Cornerstone Wealth Group LLC reduced its stake in PepsiCo, Inc. (NASDAQ:PEP) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,477 shares of the company’s stock after selling 128 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in PepsiCo were worth $456,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. SRS Capital Advisors Inc. purchased a new stake in shares of PepsiCo in the second quarter valued at $313,000. Corient Capital Partners LLC grew its position in shares of PepsiCo by 6.2% in the second quarter. Corient Capital Partners LLC now owns 30,643 shares of the company’s stock valued at $4,018,000 after purchasing an additional 1,782 shares during the period. Glassman Wealth Services grew its position in PepsiCo by 2.7% during the second quarter. Glassman Wealth Services now owns 8,548 shares of the company’s stock valued at $1,121,000 after acquiring an additional 228 shares during the period. Opus Capital Group LLC grew its position in PepsiCo by 16.8% during the second quarter. Opus Capital Group LLC now owns 9,335 shares of the company’s stock valued at $1,224,000 after acquiring an additional 1,342 shares during the period. Finally, Acadian Asset Management LLC grew its position in PepsiCo by 5.2% during the second quarter. Acadian Asset Management LLC now owns 1,425,165 shares of the company’s stock valued at $186,882,000 after acquiring an additional 70,517 shares during the period. Institutional investors own 71.51% of the company’s stock.
A number of research firms have issued reports on PEP. Atlantic Securities began coverage on PepsiCo in a research report on Monday, July 29th. They set an “overweight” rating and a $145.00 price target for the company. Jefferies Financial Group upped their target price on PepsiCo from $123.00 to $134.00 and gave the stock a “hold” rating in a research report on Wednesday, July 10th. UBS Group upped their target price on PepsiCo from $130.00 to $132.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. BidaskClub upgraded PepsiCo from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, ValuEngine upgraded PepsiCo from a “hold” rating to a “buy” rating in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $130.50.
In other PepsiCo news, CEO Kirk Tanner sold 9,573 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $128.15, for a total transaction of $1,226,779.95. Following the transaction, the chief executive officer now directly owns 105,350 shares in the company, valued at $13,500,602.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steven C. Williams sold 2,420 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $133.95, for a total value of $324,159.00. Following the transaction, the chief executive officer now owns 54,920 shares in the company, valued at $7,356,534. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by company insiders.
Shares of NASDAQ PEP opened at $137.29 on Friday. The stock has a fifty day moving average price of $132.01 and a two-hundred day moving average price of $127.77. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.66 and a current ratio of 0.86. The firm has a market cap of $189.96 billion, a P/E ratio of 24.26, a PEG ratio of 3.53 and a beta of 0.56. PepsiCo, Inc. has a 1 year low of $104.53 and a 1 year high of $139.18.
PepsiCo (NASDAQ:PEP) last announced its quarterly earnings data on Tuesday, July 9th. The company reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.05. The company had revenue of $16.45 billion during the quarter, compared to the consensus estimate of $16.44 billion. PepsiCo had a return on equity of 59.50% and a net margin of 19.59%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.61 EPS. On average, research analysts predict that PepsiCo, Inc. will post 5.51 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be issued a dividend of $0.955 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.82 annualized dividend and a dividend yield of 2.78%. PepsiCo’s dividend payout ratio is 67.49%.
PepsiCo, Inc operates as a food and beverage company worldwide. The company's Frito-Lay North America segment offers branded dips; Cheetos cheese-flavored snacks; and Doritos tortilla, Fritos corn, Lay's potato, Ruffles potato, and Tostitos tortilla chips. Its 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 Aunt Jemima, Cap'n crunch, Life, Quaker Chewy, Quaker, and Rice-A-Roni brands.
Further Reading: Price-Sales Ratio
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