Saudi Central Bank Grows Holdings in Coca-Cola Europacific Partners $CCEP

Key Points

• Saudi Central Bank more than doubled its CCEP stake by 114.4% in the second quarter, adding 89,008 shares to own 166,798 shares valued at approximately $16.7 million.
• Other institutional investors also increased exposure, including Arrowstreet Capital, HSBC and Bessemer Group; hedge funds and institutions collectively own 31.35% of CCEP.
• CCEP shares opened at $105.76 after a 3.1% decline, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $108.44.

Saudi Central Bank lifted its stake in Coca-Cola Europacific Partners (NASDAQ:CCEP - Free Report) by 114.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 166,798 shares of the company's stock after acquiring an additional 89,008 shares during the quarter. Saudi Central Bank's holdings in Coca-Cola Europacific Partners were worth $16,691,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. SEB Asset Management AB acquired a new stake in shares of Coca-Cola Europacific Partners in the first quarter valued at $6,759,000. Arrowstreet Capital Limited Partnership lifted its stake in Coca-Cola Europacific Partners by 157.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 493,118 shares of the company's stock worth $44,715,000 after acquiring an additional 301,910 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Coca-Cola Europacific Partners by 47.0% during the 1st quarter. Hsbc Holdings PLC now owns 167,835 shares of the company's stock worth $15,203,000 after acquiring an additional 53,696 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Coca-Cola Europacific Partners during the 1st quarter valued at about $97,058,000. Finally, Bessemer Group Inc. boosted its holdings in Coca-Cola Europacific Partners by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 2,289,254 shares of the company's stock valued at $207,568,000 after acquiring an additional 289,080 shares during the period. Hedge funds and other institutional investors own 31.35% of the company's stock.

Coca-Cola Europacific Partners Trading Down 3.1%

CCEP stock opened at $105.76 on Friday. The business's 50-day moving average is $106.97 and its two-hundred day moving average is $100.48. The company has a quick ratio of 0.68, a current ratio of 0.89 and a debt-to-equity ratio of 1.20. Coca-Cola Europacific Partners has a 1 year low of $84.65 and a 1 year high of $113.67.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CCEP. UBS Group lowered shares of Coca-Cola Europacific Partners from a "buy" rating to a "neutral" rating and cut their price target for the stock from $109.00 to $107.00 in a research note on Thursday, August 13th. 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 $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Barclays increased their target price on shares of Coca-Cola Europacific Partners from $114.00 to $119.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Sanford C. Bernstein restated a "market perform" rating and issued a $106.00 price target on shares of Coca-Cola Europacific Partners in a research note on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $108.44.

About Coca-Cola Europacific Partners

• Why Chemours Co NYSE: CC Stock is the Recipe for Gains

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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