Bank of Nova Scotia Acquires 310,403 Shares of PepsiCo, Inc. $PEP

Bank of Nova Scotia increased its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 20.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,859,154 shares of the company’s stock after acquiring an additional 310,403 shares during the quarter. Bank of Nova Scotia owned about 0.14% of PepsiCo worth $261,100,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Three Bridge Wealth Advisors LLC lifted its position in shares of PepsiCo by 1.8% in the 3rd quarter. Three Bridge Wealth Advisors LLC now owns 3,870 shares of the company’s stock worth $544,000 after purchasing an additional 68 shares during the period. Facet Wealth Inc. increased its position in shares of PepsiCo by 3.2% during the third quarter. Facet Wealth Inc. now owns 2,221 shares of the company’s stock valued at $312,000 after buying an additional 69 shares during the period. Hudock Inc. raised its stake in PepsiCo by 1.0% in the third quarter. Hudock Inc. now owns 7,079 shares of the company’s stock worth $994,000 after buying an additional 70 shares in the last quarter. Delta Asset Management LLC TN lifted its holdings in PepsiCo by 0.6% in the third quarter. Delta Asset Management LLC TN now owns 11,000 shares of the company’s stock worth $1,545,000 after buying an additional 70 shares during the period. Finally, Westside Investment Management Inc. boosted its position in PepsiCo by 2.8% during the 3rd quarter. Westside Investment Management Inc. now owns 2,602 shares of the company’s stock valued at $366,000 after acquiring an additional 70 shares in the last quarter. 73.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PEP shares. Piper Sandler increased their target price on PepsiCo from $172.00 to $181.00 and gave the stock an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. lifted their price target on PepsiCo from $164.00 to $176.00 and gave the company an “overweight” rating in a research report on Wednesday, February 4th. Royal Bank Of Canada upped their price target on PepsiCo from $156.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Monday, March 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of PepsiCo in a research report on Friday, January 9th. Finally, Barclays upped their target price on shares of PepsiCo from $148.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 4th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, PepsiCo has an average rating of “Hold” and a consensus price target of $169.00.

PepsiCo Stock Up 0.6%

PEP stock opened at $159.88 on Friday. The business has a 50 day moving average of $156.71 and a 200 day moving average of $149.69. The firm has a market cap of $218.50 billion, a PE ratio of 26.65, a price-to-earnings-growth ratio of 3.07 and a beta of 0.39. PepsiCo, Inc. has a twelve month low of $127.60 and a twelve month high of $171.48. The company has a quick ratio of 0.67, a current ratio of 0.85 and a debt-to-equity ratio of 2.06.

PepsiCo (NASDAQ:PEP) last released its earnings results on Monday, February 2nd. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.24 by $0.02. PepsiCo had a return on equity of 57.92% and a net margin of 8.77%.The business had revenue of $29.34 billion for the quarter, compared to the consensus estimate of $28.96 billion. During the same period in the previous year, the company posted $1.96 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, research analysts forecast that PepsiCo, Inc. will post 8.3 EPS for the current fiscal year.

PepsiCo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be given a dividend of $1.4225 per share. This represents a $5.69 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, March 6th. PepsiCo’s dividend payout ratio is 94.83%.

PepsiCo declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 3rd that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

PepsiCo Company Profile

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.