Mechanics Bank Trust Department Sells 334 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Mechanics Bank Trust Department lowered its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 1.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 30,917 shares of the company’s stock after selling 334 shares during the quarter. Mechanics Bank Trust Department’s holdings in PepsiCo were worth $5,099,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of PepsiCo by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,001,928 shares of the company’s stock valued at $3,227,287,000 after purchasing an additional 578,083 shares during the last quarter. Norges Bank purchased a new stake in shares of PepsiCo during the fourth quarter valued at approximately $2,686,139,000. California Public Employees Retirement System boosted its holdings in shares of PepsiCo by 17.9% during the fourth quarter. California Public Employees Retirement System now owns 9,664,323 shares of the company’s stock worth $1,641,389,000 after purchasing an additional 1,470,064 shares during the period. Franklin Resources Inc. grew its position in shares of PepsiCo by 17.7% in the 4th quarter. Franklin Resources Inc. now owns 8,954,951 shares of the company’s stock worth $1,520,909,000 after buying an additional 1,345,065 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in PepsiCo by 15.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,421,163 shares of the company’s stock valued at $1,430,250,000 after acquiring an additional 1,105,127 shares in the last quarter. Institutional investors and hedge funds own 73.07% of the company’s stock.

Wall Street Analyst Weigh In

PEP has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on PepsiCo from $190.00 to $185.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada lowered their price target on PepsiCo from $180.00 to $177.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Bank of America lowered their price objective on shares of PepsiCo from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. TD Cowen cut their price objective on PepsiCo from $200.00 to $190.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Finally, Wells Fargo & Company cut their target price on PepsiCo from $175.00 to $170.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $185.53.

PepsiCo Stock Up 0.0 %

Shares of NASDAQ PEP traded up $0.02 during mid-day trading on Friday, reaching $172.39. The company had a trading volume of 3,223,163 shares, compared to its average volume of 6,106,219. PepsiCo, Inc. has a 52-week low of $155.83 and a 52-week high of $185.59. The stock has a market cap of $236.79 billion, a P/E ratio of 25.02, a PEG ratio of 2.98 and a beta of 0.52. The company has a current ratio of 0.83, a quick ratio of 0.64 and a debt-to-equity ratio of 1.87. The firm has a 50 day simple moving average of $168.09 and a two-hundred day simple moving average of $170.38.

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

PepsiCo Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be given a dividend of $1.355 per share. This represents a $5.42 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, September 6th. PepsiCo’s payout ratio is 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.