Telemus Capital LLC Lowers Holdings in PepsiCo, Inc. (NASDAQ:PEP)

07 Jan 2024, 13:44 by Sarita Garza · The Markets Daily

Telemus Capital LLC cut its stake in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,770 shares of the company’s stock after selling 322 shares during the period. Telemus Capital LLC’s holdings in PepsiCo were worth $5,044,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in PepsiCo by 34.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,128,044 shares of the company’s stock valued at $188,812,000 after purchasing an additional 286,169 shares in the last quarter. AMI Investment Management Inc. boosted its holdings in shares of PepsiCo by 0.7% in the 1st quarter. AMI Investment Management Inc. now owns 16,627 shares of the company’s stock valued at $2,783,000 after buying an additional 113 shares in the last quarter. Mather Group LLC. boosted its stake in PepsiCo by 29.3% during the 1st quarter. Mather Group LLC. now owns 5,562 shares of the company’s stock worth $931,000 after purchasing an additional 1,262 shares during the period. Wsfs Capital Management LLC boosted its stake in PepsiCo by 117.2% during the 1st quarter. Wsfs Capital Management LLC now owns 2,995 shares of the company’s stock worth $501,000 after purchasing an additional 1,616 shares during the period. Finally, Equitable Holdings Inc. boosted its stake in PepsiCo by 8.5% during the 1st quarter. Equitable Holdings Inc. now owns 26,909 shares of the company’s stock worth $4,504,000 after purchasing an additional 2,116 shares during the period. 71.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on PEP shares. Barclays upped their price objective on shares of PepsiCo from $179.00 to $181.00 and gave the stock an “overweight” rating in a research report on Thursday, October 12th. Wells Fargo & Company increased their price target on shares of PepsiCo from $170.00 to $172.00 in a report on Wednesday, October 11th. Wedbush cut their price target on shares of PepsiCo from $206.00 to $195.00 and set an “outperform” rating for the company in a report on Monday, October 9th. Jefferies Financial Group initiated coverage on shares of PepsiCo in a report on Monday, November 13th. They set a “buy” rating and a $203.00 target price for the company. Finally, JPMorgan Chase & Co. downgraded shares of PepsiCo from an “overweight” rating to a “neutral” rating and cut their target price for the company from $185.00 to $176.00 in a research note on Tuesday, December 19th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $186.93.

Check Out Our Latest Research Report on PEP

PepsiCo Stock Performance

NASDAQ PEP opened at $168.94 on Friday. The firm has a market capitalization of $232.27 billion, a P/E ratio of 28.16, a P/E/G ratio of 2.53 and a beta of 0.53. PepsiCo, Inc. has a 1-year low of $155.83 and a 1-year high of $196.88. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.88 and a quick ratio of 0.71. The business’s 50-day simple moving average is $167.98 and its 200-day simple moving average is $174.32.

PepsiCo (NASDAQ:PEP – Get Free Report) last released its quarterly earnings data on Tuesday, October 10th. The company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.10. The business had revenue of $23.45 billion for the quarter, compared to analyst estimates of $23.41 billion. PepsiCo had a return on equity of 58.28% and a net margin of 9.05%. The company’s revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.97 EPS. Equities analysts predict that PepsiCo, Inc. will post 7.55 EPS for the current year.

PepsiCo Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 1st were paid a $1.265 dividend. This represents a $5.06 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Thursday, November 30th. PepsiCo’s dividend payout ratio is currently 84.33%.

Insider Activity

In other news, CFO Hugh F. Johnston sold 48,388 shares of PepsiCo stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $166.65, for a total value of $8,063,860.20. Following the transaction, the chief financial officer now directly owns 96,627 shares of the company’s stock, valued at approximately $16,102,889.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.15% of the company’s stock.

PepsiCo Company Profile

(Free Report)

PepsiCo, Inc manufactures, markets, distributes, and sells 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.