Chemung Canal Trust Co. cut its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 76,002 shares of the company’s stock after selling 2,142 shares during the period. PepsiCo makes up 2.4% of Chemung Canal Trust Co.’s portfolio, making the stock its 7th largest holding. Chemung Canal Trust Co.’s holdings in PepsiCo were worth $11,271,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Catalyst Private Wealth LLC purchased a new position in shares of PepsiCo during the 3rd quarter worth about $34,000. Baron Financial Group LLC purchased a new position in shares of PepsiCo during the 3rd quarter worth about $35,000. Chiron Capital Management LLC purchased a new position in shares of PepsiCo during the 3rd quarter worth about $43,000. Adams Wealth Management purchased a new stake in PepsiCo in the 3rd quarter valued at about $44,000. Finally, Ellevest Inc. boosted its position in PepsiCo by 25.1% in the 3rd quarter. Ellevest Inc. now owns 459 shares of the company’s stock valued at $64,000 after buying an additional 92 shares during the period. 70.16% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have issued reports on PEP shares. Morgan Stanley boosted their price objective on shares of PepsiCo from $155.00 to $158.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Royal Bank of Canada cut shares of PepsiCo from an “outperform” rating to a “sector perform” rating and set a $153.00 price target for the company. in a research report on Monday, January 4th. They noted that the move was a valuation call. Citigroup raised shares of PepsiCo from a “neutral” rating to a “buy” rating and upped their price target for the stock from $148.00 to $169.00 in a research report on Monday, October 12th. Truist boosted their price objective on shares of PepsiCo from $130.00 to $135.00 in a research note on Friday, October 2nd. Finally, Wells Fargo & Company assumed coverage on shares of PepsiCo in a research note on Monday, December 7th. They set an “equal weight” rating and a $157.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $144.88.

Shares of PEP opened at $142.59 on Thursday. The stock has a 50-day moving average of $145.14 and a two-hundred day moving average of $139.24. PepsiCo, Inc. has a one year low of $101.42 and a one year high of $148.77. The company has a debt-to-equity ratio of 2.79, a quick ratio of 0.77 and a current ratio of 0.93. The stock has a market cap of $197.05 billion, a P/E ratio of 28.24, a P/E/G ratio of 3.90 and a beta of 0.57.

The company also recently declared a quarterly dividend, which was paid on Thursday, January 7th. Shareholders of record on Friday, December 4th were given a dividend of $1.0225 per share. The ex-dividend date of this dividend was Thursday, December 3rd. This represents a $4.09 dividend on an annualized basis and a yield of 2.87%. PepsiCo’s dividend payout ratio is currently 73.96%.

In other PepsiCo news, CEO Kirk Tanner sold 12,500 shares of PepsiCo stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $136.81, for a total transaction of $1,710,125.00. Following the completion of the sale, the chief executive officer now owns 95,645 shares of the company’s stock, valued at approximately $13,085,192.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.13% of the company’s stock.

PepsiCo Company Profile

PepsiCo, Inc operates as a food and beverage company worldwide. The company operates through seven segments: FLNA, QFNA, PBNA, LatAm, Europe, AMESA, and APAC. It offers branded dips, cheese-flavored snacks, and tortillas, as well as corn, potato, and tortilla chips; cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes; beverage concentrates, fountain syrups, and finished goods; ready-to-drink tea, coffee, and juices; and dairy products.

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Institutional Ownership by Quarter for PepsiCo (NASDAQ:PEP)

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