DAVENPORT & Co LLC Sells 2,422,864 Shares of Keurig Dr Pepper, Inc $KDP

Key Points

• DAVENPORT & Co LLC drastically reduced its holdings in Keurig Dr Pepper by selling 2,422,864 shares, reducing their position by 98.4% to just 38,528 shares.
• Several institutional investors have increased their stakes in Keurig Dr Pepper, with Vanguard Group Inc. leading the charge by growing its position by 21.3% in the first quarter.
• Keurig Dr Pepper recently declared a quarterly dividend of $0.23 per share, which translates to an annualized yield of 3.6%.

DAVENPORT & Co LLC lowered its position in shares of Keurig Dr Pepper, Inc (NASDAQ:KDP - Free Report) by 98.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,528 shares of the company's stock after selling 2,422,864 shares during the period. DAVENPORT & Co LLC's holdings in Keurig Dr Pepper were worth $1,274,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KDP. Vanguard Group Inc. grew its position in shares of Keurig Dr Pepper by 21.3% in the 1st quarter. Vanguard Group Inc. now owns 145,012,806 shares of the company's stock valued at $4,962,338,000 after buying an additional 25,425,644 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Keurig Dr Pepper by 108.1% during the 1st quarter. JPMorgan Chase & Co. now owns 38,882,672 shares of the company's stock worth $1,330,565,000 after buying an additional 20,196,835 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Keurig Dr Pepper by 981.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,514,608 shares of the company's stock worth $86,050,000 after buying an additional 2,282,050 shares during the period. Seven Grand Managers LLC acquired a new position in Keurig Dr Pepper during the 1st quarter worth approximately $51,330,000. Finally, Armistice Capital LLC purchased a new stake in shares of Keurig Dr Pepper in the first quarter worth approximately $37,632,000. 93.99% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Keurig Dr Pepper

In other news, Director Robert James Gamgort sold 7,601 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $35.91, for a total transaction of $272,951.91. Following the transaction, the director directly owned 2,284,568 shares of the company's stock, valued at approximately $82,038,836.88. This trade represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mary Beth Denooyer sold 12,000 shares of Keurig Dr Pepper stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $33.66, for a total value of $403,920.00. Following the completion of the transaction, the insider owned 82,511 shares in the company, valued at approximately $2,777,320.26. This represents a 12.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 435,601 shares of company stock worth $14,421,512 in the last 90 days. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on KDP. Barclays downgraded Keurig Dr Pepper from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $39.00 to $26.00 in a research note on Wednesday, September 24th. Jefferies Financial Group set a $41.00 target price on Keurig Dr Pepper in a report on Monday, August 25th. The Goldman Sachs Group reduced their price objective on Keurig Dr Pepper from $34.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, October 2nd. JPMorgan Chase & Co. reduced their price objective on Keurig Dr Pepper from $39.00 to $38.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Finally, Piper Sandler reduced their price objective on Keurig Dr Pepper from $40.00 to $35.00 and set an "overweight" rating for the company in a report on Wednesday, September 17th. Eleven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Keurig Dr Pepper presently has an average rating of "Hold" and an average target price of $35.00.

Keurig Dr Pepper Trading Down 0.1%

Shares of KDP stock opened at $25.82 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.40 and a current ratio of 0.64. Keurig Dr Pepper, Inc has a 52-week low of $25.03 and a 52-week high of $37.27. The company has a market capitalization of $35.07 billion, a PE ratio of 23.05, a price-to-earnings-growth ratio of 1.43 and a beta of 0.43. The business's fifty day moving average is $29.39 and its 200 day moving average is $32.25.

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

Keurig Dr Pepper Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Friday, September 26th were given a dividend of $0.23 per share. The ex-dividend date was Friday, September 26th. This represents a $0.92 dividend on an annualized basis and a yield of 3.6%. 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.

Want to see what other hedge funds are holding KDP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Keurig Dr Pepper, Inc (NASDAQ:KDP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.