Zacks Investment Research upgraded shares of Pepsico (NYSE:PEP) from a sell rating to a hold rating in a report published on Tuesday.

According to Zacks, “PepsiCo has been doing well on the back of significant innovation, continued momentum in Frito-Lay business, revenue management strategies, improved productivity and cost-saving initiatives, along with better market execution. Moreover, an improving economy, better industry pricing dynamics and a consistency in positive innovation bode well. It rolled out several products recently which management believes will drive sales and profits in 2017. That said, growing health awareness has been hurting the CSD category, resulting in a 4% volume decline in the first nine months of 2017 in North America. Again, rising volatility in global markets and increasing currency headwinds may dampen growth. Meanwhile, PepsiCo’s shares have gained 12.2% year to date, underperforming the industry’s growth of 13.4%.”

Several other research firms have also recently issued reports on PEP. BidaskClub raised shares of Pepsico from a hold rating to a buy rating in a research report on Thursday, August 17th. Credit Suisse Group cut shares of Pepsico from an outperform rating to a neutral rating and decreased their price objective for the stock from $126.00 to $124.00 in a research report on Friday, September 8th. Royal Bank of Canada reaffirmed a hold rating and set a $115.00 price objective on shares of Pepsico in a research report on Wednesday, September 6th. BMO Capital Markets reissued a hold rating and issued a $120.00 price target on shares of Pepsico in a research report on Wednesday, September 6th. Finally, Cowen reissued a buy rating on shares of Pepsico in a research report on Sunday, September 17th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $122.73.

Pepsico (NYSE PEP) traded up $1.20 during trading on Tuesday, hitting $119.22. 7,173,530 shares of the stock traded hands, compared to its average volume of 3,326,269. The stock has a market cap of $167,841.31, a PE ratio of 23.05, a P/E/G ratio of 3.32 and a beta of 0.68. Pepsico has a 1-year low of $101.06 and a 1-year high of $119.39. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 2.32.

Pepsico (NYSE:PEP) last released its quarterly earnings data on Wednesday, October 4th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.05. The business had revenue of $16.24 billion during the quarter, compared to analysts’ expectations of $16.35 billion. Pepsico had a net margin of 10.97% and a return on equity of 59.68%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.40 EPS. sell-side analysts expect that Pepsico will post 5.22 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 8th. Investors of record on Friday, December 1st will be given a $0.805 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $3.22 dividend on an annualized basis and a yield of 2.70%. Pepsico’s dividend payout ratio (DPR) is presently 66.53%.

In related news, insider Ramon Laguarta sold 21,449 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $110.51, for a total value of $2,370,328.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Asset Planning Services Ltd. increased its stake in shares of Pepsico by 0.3% during the second quarter. Asset Planning Services Ltd. now owns 1,006 shares of the company’s stock worth $116,000 after acquiring an additional 3 shares during the period. Accurate Investment Solutions Inc. increased its stake in shares of Pepsico by 0.3% during the second quarter. Accurate Investment Solutions Inc. now owns 1,851 shares of the company’s stock worth $214,000 after acquiring an additional 5 shares during the period. Northwest Wealth Management LLC increased its stake in shares of Pepsico by 0.4% during the second quarter. Northwest Wealth Management LLC now owns 2,511 shares of the company’s stock worth $290,000 after acquiring an additional 11 shares during the period. Sunbelt Securities Inc. increased its stake in shares of Pepsico by 0.3% during the second quarter. Sunbelt Securities Inc. now owns 4,682 shares of the company’s stock worth $541,000 after acquiring an additional 12 shares during the period. Finally, Willingdon Wealth Management increased its stake in shares of Pepsico by 0.3% during the first quarter. Willingdon Wealth Management now owns 6,381 shares of the company’s stock worth $714,000 after acquiring an additional 16 shares during the period. 70.50% of the stock is owned by hedge funds and other institutional investors.

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About Pepsico

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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