Keurig Dr Pepper edges lower after $2.5 bln secondary offering by JAB

Keurig Dr Pepper's KDP.O shares down 0.9% premarket to $33.75 after overnight secondary priced

Massachusetts-based beverage co late Thurs announced 75 mln shares offloaded by JAB Holding Co at $33.45, equating to total deal size of $2.5 bln

Offering priced at 1.7% discount to last sale with JP Morgan as sole underwriter

Sale takes European investment firm JAB's stake from ~9.9% to 4.4%, or ~59.1 mln shares

KDP has ~1.36 bln shares outstanding for ~$46 bln market cap

In Feb, JAB slashed its stake in a secondary offering priced at $32.80, and three board members affiliated with JAB resigned from the beverage firm's board

JAB, owned by Germany's billionaire Reimann family, took Keurig Green Mountain private in 2016 and was the largest shareholder of the combined co after its 2018 merger with Dr Pepper Snapple

Last week, KDP reported Q1 results above consensus, aided by robust U.S. demand

Of 21 analysts covering KDP, recommendation breakdown is 14 "strong buy" or "buy", rest "hold" and their median PT is $40, according to LSEG data