Lazard Asset Management LLC Sells 708,069 Shares of Coca-Cola Europacific Partners PLC (NASDAQ:CCEP)

Lazard Asset Management LLC lessened its stake in Coca-Cola Europacific Partners PLC (NASDAQ:CCEP - Free Report) by 51.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 658,339 shares of the company's stock after selling 708,069 shares during the quarter. Lazard Asset Management LLC owned about 0.14% of Coca-Cola Europacific Partners worth $50,566,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Coca-Cola Europacific Partners during the fourth quarter worth about $190,999,000. Invesco Ltd. grew its holdings in shares of Coca-Cola Europacific Partners by 26.3% during the fourth quarter. Invesco Ltd. now owns 10,119,928 shares of the company's stock worth $777,312,000 after purchasing an additional 2,105,019 shares during the last quarter. Barclays PLC grew its holdings in shares of 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. JPMorgan Chase & Co. grew its holdings in shares of Coca-Cola Europacific Partners by 43.3% during the fourth quarter. JPMorgan Chase & Co. now owns 2,888,100 shares of the company's stock worth $221,835,000 after purchasing an additional 872,060 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Coca-Cola Europacific Partners by 842.4% during the fourth quarter. Jane Street Group LLC now owns 714,988 shares of the company's stock worth $54,918,000 after purchasing an additional 639,119 shares during the last quarter. Institutional investors own 31.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on CCEP shares. UBS Group upped their target price on Coca-Cola Europacific Partners from $96.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Evercore ISI raised their target price on Coca-Cola Europacific Partners from $82.00 to $90.00 and gave the company an "outperform" rating in a research report on Tuesday, February 18th. Barclays increased their price target on Coca-Cola Europacific Partners from $100.00 to $101.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, Kepler Capital Markets downgraded Coca-Cola Europacific Partners from a "hold" rating to a "reduce" rating in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Coca-Cola Europacific Partners presently has an average rating of "Moderate Buy" and a consensus price target of $88.50.

Coca-Cola Europacific Partners Price Performance

Shares of NASDAQ CCEP traded up $0.49 during trading hours on Friday, reaching $88.30. 1,661,988 shares of the stock traded hands, compared to its average volume of 1,741,151. The company has a market capitalization of $40.70 billion, a P/E ratio of 18.17, a price-to-earnings-growth ratio of 4.89 and a beta of 0.77. The company has a quick ratio of 0.63, a current ratio of 0.81 and a debt-to-equity ratio of 1.11. Coca-Cola Europacific Partners PLC has a 52-week low of $70.82 and a 52-week high of $91.37. The company's 50-day simple moving average is $86.94 and its two-hundred day simple moving average is $81.72.

Coca-Cola Europacific Partners Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Friday, May 16th will be given a $0.8993 dividend. The ex-dividend date is Friday, May 16th. This represents a dividend yield of 2.4%. Coca-Cola Europacific Partners's dividend payout ratio is currently 16.26%.

Coca-Cola Europacific Partners Company Profile

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.