Allen Investment Management LLC Cuts Position in Pepsico, Inc. (PEP)
Allen Investment Management LLC decreased its position in shares of Pepsico, Inc. (NYSE:PEP) by 29.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,868 shares of the company’s stock after selling 2,465 shares during the period. Allen Investment Management LLC’s holdings in Pepsico were worth $656,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in 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 in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new position in Pepsico during the fourth quarter worth $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 in the last quarter. Israel Discount Bank of New York GFN bought a new position in Pepsico during the fourth quarter worth $150,000. Finally, Leith Wheeler Investment Counsel Ltd. bought a new position in Pepsico during the first quarter worth $157,000. 70.52% of the stock is owned by hedge funds and other institutional investors.
Pepsico, Inc. (NYSE PEP) traded down 0.25% during mid-day trading on Thursday, reaching $116.34. 246,279 shares of the company’s stock traded hands. The company has a market cap of $165.84 billion, a P/E ratio of 24.64 and a beta of 0.67. The stock has a 50 day moving average of $115.89 and a 200 day moving average of $112.69. Pepsico, Inc. has a 12-month low of $98.50 and a 12-month high of $118.24.
Pepsico (NYSE:PEP) last posted its quarterly earnings results on Tuesday, July 11th. The company reported $1.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.10. The business had revenue of $15.71 billion during 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 company’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.35 earnings per share. On average, equities research analysts predict that Pepsico, Inc. will post $5.16 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.805 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $3.22 dividend on an annualized basis and a dividend yield of 2.76%. Pepsico’s payout ratio is currently 68.22%.
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A number of research analysts have recently weighed in on the stock. Vetr raised shares of Pepsico from a “hold” rating to a “buy” rating and set a $125.54 target price for the company in a research report on Wednesday, April 26th. Zacks Investment Research raised shares of Pepsico from a “hold” rating to a “buy” rating and set a $129.00 target price for the company in a research report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $133.00 target price (down from $134.00) on shares of Pepsico in a research report on Thursday, July 6th. Jefferies Group LLC increased their target price on shares of Pepsico from $120.00 to $127.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Finally, BMO Capital Markets downgraded shares of Pepsico from an “outperform” rating to a “market perform” rating and increased their target price for the company from $118.00 to $120.00 in a research report on Wednesday, June 7th. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $123.04.
In other Pepsico news, Chairman Indra K. Nooyi sold 452,830 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $116.44, for a total value of $52,727,525.20. Following the completion of the transaction, the chairman now directly owns 733,315 shares in the company, valued at $85,387,198.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Marie T. Gallagher sold 41,489 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $116.77, for a total transaction of $4,844,670.53. Following the completion of the transaction, the senior vice president now owns 76,037 shares of the company’s stock, valued at $8,878,840.49. The disclosure for this sale can be found here. Over the last quarter, insiders sold 898,164 shares of company stock valued at $104,585,929. Company insiders own 0.26% of the company’s stock.
Pepsico Company Profile
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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