig Dr Pepper Profile

Keurig Dr Pepper Inc owns, manufactures, and distributors beverages and single serve brewing systems in the United States and internationally. It operates through three segments: U.S. Refreshment Beverages, U.S. Coffee, and International. The U.S. Refreshment Beverages segment manufactures and distributes branded concentrates, syrup, and finished beverages.