Conning Inc. Sells 28,652 Shares of PepsiCo, Inc. $PEP

Conning Inc. lowered its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 10.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,273 shares of the company’s stock after selling 28,652 shares during the quarter. Conning Inc.’s holdings in PepsiCo were worth $33,323,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Evolution Wealth Management Inc. bought a new position in PepsiCo in the 2nd quarter valued at $27,000. Legend Financial Advisors Inc. bought a new stake in shares of PepsiCo during the 2nd quarter worth $29,000. Vermillion & White Wealth Management Group LLC boosted its holdings in shares of PepsiCo by 107.1% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 234 shares of the company’s stock worth $31,000 after buying an additional 121 shares during the last quarter. Halbert Hargrove Global Advisors LLC grew its position in PepsiCo by 667.7% during the third quarter. Halbert Hargrove Global Advisors LLC now owns 238 shares of the company’s stock valued at $33,000 after buying an additional 207 shares during the period. Finally, Frazier Financial Advisors LLC increased its holdings in PepsiCo by 85.3% during the second quarter. Frazier Financial Advisors LLC now owns 265 shares of the company’s stock worth $35,000 after buying an additional 122 shares during the last quarter. 73.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEP has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of PepsiCo in a research report on Friday, January 9th. Piper Sandler increased their price objective on PepsiCo from $161.00 to $172.00 and gave the company an “overweight” rating in a report on Tuesday, December 9th. HSBC boosted their target price on PepsiCo from $145.00 to $152.00 and gave the company a “hold” rating in a research note on Friday, October 10th. Loop Capital set a $164.00 price target on PepsiCo in a research note on Thursday, October 23rd. Finally, Wall Street Zen cut PepsiCo from a “buy” rating to a “hold” rating in a research note on Saturday, December 27th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $158.58.

PepsiCo Price Performance

Shares of NASDAQ PEP opened at $145.92 on Thursday. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.72 and a current ratio of 0.91. PepsiCo, Inc. has a fifty-two week low of $127.60 and a fifty-two week high of $160.15. The stock has a market cap of $199.52 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 4.70 and a beta of 0.42. The stock has a fifty day moving average of $145.45 and a 200-day moving average of $144.49.

PepsiCo Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Friday, December 5th were given a dividend of $1.4225 per share. The ex-dividend date was Friday, December 5th. This represents a $5.69 annualized dividend and a dividend yield of 3.9%. PepsiCo’s dividend payout ratio is currently 108.17%.

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.