Forvis Mazars Increases Stake in Keurig Dr Pepper by 3%

Forvis Mazars Wealth Advisors LLC has increased its holdings in Keurig Dr Pepper, Inc (NASDAQ: KDP) by 3.0% during the second quarter of 2023. The firm now owns 49,836 shares of the beverage company after acquiring an additional 1,454 shares, bringing the total value of their investment to approximately $1,648,000 as of the end of June.

In addition to Forvis Mazars, several other institutional investors have also made adjustments to their positions in Keurig Dr Pepper. Rise Advisors LLC entered a new investment in the first quarter, purchasing shares valued at around $25,000. Concurrently, Chung Wu Investment Group LLC acquired shares worth about $26,000 in the second quarter, while WPG Advisers LLC invested $43,000 in the first quarter. Continuum Advisory LLC notably increased its stake by 82.5%, now holding 1,332 shares valued at $46,000 after buying an additional 602 shares. Lastly, Private Trust Co. NA raised its position by 26.4% in the second quarter, with its holdings now amounting to 1,624 shares valued at $54,000. Collectively, hedge funds and other institutional investors own approximately 93.99% of Keurig Dr Pepper’s stock.

Insider Transactions and Company Performance

In related developments, Robert James Gamgort, a director of Keurig Dr Pepper, sold 7,601 shares on August 20, 2023, at an average price of $35.91, totaling approximately $272,951.91. After this transaction, he retained 2,284,568 shares, valued at $82,038,836.88. This sale marked a 0.33% reduction in his ownership. Over the past three months, insiders have sold a total of 423,601 shares, worth around $14,017,592. Notably, corporate insiders hold 1.00% of the company’s stock.

Keurig Dr Pepper released its latest earnings results on July 24, 2023, reporting earnings per share (EPS) of $0.49, meeting analysts’ expectations. The company’s revenue for the quarter reached $4.16 billion, surpassing forecasts of $4.14 billion. Compared to the same quarter last year, revenue increased by 6.1%, with the company reporting a net margin of 9.75% and a return on equity of 11.05%. Analysts project that Keurig Dr Pepper will post an EPS of $1.92 for the current fiscal year.

Dividend and Analyst Ratings

Keurig Dr Pepper also announced a quarterly dividend of $0.23 per share, which was paid on October 10, 2023. This dividend, applicable to investors recorded on September 26, 2023, represents an annualized yield of 3.3% and reflects a dividend payout ratio of 82.14%.

In terms of analyst ratings, several firms have recently revised their outlook on Keurig Dr Pepper. Wells Fargo & Company lowered its price target from $40.00 to $33.00 while maintaining an “overweight” rating. JPMorgan Chase & Co. also adjusted their forecast from $39.00 to $38.00 and rated the stock as “overweight.” Meanwhile, Barclays downgraded its rating from “overweight” to “equal weight” with a revised target of $26.00. Other firms such as Deutsche Bank and UBS Group have similarly adjusted their price targets, with the average target now around $35.00. Currently, eleven analysts rate the stock as a buy, while seven suggest holding, and two recommend selling.

Keurig Dr Pepper Inc. is a prominent player in the beverage industry, manufacturing and distributing a range of beverages and single-serve brewing systems across the United States and internationally. The company operates through three primary segments: U.S. Refreshment Beverages, U.S. Coffee, and International. The U.S. Refreshment Beverages segment focuses on branded concentrates, syrups, and finished products, contributing significantly to the company’s overall performance.

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