Short Interest in Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) Rises By 10.8%

Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) was the target of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 3,800,000 shares, a growth of 10.8% from the May 31st total of 3,430,000 shares. Based on an average trading volume of 1,280,000 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.9% of the company’s shares are short sold.

Institutional Investors Weigh In On Coca-Cola Europacific Partners

Several hedge funds and other institutional investors have recently made changes to their positions in CCEP. Norges Bank acquired a new position in Coca-Cola Europacific Partners during the fourth quarter worth approximately $68,360,000. Point72 Asset Management L.P. increased its position in Coca-Cola Europacific Partners by 89.3% during the fourth quarter. Point72 Asset Management L.P. now owns 2,156,056 shares of the company’s stock worth $143,895,000 after buying an additional 1,017,278 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Coca-Cola Europacific Partners during the first quarter worth approximately $47,839,000. Public Sector Pension Investment Board increased its position in Coca-Cola Europacific Partners by 800.5% during the fourth quarter. Public Sector Pension Investment Board now owns 663,146 shares of the company’s stock worth $44,258,000 after buying an additional 589,500 shares during the period. Finally, First Trust Advisors LP increased its position in Coca-Cola Europacific Partners by 1,735.9% during the fourth quarter. First Trust Advisors LP now owns 456,425 shares of the company’s stock worth $30,462,000 after buying an additional 431,564 shares during the period. Institutional investors and hedge funds own 31.35% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Argus raised their price objective on Coca-Cola Europacific Partners from $72.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. StockNews.com downgraded Coca-Cola Europacific Partners from a “buy” rating to a “hold” rating in a research report on Sunday, May 19th. Barclays raised their price objective on Coca-Cola Europacific Partners from $78.00 to $84.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Coca-Cola Europacific Partners from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.44.

Coca-Cola Europacific Partners Stock Performance

Shares of NASDAQ CCEP traded up $0.85 during midday trading on Wednesday, hitting $73.59. 805,964 shares of the company’s stock were exchanged, compared to its average volume of 1,427,815. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.91 and a quick ratio of 0.72. Coca-Cola Europacific Partners has a twelve month low of $56.28 and a twelve month high of $76.44. The firm’s fifty day simple moving average is $73.39 and its 200-day simple moving average is $70.05.

Coca-Cola Europacific Partners Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, May 23rd. Stockholders of record on Friday, May 10th were given a dividend of $0.79 per share. This represents a dividend yield of 5.6%. The ex-dividend date of this dividend was Thursday, May 9th.

About Coca-Cola Europacific Partners

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.