New York, NY June 28, 2018 - S&P MidCap 400 constituent Copart Inc. will replace Dr Pepper Snapple Group Inc. (DPS) in the S&P 500, effective prior to the open of trading on Monday, July 2.
The US company, which operates auto recycling facilities and auto salvage auctions, will join the benchmark before the start of trade on July 2. Copart currently has a market cap of $13.5bn and this move will increase its exposure since exchange funds that track the performance will have to buy the stock.
Dr Pepper Snapple Group, which is merging with privately held Keurig Green Mountain Inc., is changing its name to Keurig Dr Pepper Inc. and its ticker symbol (KDP) in a transaction expected to be completed soon. The newly combined company will no longer be eligible for inclusion in the S&P 500 as its Investable Weight Factor (IWF), which measures the percentage of free float available to the public, is expected to fall well below the 50% eligibility threshold needed for continued inclusion in the index.