Coca-Cola Europacific Partners $CCEP Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp reduced its stake in Coca-Cola Europacific Partners by 13.8% in the first quarter, selling 106,341 shares and leaving it with 661,611 shares worth about $60 million.
• Several other institutional investors also adjusted positions in the stock, with major holders like Norges Bank, Lazard Asset Management, and Bank of America DE reporting sizable stakes. Institutional ownership of CCEP stands at 31.35%.
• Analyst sentiment remains positive, with multiple firms reiterating or raising buy and overweight ratings; the consensus price target is $107.88 versus a recent share price of $103.62.

Bank of New York Mellon Corp cut its holdings in shares of Coca-Cola Europacific Partners (NASDAQ:CCEP - Free Report) by 13.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 661,611 shares of the company's stock after selling 106,341 shares during the quarter. Bank of New York Mellon Corp owned about 0.14% of Coca-Cola Europacific Partners worth $59,988,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new stake in Coca-Cola Europacific Partners in the fourth quarter valued at approximately $363,294,000. Lazard Asset Management LLC grew its stake in shares of Coca-Cola Europacific Partners by 310.4% during the 3rd quarter. Lazard Asset Management LLC now owns 2,329,999 shares of the company's stock valued at $210,802,000 after buying an additional 1,762,299 shares during the period. Bank of America Corp DE increased its holdings in shares of Coca-Cola Europacific Partners by 32.8% during the 2nd quarter. Bank of America Corp DE now owns 2,870,553 shares of the company's stock worth $266,158,000 after buying an additional 709,723 shares during the last quarter. Man Group plc increased its holdings in shares of Coca-Cola Europacific Partners by 219.8% during the 2nd quarter. Man Group plc now owns 1,001,770 shares of the company's stock worth $92,884,000 after buying an additional 688,506 shares during the last quarter. Finally, Danske Bank A S purchased a new position in shares of Coca-Cola Europacific Partners in the 3rd quarter worth $29,718,000. Institutional investors and hedge funds own 31.35% of the company's stock.

Coca-Cola Europacific Partners Stock Performance

Shares of NASDAQ:CCEP opened at $103.62 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 1.23. Coca-Cola Europacific Partners has a 52-week low of $84.65 and a 52-week high of $110.90. The company has a 50 day moving average of $99.00 and a two-hundred day moving average of $96.93.

Coca-Cola Europacific Partners Announces Dividend

The firm also recently announced a dividend, which was paid on Wednesday, May 27th. Stockholders of record on Friday, May 15th were given a dividend of $0.82 per share. This represents a dividend yield of 213.0%. The ex-dividend date of this dividend was Friday, May 15th.

Analyst Ratings Changes

A number of research firms have recently commented on CCEP. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Coca-Cola Europacific Partners in a report on Thursday, July 2nd. Wells Fargo & Company increased their target price on shares of Coca-Cola Europacific Partners from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 8th. Barclays raised their price target on shares of Coca-Cola Europacific Partners from $108.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday. UBS Group boosted their price objective on shares of Coca-Cola Europacific Partners from $107.00 to $109.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings lowered shares of Coca-Cola Europacific Partners from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, May 18th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Coca-Cola Europacific Partners has a consensus rating of "Moderate Buy" and a consensus price target of $107.88.

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Coca-Cola Europacific Partners Profile

Coca-Cola Europacific Partners is a major independent bottler and distributor of nonalcoholic ready-to-drink beverages, operating under a long-standing franchise relationship with The Coca-Cola Company. The business manufactures, bottles, sells and delivers a broad portfolio of global and local beverage brands, including still and sparkling soft drinks, waters, juices, sports drinks and ready-to-drink teas and coffees. Its activities encompass production, packaging, marketing and route-to-market distribution for retail, foodservice, convenience and vending customers.

The company was created through the combination of Coca-Cola European Partners and Coca-Cola Amatil in 2021, bringing together beverage operations across Europe and the Asia-Pacific region.

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