Gateway Wealth Partners LLC decreased its position in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 52.9% in the second quarter, HoldingsChannel reports. The firm owned 9,044 shares of the company’s stock after selling 10,172 shares during the period. Gateway Wealth Partners LLC’s holdings in PepsiCo were worth $1,225,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Auto Owners Insurance Co lifted its holdings in shares of PepsiCo by 14,857.8% in the fourth quarter. Auto Owners Insurance Co now owns 49,252,907 shares of the company’s stock valued at $7,068,777,000 after purchasing an additional 48,923,629 shares in the last quarter. Norges Bank purchased a new position in shares of PepsiCo during the fourth quarter valued at $3,018,813,000. Diamant Asset Management Inc. raised its position in PepsiCo by 16,146.5% during the first quarter. Diamant Asset Management Inc. now owns 3,586,423 shares of the company’s stock valued at $556,936,000 after buying an additional 3,564,348 shares during the period. Assenagon Asset Management S.A. lifted its stake in PepsiCo by 952.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,715,812 shares of the company’s stock worth $503,121,000 after acquiring an additional 3,362,794 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in PepsiCo by 120.7% during the 3rd quarter. AQR Capital Management LLC now owns 5,916,417 shares of the company’s stock worth $830,902,000 after acquiring an additional 3,235,726 shares during the period. 73.07% of the stock is currently owned by hedge funds and other institutional investors.
PepsiCo Stock Down 0.4%
PEP opened at $142.08 on Friday. The business has a 50 day moving average of $140.03 and a 200-day moving average of $150.34. The stock has a market capitalization of $193.92 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 3.13 and a beta of 0.35. The company has a current ratio of 0.93, a quick ratio of 0.74 and a debt-to-equity ratio of 1.91. PepsiCo, Inc. has a 1-year low of $133.73 and a 1-year high of $171.48.
PepsiCo Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.2%. PepsiCo’s dividend payout ratio is currently 77.59%.
Insider Activity at PepsiCo
In related news, EVP David Flavell sold 2,900 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $139.54, for a total value of $404,666.00. Following the completion of the sale, the executive vice president owned 74,825 shares in the company, valued at approximately $10,441,080.50. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.12% of the company’s stock.
Analysts Set New Price Targets
PEP has been the topic of several research analyst reports. Bank of America lowered their target price on PepsiCo from $173.00 to $164.00 and set a “neutral” rating on the stock in a research note on Thursday, June 25th. TD Cowen decreased their price target on shares of PepsiCo from $150.00 to $145.00 and set a “hold” rating for the company in a report on Friday, July 10th. Wells Fargo & Company lowered their price objective on shares of PepsiCo from $150.00 to $140.00 and set an “equal weight” rating on the stock in a research report on Friday, July 10th. Barclays increased their target price on shares of PepsiCo from $138.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 21st. Finally, Rothschild & Co Redburn lifted their target price on shares of PepsiCo from $130.00 to $132.00 in a research note on Monday, May 11th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, PepsiCo currently has a consensus rating of “Hold” and an average target price of $157.90.
View Our Latest Stock Analysis on PEP
PepsiCo Company Profile
PepsiCo, Inc (NASDAQ: PEP) is a multinational food and beverage company headquartered in Purchase, New York. The company develops, manufactures, markets and sells a broad portfolio of branded food and beverage products, including carbonated and noncarbonated soft drinks, bottled water, sports drinks, juices, ready-to-drink teas and coffees, salty snacks, cereals, and other convenient foods. Its leading consumer brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Quaker, Lay’s, Doritos and Cheetos, among others.
Formed through the 1965 merger of Pepsi-Cola and Frito-Lay, PepsiCo has grown into a global business with integrated manufacturing, distribution and marketing operations.
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