SCHEDULE 13G/A: FMR LLC and Abigail P. Johnson Disclose 7.6% Stake in Keurig Dr Pepper Inc.

FMR LLC and its Chairman and CEO, Abigail P. Johnson, have jointly filed an amended Schedule 13G, reporting beneficial ownership of 7.6% of Keurig Dr Pepper Inc.'s common stock as of September 30, 2024.

Summary

• FMR LLC and Abigail P. Johnson, as reporting persons, collectively beneficially own 102,509,918.99 shares of Keurig Dr Pepper Inc. common stock.
• This aggregate amount represents 7.6% of the total outstanding common stock of Keurig Dr Pepper Inc.
• FMR LLC holds sole voting power over 83,412,710.47 shares and sole dispositive power over 102,509,918.99 shares.
• Abigail P. Johnson, through her role as Director, Chairman, and CEO of FMR LLC and the Johnson family's controlling interest in FMR LLC, is deemed to have sole dispositive power over the same 102,509,918.99 shares.
• The filing is made under Rule 13d-1(b), indicating that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• Several FMR LLC subsidiaries and affiliates, including Crosby Advisors LLC, FIAM LLC, Fidelity Diversifying Solutions LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, Fidelity Management Trust Company, and Strategic Advisers LLC, are identified as entities that beneficially own shares.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, indicating a neutral sentiment. It does not contain performance results or forward-looking statements that would typically influence sentiment.

Risks

• The document states that the securities were not acquired or held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating a potential risk of hostile takeover or activist intervention.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11." (Certification by FMR LLC and Abigail P. Johnson)

Industry Context

This filing reflects a significant institutional investment in a major player within the beverage and coffee industry, Keurig Dr Pepper Inc. Such large passive stakes by prominent asset managers like FMR LLC are common and generally indicate confidence in the company's long-term prospects without seeking active management influence.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by FMR LLC and Abigail P. Johnson may be viewed positively by other shareholders, signaling institutional confidence in Keurig Dr Pepper Inc. and potentially contributing to market stability.
• Management: The certification that the stake is not for influencing control suggests that current management can continue executing its strategy without immediate pressure from this specific large shareholder.

Key Dates

Keywords

Keurig Dr Pepper Inc., FMR LLC, Abigail P. Johnson, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, SEC Filing, Investment Management, Beverage Industry