Keurig Dr Pepper Inc. (NASDAQ: KDP) is a leading beverage company with a diversified portfolio spanning soft drinks, coffee, and ready-to-drink beverages. Shares recently traded around $27.89 per share, giving the company a market capitalization of roughly $37.9B.
The stock is down about 13.9% over the past year, which has brought renewed focus to how institutional investors and company insiders are positioning themselves at current price levels.
Looking at who owns Keurig Dr Pepper and recent insider trades helps show how the largest investors may be thinking about the company’s long-term earnings durability and cash flow profile.
Who Are Keurig Dr Pepper’s Top Shareholders?
Keurig Dr Pepper’s shareholder base is led by large asset managers that often hold through market cycles, which can help support long-term ownership stability. Recent filings, however, show a mix of additions and reductions among active managers.
- The Vanguard Group: 158,828,805 shares (11.69%), ~$4.43B value. Added 132,299 shares (+0.08%).
- Capital World Investors: 114,759,852 shares (8.45%), ~$3.20B value. Cut 15,767,533 shares (12.08%).
- Fidelity Management & Research Company: 83,188,968 shares (6.12%), ~$2.32B value. Cut 8,617,810 shares (9.39%).
- BlackRock Institutional Trust Company: 66,319,397 shares (4.88%), ~$1.85B value. Cut 2,117,895 shares (3.09%).
- State Street Investment Management (US): 64,594,706 shares (4.75%), ~$1.80B value. Added 986,700 shares (+1.55%).
- Harris Associates L.P.: 62,619,103 shares (4.61%), ~$1.75B value. Added 15,500,927 shares (+32.90%).
- JAB BevCo B.V.: 59,113,479 shares (4.35%), ~$1.65B value. Cut 75,000,000 shares (55.92%).
- JP Morgan Asset Management: 41,801,329 shares (3.08%), ~$1.17B value. Cut 8,590,987 shares (17.05%).
- Wellington Management Company LLP: 41,609,591 shares (3.06%), ~$1.16B value. Cut 9,355,938 shares (18.36%).
- Geode Capital Management: 30,614,599 shares (2.25%), ~$0.85B value. Added 397,236 shares (+1.31%).
Ownership remains anchored by passive giants like Vanguard and BlackRock, while active managers show mixed positioning, which suggests investors are reassessing valuation and growth tradeoffs rather than moving decisively in one direction.
Hedge Fund Highlights
One notable move comes from Bridgewater Associates, founded by Ray Dalio, which sharply increased its position in McCormick & Company, the global spices and flavoring business founded by Willoughby M. McCormick. The firm boosted its stake by over 1,500%, bringing its position to roughly $8.0M value, which may suggest renewed interest following the stock’s recent pullback.
Citadel Advisors, led by founder Ken Griffin, also expanded its exposure, increasing its position by more than 500% to approximately $191.2M value. The size of the position makes Citadel one of the more meaningful hedge fund holders, which could indicate growing confidence in McCormick’s pricing power and brand resilience.
Another active buyer is Hudson Bay Capital Management, founded by Sander Gerber, which raised its stake by roughly 219% to about $7.0M value. While the position is smaller in dollar terms, the scale of the increase suggests the fund may be leaning more constructively on McCormick’s long-term earnings stability.
Finally, Scopus Asset Management, founded by Alexander Mitchell, increased its position by about 191%, bringing its holdings to roughly $59.2M value. The move places Scopus among the larger hedge fund owners and appears to reflect selective accumulation rather than short-term trading.
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Keurig Dr Pepper’s Recent Insider Trades
Insider trades can offer useful context on how executives and directors may be managing personal exposure, though they should not be viewed as standalone signals.
- Angela A. Stephens (Officer): Sold 10,000 shares at ~$29.52 on 12/11/25; also recorded a 7,366-share increase on 10/27/25.
- Patrick Minogue (Affiliated / Former): Reported filings showing no net ownership change.
- Michael G. Van de Ven (Director): Added 3,210 shares on 9/16/25.
- Lawson E. Whiting (Director): Added 3,210 shares on 9/16/25.
- Olivier Lemire (Director): Added a total of 946 shares on 9/16/25.
- Anthony Shoemaker (Officer): Reported small share increases and reductions on 9/14/25 at prices near $26.75, resulting in minimal net change.
These transactions are small relative to shares outstanding and do not meaningfully shift insider ownership, which for investors suggests executives are managing personal exposure rather than expressing a strong directional view.
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What the Ownership & Insider Trade Data Tell Us
Keurig Dr Pepper’s shareholder base remains firmly institutional, supported by large passive managers and long-term investors. Among active funds, recent filings show a balance of trimming and adding, pointing to differing views on valuation and near-term performance.
Insider activity appears modest and mixed, with no dominant pattern standing out. For investors, the data paints a picture of continued institutional engagement, paired with a more measured approach following the stock’s recent underperformance.
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