Front Barnett Associates LLC Raises Stake in PepsiCo, Inc. (PEP)
Front Barnett Associates LLC lifted its position in PepsiCo, Inc. (NASDAQ:PEP) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,811 shares of the company’s stock after buying an additional 5,811 shares during the quarter. PepsiCo comprises approximately 2.2% of Front Barnett Associates LLC’s holdings, making the stock its 16th biggest position. Front Barnett Associates LLC’s holdings in PepsiCo were worth $13,153,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in PEP. WP Advisors LLC bought a new position in shares of PepsiCo in the second quarter valued at $118,000. Well Done LLC bought a new position in shares of PepsiCo in the first quarter valued at $125,000. Atlas Capital Advisors LLC grew its stake in shares of PepsiCo by 85.7% in the second quarter. Atlas Capital Advisors LLC now owns 1,300 shares of the company’s stock valued at $149,000 after buying an additional 600 shares in the last quarter. Independent Order of Foresters bought a new position in shares of PepsiCo in the second quarter valued at $152,000. Finally, Clearwater Capital Advisors LLC bought a new position in shares of PepsiCo in the first quarter valued at $154,000. 70.66% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Laxman Narasimhan sold 5,500 shares of PepsiCo stock in a transaction on Thursday, October 4th. The stock was sold at an average price of $106.79, for a total transaction of $587,345.00. Following the completion of the sale, the chief executive officer now owns 130,135 shares of the company’s stock, valued at $13,897,116.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Yawman sold 12,024 shares of PepsiCo stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $106.99, for a total value of $1,286,447.76. Following the sale, the executive vice president now directly owns 59,133 shares of the company’s stock, valued at approximately $6,326,639.67. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.
PepsiCo (NASDAQ:PEP) last posted its earnings results on Tuesday, October 2nd. The company reported $1.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.02. PepsiCo had a return on equity of 73.27% and a net margin of 7.66%. The company had revenue of $16.49 billion during the quarter, compared to the consensus estimate of $16.38 billion. During the same quarter last year, the firm earned $1.48 earnings per share. The company’s revenue was up 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that PepsiCo, Inc. will post 5.65 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on PEP shares. Macquarie set a $122.00 target price on shares of PepsiCo and gave the company an “outperform” rating in a research note on Friday, September 28th. BidaskClub cut shares of PepsiCo from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Zacks Investment Research cut shares of PepsiCo from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. Morgan Stanley lifted their price objective on shares of PepsiCo from $123.00 to $127.00 and gave the stock a “buy” rating in a research report on Wednesday, July 11th. Finally, Deutsche Bank reduced their price objective on shares of PepsiCo from $118.00 to $116.00 and set a “hold” rating for the company in a research report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $117.89.
PepsiCo, Inc operates as a food and beverage company worldwide. Its Frito-Lay North America segment offers Lay's and Ruffles potato chips; Doritos, Tostitos, and Santitas tortilla chips; and Cheetos snacks, branded dips, and Fritos corn chips. The company's Quaker Foods North America segment provides cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes under the brands Quaker, Aunt Jemima, Cap'n crunch, life, Quaker Chewy, and Rice-A-Roni.
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