Woodmont Investment Counsel LLC Sells 7,118 Shares of PepsiCo, Inc. (NASDAQ:PEP)

06 Jan 2024, 13:52 by Tristan Rich · The Markets Daily

Woodmont Investment Counsel LLC cut its stake in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 14.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,642 shares of the company’s stock after selling 7,118 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in PepsiCo were worth $7,056,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PEP. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of PepsiCo by 100,174.2% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 531,509,481 shares of the company’s stock worth $98,446,186,000 after buying an additional 530,979,425 shares during the period. Moneta Group Investment Advisors LLC grew its position in PepsiCo by 95,514.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 42,876,248 shares of the company’s stock valued at $7,746,023,000 after purchasing an additional 42,831,405 shares during the last quarter. Norges Bank purchased a new stake in PepsiCo during the 4th quarter valued at about $2,519,707,000. Price T Rowe Associates Inc. MD grew its position in PepsiCo by 98.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,180,327 shares of the company’s stock valued at $2,220,475,000 after purchasing an additional 6,045,912 shares during the last quarter. Finally, Providence Capital Advisors LLC grew its position in PepsiCo by 18,231.4% during the 1st quarter. Providence Capital Advisors LLC now owns 4,943,247 shares of the company’s stock valued at $27,116,000 after purchasing an additional 4,916,281 shares during the last quarter. 71.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PEP. Morgan Stanley cut their price objective on shares of PepsiCo from $210.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 11th. StockNews.com raised shares of PepsiCo from a “hold” rating to a “buy” rating in a report on Friday, October 13th. Wedbush dropped their price target on shares of PepsiCo from $206.00 to $195.00 and set an “outperform” rating on the stock in a report on Monday, October 9th. Wells Fargo & Company raised their price target on shares of PepsiCo from $170.00 to $172.00 in a report on Wednesday, October 11th. Finally, DZ Bank raised shares of PepsiCo from a “hold” rating to a “buy” rating and set a $187.00 price target on the stock in a report on Thursday, October 19th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $186.93.

View Our Latest Report on PepsiCo

Insider Transactions at PepsiCo

In other PepsiCo news, CFO Hugh F. Johnston sold 48,388 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $166.65, for a total value of $8,063,860.20. Following the sale, the chief financial officer now owns 96,627 shares in the company, valued at approximately $16,102,889.55. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.15% of the company’s stock.

PepsiCo Price Performance

NASDAQ PEP opened at $168.94 on Friday. PepsiCo, Inc. has a 12 month low of $155.83 and a 12 month high of $196.88. The stock has a market cap of $232.27 billion, a price-to-earnings ratio of 28.16, a PEG ratio of 2.56 and a beta of 0.53. The company’s 50 day moving average is $167.98 and its two-hundred day moving average is $174.39. The company has a current ratio of 0.88, a quick ratio of 0.71 and a debt-to-equity ratio of 1.89.

PepsiCo (NASDAQ:PEP – Get Free Report) last released its earnings results on Tuesday, October 10th. The company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.10. PepsiCo had a net margin of 9.05% and a return on equity of 58.28%. The company had revenue of $23.45 billion for the quarter, compared to analysts’ expectations of $23.41 billion. During the same quarter last year, the business earned $1.97 EPS. The firm’s revenue was up 6.7% compared to the same quarter last year. As a group, research analysts anticipate that PepsiCo, Inc. will post 7.55 earnings per share for the current year.

PepsiCo Dividend Announcement

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

PepsiCo Company Profile

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