Mesirow Financial Investment Management Inc. lessened its position in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 8.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 118,546 shares of the company’s stock after selling 10,555 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in PepsiCo were worth $15,022,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE bought a new stake in PepsiCo in the second quarter worth $2,755,509,000. Legal & General Group Plc bought a new position in shares of PepsiCo during the second quarter valued at $1,200,274,000. Corient Private Wealth LP purchased a new position in shares of PepsiCo in the 2nd quarter worth about $297,116,000. Canada Pension Plan Investment Board purchased a new position in shares of PepsiCo in the 2nd quarter worth about $487,558,000. Finally, Assenagon Asset Management S.A. boosted 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 purchasing an additional 3,362,794 shares in the last quarter. 73.07% of the stock is currently owned by institutional investors.
Insider Activity
In other PepsiCo news, CEO Ramon Laguarta sold 30,000 shares of the stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $135.13, for a total transaction of $4,053,900.00. Following the completion of the transaction, the chief executive officer owned 491,645 shares of the company’s stock, valued at $66,435,988.85. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert C. Pohlad purchased 184,646 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were purchased at an average cost of $128.28 per share, with a total value of $23,686,388.88. Following the completion of the purchase, the director owned 433,009 shares of the company’s stock, valued at $55,546,394.52. The trade was a 74.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.12% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
PEP has been the topic of a number of recent analyst reports. Jefferies Financial Group reiterated a “hold” rating on shares of PepsiCo in a report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $132.00 price objective on shares of PepsiCo in a research report on Friday, October 9th. Piper Sandler cut their target price on PepsiCo from $176.00 to $140.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. Morgan Stanley set a $145.00 target price on PepsiCo in a report on Friday, October 9th. Finally, Wells Fargo & Company decreased their price target on PepsiCo from $140.00 to $135.00 and set an “equal weight” rating for the company in a research note on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $143.28.
Read Our Latest Stock Analysis on PepsiCo
Key Headlines Impacting PepsiCo
Here are the key news stories impacting PepsiCo this week:
- Positive Sentiment: PepsiCo plans to eliminate about 1,000 North American roles as part of a broader effort to simplify operations and improve execution. If the restructuring reduces costs, it could support margins over time. PepsiCo to cut about 1,000 jobs as North American business struggles
- Positive Sentiment: PepsiCo is emphasizing zero-sugar drinks, flavored sodas and functional hydration to address changing preferences and strengthen beverage demand. Can PepsiCo’s Zero-Sugar Strategy Strengthen Beverage Demand?
- Neutral Sentiment: The company renewed overseas beverage-supply agreements with KFC in several markets, maintaining an established distribution relationship. PepsiCo renews overseas KFC contracts
- Negative Sentiment: The layoffs come amid sluggish North American sales, volume declines and margin pressure. That points to ongoing operating challenges and could temper optimism about the potential savings, particularly as the turnaround has yet to gain traction. PepsiCo to cut over 1,000 jobs amid sluggish sales in North American market
PepsiCo Stock Up 1.2%
PepsiCo stock opened at $143.61 on Wednesday. PepsiCo, Inc. has a one year low of $123.47 and a one year high of $171.48. The stock has a fifty day moving average of $133.41 and a 200 day moving average of $145.72. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.76 and a current ratio of 0.94. The stock has a market cap of $195.70 billion, a PE ratio of 18.04, a price-to-earnings-growth ratio of 4.22 and a beta of 0.31.
PepsiCo (NASDAQ:PEP – Get Free Report) last issued its quarterly earnings data on Wednesday, October 7th. The company reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.05. The firm had revenue of $25.27 billion during the quarter, compared to the consensus estimate of $24.95 billion. PepsiCo had a net margin of 11.09% and a return on equity of 53.08%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.29 EPS. As a group, sell-side analysts predict that PepsiCo, Inc. will post 8.42 EPS for the current year.
PepsiCo Company Profile
PepsiCo, Inc. is a global food and beverage company that develops, manufactures, markets and distributes a broad range of products. Its portfolio includes snacks such as Lay’s, Doritos and Cheetos, as well as beverages including Pepsi, Gatorade and Mountain Dew. The company was formed in 1965 through the merger of Pepsi-Cola and Frito-Lay. Its products are sold in more than 200 countries and territories through retail, food-service and other distribution channels. PepsiCo is headquartered in Purchase, New York.
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