Lazard Asset Management LLC Sells 637,367 Shares of Coca-Cola Europacific Partners $CCEP

Lazard Asset Management LLC trimmed its position in shares of Coca-Cola Europacific Partners (NASDAQ:CCEP) by 34.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,209,597 shares of the company’s stock after selling 637,367 shares during the quarter. Lazard Asset Management LLC owned 0.26% of Coca-Cola Europacific Partners worth $110,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CCEP. Norges Bank bought a new position in shares of Coca-Cola Europacific Partners during the fourth quarter valued at about $363,294,000. Bank of America Corp DE grew its position in Coca-Cola Europacific Partners by 32.8% in the 2nd quarter. Bank of America Corp DE now owns 2,870,553 shares of the company’s stock worth $266,158,000 after purchasing an additional 709,723 shares in the last quarter. Man Group plc increased its stake in Coca-Cola Europacific Partners by 219.8% in the 2nd quarter. Man Group plc now owns 1,001,770 shares of the company’s stock valued at $92,884,000 after buying an additional 688,506 shares during the last quarter. Danske Bank A S purchased a new stake in Coca-Cola Europacific Partners in the 3rd quarter valued at about $29,718,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of 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 buying an additional 301,910 shares in the last quarter. Institutional investors own 31.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Weiss Ratings downgraded Coca-Cola Europacific Partners from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Coca-Cola Europacific Partners in a research report on Thursday, July 2nd. UBS Group lifted their price target on Coca-Cola Europacific Partners from $107.00 to $109.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Barclays boosted their price objective on Coca-Cola Europacific Partners from $108.00 to $114.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company raised their target price on Coca-Cola Europacific Partners from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, July 8th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $107.88.

Coca-Cola Europacific Partners Price Performance

CCEP opened at $108.70 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.60 and a debt-to-equity ratio of 1.23. Coca-Cola Europacific Partners has a twelve month low of $84.65 and a twelve month high of $110.90. The company’s 50-day moving average price is $99.64 and its two-hundred day moving average price is $97.22.

Coca-Cola Europacific Partners Profile

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.