Boston Partners Cuts Stock Position in Coca-Cola Europacific Partners (NASDAQ:CCEP)

Key Points

• Boston Partners reduced its stake in Coca-Cola Europacific Partners (CCEP) by 3.0%, now holding approximately 1.49% of the company valued at $597 million.
• Several institutional investors made adjustments to their positions in CCEP, with Assetmark Inc. increasing its holdings by 107.3%, suggesting varying levels of confidence in the stock.
• CCEP stock recently opened at $93.22, with a market cap of $42.97 billion and an average price target among analysts set at $90.43, reflecting a consensus rating of "Hold".

Boston Partners cut its stake in Coca-Cola Europacific Partners (NASDAQ:CCEP - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,856,647 shares of the company's stock after selling 212,045 shares during the quarter. Boston Partners owned about 1.49% of Coca-Cola Europacific Partners worth $597,294,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Coca-Cola Europacific Partners by 462.7% during the first quarter. Vanguard Group Inc. now owns 9,883,600 shares of the company's stock valued at $862,167,000 after buying an additional 8,126,996 shares during the period. Nuveen LLC bought a new stake in Coca-Cola Europacific Partners during the first quarter worth about $162,036,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Coca-Cola Europacific Partners by 253.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,948,024 shares of the company's stock worth $169,537,000 after purchasing an additional 1,397,394 shares during the last quarter. Barclays PLC lifted its stake in Coca-Cola Europacific Partners by 236.4% during the fourth quarter. Barclays PLC now owns 1,804,855 shares of the company's stock worth $138,631,000 after purchasing an additional 1,268,401 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Coca-Cola Europacific Partners by 24.3% during the first quarter. Goldman Sachs Group Inc. now owns 6,205,337 shares of the company's stock worth $540,050,000 after purchasing an additional 1,214,493 shares during the last quarter. 31.35% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Europacific Partners Trading Down 1.4%

CCEP traded down $1.31 during midday trading on Thursday, reaching $90.65. 1,805,596 shares of the company's stock traded hands, compared to its average volume of 1,842,411. The firm has a fifty day moving average of $94.88 and a two-hundred day moving average of $89.14. The stock has a market capitalization of $41.79 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 2.66 and a beta of 0.75. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.83 and a quick ratio of 0.65. Coca-Cola Europacific Partners has a 52 week low of $73.40 and a 52 week high of $100.67.

Wall Street Analyst Weigh In

CCEP has been the subject of several research analyst reports. Barclays dropped their price target on Coca-Cola Europacific Partners from $104.00 to $103.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Coca-Cola Europacific Partners in a research note on Friday, August 8th. Wall Street Zen lowered Coca-Cola Europacific Partners from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. UBS Group lifted their price target on Coca-Cola Europacific Partners from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley lowered Coca-Cola Europacific Partners from an "overweight" rating to an "equal weight" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $90.43.

About Coca-Cola Europacific Partners

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.