Miracle Mile Advisors LLC Sells 23,654 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Miracle Mile Advisors LLC decreased its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 65.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,302 shares of the company’s stock after selling 23,654 shares during the period. Miracle Mile Advisors LLC’s holdings in PepsiCo were worth $2,029,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PEP. Hayek Kallen Investment Management boosted its holdings in shares of PepsiCo by 0.8% during the 2nd quarter. Hayek Kallen Investment Management now owns 25,954 shares of the company’s stock valued at $4,281,000 after acquiring an additional 214 shares in the last quarter. Kennedy Investment Group lifted its holdings in PepsiCo by 2.5% during the 2nd quarter. Kennedy Investment Group now owns 8,606 shares of the company’s stock worth $1,419,000 after buying an additional 208 shares during the period. Naples Global Advisors LLC lifted its holdings in PepsiCo by 0.5% during the 2nd quarter. Naples Global Advisors LLC now owns 24,855 shares of the company’s stock worth $4,099,000 after buying an additional 131 shares during the period. Cordatus Wealth Management LLC acquired a new position in PepsiCo during the 2nd quarter worth about $2,933,000. Finally, Private Capital Management LLC lifted its holdings in PepsiCo by 17.0% during the 1st quarter. Private Capital Management LLC now owns 5,885 shares of the company’s stock worth $1,030,000 after buying an additional 857 shares during the period. Institutional investors own 73.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Jefferies Financial Group dropped their price objective on PepsiCo from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Barclays boosted their price objective on PepsiCo from $179.00 to $187.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Royal Bank of Canada dropped their price objective on PepsiCo from $180.00 to $177.00 and set a “sector perform” rating on the stock in a research note on Friday, July 12th. TD Cowen decreased their target price on PepsiCo from $200.00 to $190.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Finally, Morgan Stanley decreased their target price on PepsiCo from $190.00 to $185.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, PepsiCo presently has a consensus rating of “Moderate Buy” and an average price target of $185.53.

PepsiCo Stock Performance

PepsiCo stock traded up $0.10 during trading on Friday, hitting $172.62. The stock had a trading volume of 4,614,804 shares, compared to its average volume of 5,492,265. PepsiCo, Inc. has a 1 year low of $155.83 and a 1 year high of $183.41. The company has a quick ratio of 0.64, a current ratio of 0.83 and a debt-to-equity ratio of 1.87. The stock’s 50 day moving average is $168.09 and its two-hundred day moving average is $170.52. The stock has a market cap of $237.32 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 2.98 and a beta of 0.52.

PepsiCo (NASDAQ:PEP) last posted its earnings results on Thursday, July 11th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.12. The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $22.59 billion. PepsiCo had a return on equity of 57.37% and a net margin of 10.34%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.09 earnings per share. As a group, analysts predict that PepsiCo, Inc. will post 8.15 EPS for the current year.

PepsiCo Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be paid a $1.355 dividend. The ex-dividend date is Friday, September 6th. This represents a $5.42 dividend on an annualized basis and a yield of 3.14%. PepsiCo’s dividend payout ratio is presently 78.66%.

PepsiCo Profile

PepsiCo, Inc engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company operates through seven segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America; Latin America; Europe; Africa, Middle East and South Asia; and Asia Pacific, Australia and New Zealand and China Region.