CIBC Asset Management Inc Sells 98,931 Shares of Keurig Dr Pepper, Inc $KDP

Key Points

• CIBC Asset Management reduced its Keurig Dr Pepper stake by 14.3% in the fourth quarter, selling 98,931 shares and leaving it with 592,151 shares valued at about $16.6 million.
• Institutional ownership remains very high, with major holders like Vanguard, State Street, Geode, and Norges Bank also reporting large positions in KDP. Overall, institutions own 93.99% of the stock.
• Analysts are mixed on the stock: the consensus rating is “Hold,” with an average price target of $31.57, though several firms recently raised targets and JPMorgan reiterated an “overweight” rating.

CIBC Asset Management Inc cut its stake in shares of Keurig Dr Pepper, Inc (NASDAQ:KDP - Free Report) by 14.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 592,151 shares of the company's stock after selling 98,931 shares during the period. CIBC Asset Management Inc's holdings in Keurig Dr Pepper were worth $16,586,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Keurig Dr Pepper by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 160,958,816 shares of the company's stock valued at $4,508,456,000 after buying an additional 1,538,456 shares during the period. State Street Corp increased its stake in shares of Keurig Dr Pepper by 1.6% in the 3rd quarter. State Street Corp now owns 64,594,706 shares of the company's stock valued at $1,662,361,000 after acquiring an additional 986,700 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Keurig Dr Pepper by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 31,802,056 shares of the company's stock valued at $887,021,000 after acquiring an additional 1,187,457 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Keurig Dr Pepper by 0.9% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 20,558,966 shares of the company's stock valued at $524,459,000 after acquiring an additional 182,341 shares during the period. Finally, Norges Bank bought a new position in Keurig Dr Pepper during the 4th quarter worth approximately $568,361,000. Institutional investors own 93.99% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on KDP. JPMorgan Chase & Co. upped their target price on shares of Keurig Dr Pepper from $32.00 to $33.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. BNP Paribas Exane raised shares of Keurig Dr Pepper from an "underperform" rating to a "neutral" rating and set a $28.00 price target on the stock in a research report on Wednesday, April 22nd. Barclays boosted their price target on shares of Keurig Dr Pepper from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, April 27th. Evercore set a $30.00 price objective on Keurig Dr Pepper in a research note on Friday, April 24th. Finally, Wells Fargo & Company reduced their target price on Keurig Dr Pepper from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, April 8th. Six equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $31.57.

Keurig Dr Pepper Stock Performance

Shares of KDP stock opened at $30.06 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.12 and a current ratio of 2.31. Keurig Dr Pepper, Inc has a 52 week low of $24.88 and a 52 week high of $35.94. The company's 50 day moving average price is $27.92 and its two-hundred day moving average price is $28.09. The company has a market capitalization of $40.90 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 1.40 and a beta of 0.41.

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

Keurig Dr Pepper Dividend Announcement

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

Keurig Dr Pepper Profile

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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