PepsiCo, Inc. $PEP Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel reduced its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 9.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,234 shares of the company’s stock after selling 7,561 shares during the period. Carnegie Investment Counsel’s holdings in PepsiCo were worth $10,004,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Nova Wealth Management Inc. acquired a new position in shares of PepsiCo in the 1st quarter valued at about $25,000. Evolution Wealth Management Inc. bought a new position in PepsiCo in the second quarter worth about $27,000. Legend Financial Advisors Inc. acquired a new position in PepsiCo in the second quarter valued at approximately $29,000. Vermillion & White Wealth Management Group LLC grew its holdings in shares of PepsiCo by 107.1% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 234 shares of the company’s stock valued at $31,000 after purchasing an additional 121 shares during the last quarter. Finally, Halbert Hargrove Global Advisors LLC raised its position in shares of PepsiCo by 667.7% during the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 238 shares of the company’s stock worth $33,000 after purchasing an additional 207 shares during the period. Institutional investors own 73.07% of the company’s stock.

PepsiCo Stock Up 0.0%

PEP stock opened at $143.78 on Friday. The firm’s 50-day moving average is $147.27 and its two-hundred day moving average is $143.41. The company has a market capitalization of $196.60 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 4.96 and a beta of 0.42. PepsiCo, Inc. has a 52 week low of $127.60 and a 52 week high of $160.15. The company has a current ratio of 0.91, a quick ratio of 0.72 and a debt-to-equity ratio of 2.26.

PepsiCo (NASDAQ:PEP) last posted its quarterly earnings data on Wednesday, October 8th. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.03. PepsiCo had a net margin of 7.82% and a return on equity of 57.58%. The business had revenue of $23.94 billion during the quarter, compared to analysts’ expectations of $23.91 billion. During the same period last year, the firm posted $2.31 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. On average, analysts forecast that PepsiCo, Inc. will post 8.3 earnings per share for the current fiscal year.

PepsiCo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 5th will be paid a $1.4225 dividend. This represents a $5.69 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, December 5th. PepsiCo’s payout ratio is currently 108.17%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PEP shares. Piper Sandler boosted their price objective on PepsiCo from $161.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, December 9th. Jefferies Financial Group upped their price target on shares of PepsiCo from $163.00 to $164.00 and gave the stock a “hold” rating in a research report on Tuesday, December 9th. Royal Bank Of Canada cut their price objective on shares of PepsiCo from $146.00 to $145.00 and set a “sector perform” rating on the stock in a research report on Monday, September 15th. Barclays boosted their target price on shares of PepsiCo from $142.00 to $144.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 10th. Finally, UBS Group restated a “buy” rating and issued a $172.00 price target on shares of PepsiCo in a research note on Tuesday, December 9th. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, PepsiCo currently has a consensus rating of “Hold” and a consensus price target of $158.75.

About PepsiCo

PepsiCo, Inc (NASDAQ: PEP) is a multinational food and beverage company headquartered in Purchase, New York. The company develops, manufactures, markets and sells a broad portfolio of branded food and beverage products, including carbonated and noncarbonated soft drinks, bottled water, sports drinks, juices, ready-to-drink teas and coffees, salty snacks, cereals, and other convenient foods. Its leading consumer brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Quaker, Lay’s, Doritos and Cheetos, among others.

Formed through the 1965 merger of Pepsi-Cola and Frito-Lay, PepsiCo has grown into a global business with integrated manufacturing, distribution and marketing operations.