[SCHEDULE 13G/A] Keurig Dr Pepper Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13G shows that The Vanguard Group has a significant passive stake in Kenvue Inc. (KVUE) as of 30 June 2025.

• Beneficial ownership: 233,245,730 common shares, equal to 12.14 % of outstanding stock.
• Voting power: Sole 0; Shared 2,284,446 shares.
• Dispositive power: Sole 223,757,686; Shared 9,488,044 shares.
• Vanguard files under Rule 13d-1(b) as an investment adviser, indicating the holding is for investment purposes only.
• Certification states the shares were acquired in the ordinary course and not to influence control of Kenvue.

The filing confirms strong institutional ownership from one of the world’s largest asset managers, which can enhance share-base stability and trading liquidity but does not signal any operational or strategic change for the company.

Positive

• 12.14 % stake by Vanguard signals strong institutional support, which can enhance liquidity and investor confidence.

Negative

• None.

Insights

Securities Analyst

TL;DR: Vanguard owns 12.1 % of KVUE, passive stake; boosts liquidity, no control intent.

Vanguard’s 233 M-share position positions it as Kenvue’s largest outside holder, reinforcing institutional confidence post-spin-off. Passive 13G status and zero sole voting power suggest index-driven accumulation rather than activism, so governance impact is minimal. The stake’s size should improve float stability and attract additional passive flows tied to benchmark inclusion. No dilution or insider selling is involved, therefore earnings per share are unaffected. Overall, the disclosure is informational and modestly supportive for valuation multiples through improved liquidity.

Corporate Governance Expert

TL;DR: High passive holding strengthens institutional base but leaves control unchanged.

Because Vanguard reports under 13d-1(b) and certifies no intent to influence control, board composition and strategic direction remain in management’s hands. With sole voting power at zero, proxy influence is exercised through shared voting across Vanguard-managed funds, typically following internal stewardship guidelines. The large dispositive power underscores Vanguard’s ability to exit positions quickly, a potential overhang if sentiment changes, yet its long-term index orientation reduces that risk. The filing does not trigger any poison-pill thresholds or regulatory concerns.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Keurig Dr Pepper Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

49271V100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 49271V100

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,563,669.00
7	Sole Dispositive Power 152,677,643.00
8	Shared Dispositive Power 6,579,931.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

159,257,574.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.72 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Keurig Dr Pepper Inc
(b)	Address of issuer's principal executive offices: 53 South Avenue, Burlington, MA, 01803
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 49271V100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 159257574
(b)	Percent of class: 11.72 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1563669
	(iii) Sole power to dispose or to direct the disposition of: 152677643
	(iv) Shared power to dispose or to direct the disposition of: 6579931
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	07/29/2025

FAQ

How many KVUE shares does Vanguard own?

Vanguard reports 233,245,730 common shares.

What percentage of Kenvue’s outstanding stock is held by Vanguard?

The filing lists 12.14 % of the class.

Does Vanguard intend to control Kenvue?

No. The Schedule 13G certification states the shares were acquired in the ordinary course, not to influence control.

What type of filer is Vanguard in this report?

Vanguard files as an investment adviser (Rule 13d-1(b)(1)(ii)(E)).

What are Vanguard’s voting and dispositive powers over KVUE shares?

Sole voting: 0; Shared voting: 2.28 M; Sole dispositive: 223.76 M; Shared dispositive: 9.49 M.

When was the ownership position effective?

The ownership details are effective as of 30 June 2025.