State Treasurer State of Michigan Boosts Position in Pepsico, Inc. (PEP)
State Treasurer State of Michigan raised its position in shares of Pepsico, Inc. (NYSE:PEP) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 469,429 shares of the company’s stock after buying an additional 600 shares during the period. State Treasurer State of Michigan’s holdings in Pepsico were worth $54,214,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Asset Planning Services Ltd. increased its position in Pepsico by 66.1% in the first quarter. Asset Planning Services Ltd. now owns 1,003 shares of the company’s stock worth $112,000 after buying an additional 399 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new position in Pepsico during the fourth quarter worth approximately $125,000. Riggs Asset Managment Co. Inc. increased its position in Pepsico by 14.9% in the first quarter. Riggs Asset Managment Co. Inc. now owns 1,270 shares of the company’s stock worth $142,000 after buying an additional 165 shares during the period. Leith Wheeler Investment Counsel Ltd. acquired a new position in Pepsico during the first quarter worth approximately $157,000. Finally, Israel Discount Bank of New York GFN acquired a new position in Pepsico during the fourth quarter worth approximately $150,000. 70.19% of the stock is currently owned by institutional investors and hedge funds.
Pepsico, Inc. (PEP) traded up 0.08% during mid-day trading on Wednesday, reaching $119.07. 1,053,161 shares of the company were exchanged. The stock has a 50-day moving average of $115.94 and a 200 day moving average of $113.14. Pepsico, Inc. has a 1-year low of $98.50 and a 1-year high of $119.36. The firm has a market capitalization of $169.74 billion, a P/E ratio of 25.22 and a beta of 0.67.
Pepsico (NYSE:PEP) last announced its quarterly earnings results on Tuesday, July 11th. The company reported $1.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.10. The company had revenue of $15.71 billion for the quarter, compared to analyst estimates of $15.57 billion. Pepsico had a net margin of 10.77% and a return on equity of 59.74%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.35 earnings per share. Equities research analysts forecast that Pepsico, Inc. will post $5.16 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.805 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $3.22 annualized dividend and a yield of 2.71%. Pepsico’s dividend payout ratio is currently 68.22%.
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A number of research analysts have commented on the stock. Vetr raised shares of Pepsico from a “hold” rating to a “buy” rating and set a $125.54 target price on the stock in a research report on Wednesday, April 26th. BidaskClub cut shares of Pepsico from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Royal Bank Of Canada restated a “hold” rating and issued a $115.00 price target on shares of Pepsico in a report on Thursday, May 25th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $133.00 price target (down from $134.00) on shares of Pepsico in a report on Thursday, July 6th. Finally, Credit Suisse Group raised their price target on shares of Pepsico from $124.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, July 12th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $123.40.
In other Pepsico news, EVP Mehmood Khan sold 63,396 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $116.39, for a total value of $7,378,660.44. Following the transaction, the executive vice president now directly owns 174,273 shares in the company, valued at $20,283,634.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Indra K. Nooyi sold 340,449 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $116.42, for a total transaction of $39,635,072.58. Following the completion of the transaction, the chief executive officer now owns 733,315 shares in the company, valued at $85,372,532.30. The disclosure for this sale can be found here. Insiders sold 898,164 shares of company stock worth $104,585,929 over the last quarter. 0.26% of the stock is currently owned by insiders.
PepsiCo, Inc is a global food and beverage company. The Company’s portfolio of brands includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. The Company operates through six segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa (ESSA), and Asia, Middle East and North Africa (AMENA).
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