Voya Investment Management LLC has reduced its stake in Coca-Cola Europacific Partners (NASDAQ: CCEP) by a significant 50% in the third quarter of 2023. According to its recent disclosure with the U.S. Securities and Exchange Commission (SEC), Voya sold 27,961 shares, leaving it with 27,969 shares valued at approximately $2.53 million at the end of the quarter.
Other institutional investors have also been active in modifying their holdings in Coca-Cola Europacific Partners. Notably, Assenagon Asset Management S.A. increased its position by 15.9%, acquiring an additional 3,558 shares to reach a total of 25,940 shares, worth about $2.35 million. Similarly, Gradient Investments LLC increased its stake by an impressive 62.3%, bringing its total to 13,218 shares valued at approximately $1.20 million.
In addition to these adjustments, GAMMA Investing LLC raised its holdings by 30.7% during the same quarter, now owning 672 shares with a value of $61,000. Other firms, such as Cullen Capital Management LLC and Corient Private Wealth LLC, have also adjusted their stakes, with Cullen increasing its position by 2.3% and Corient lifting its holdings by 22.5%.
As of now, institutional investors and hedge funds collectively own 31.35% of Coca-Cola Europacific Partners’ stock.
Market Sentiment and Analyst Ratings
Recent analysis from several brokerages indicates a positive outlook for Coca-Cola Europacific Partners. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on the company’s shares in a report dated November 28, 2023. Similarly, Weiss Ratings maintained a “buy (b)” rating in their report on October 30, 2023. Currently, five investment analysts have assigned a Buy rating, while one has rated it as Hold and another as Sell. According to data from MarketBeat.com, the stock maintains a consensus rating of “Moderate Buy” with an average price target of $99.33.
Coca-Cola Europacific Partners Performance and Dividend Announcement
Coca-Cola Europacific Partners shares opened at $91.69 on the last trading day. The stock has seen a 50-day moving average price of $90.79 and a 200-day moving average price of $91.67. The company’s financial ratios include a current ratio of 0.83, a quick ratio of 0.65, and a debt-to-equity ratio of 1.15. Over the past year, the stock has fluctuated between a low of $73.40 and a high of $100.67.
In a recent development, Coca-Cola Europacific Partners declared a dividend of $1.25 per share, which was paid on December 3, 2023. Stockholders of record as of November 14, 2023 received this dividend, reflecting a notable yield of 277.0%.
Coca-Cola Europacific Partners operates as a major independent bottler and distributor of nonalcoholic ready-to-drink beverages. The company maintains a long-standing franchise relationship with The Coca-Cola Company, manufacturing and distributing a diverse portfolio of beverage brands. These include soft drinks, waters, juices, sports drinks, and ready-to-drink teas and coffees. Formed through the merger of Coca-Cola European Partners and Coca-Cola Amatil in 2021, the company has established a strong presence across Europe and the Asia-Pacific region.
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