Stock Alert: Keurig Dr Pepper Drops 5% Following Share Offering

Shares of beverage company Keurig Dr Pepper Inc. (KDP) are down more than 5% Tuesday morning.

Monday, the company announced a secondary public offering of 28 million common shares, on behalf of Mondelez International Holdings LLC.

Upon completion of the offering, Mondelez will own about 6.4% of the Company’s outstanding common stock. KDP will not receive any proceeds from the offering.

KDP, currently at $34.97, has traded in the range of $26.66- $37.11 in the last one year.

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