PepsiCo, Inc. (NASDAQ:PEP) Shares Sold by 1ST Source Bank

1ST Source Bank trimmed its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 0.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,320 shares of the company’s stock after selling 85 shares during the period. PepsiCo comprises approximately 0.7% of 1ST Source Bank’s investment portfolio, making the stock its 21st biggest position. 1ST Source Bank’s holdings in PepsiCo were worth $11,958,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Retirement Systems of Alabama lifted its position in shares of PepsiCo by 22.1% in the 3rd quarter. Retirement Systems of Alabama now owns 657,482 shares of the company’s stock valued at $111,805,000 after acquiring an additional 118,983 shares in the last quarter. Inspire Trust Co. N.A. lifted its holdings in shares of PepsiCo by 12.4% in the third quarter. Inspire Trust Co. N.A. now owns 12,300 shares of the company’s stock valued at $2,092,000 after purchasing an additional 1,355 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of PepsiCo by 21.1% in the third quarter. Franklin Resources Inc. now owns 13,021,316 shares of the company’s stock worth $2,293,049,000 after buying an additional 2,264,445 shares during the period. Peapack Gladstone Financial Corp grew its holdings in shares of PepsiCo by 1.1% during the third quarter. Peapack Gladstone Financial Corp now owns 422,080 shares of the company’s stock valued at $71,774,000 after buying an additional 4,768 shares in the last quarter. Finally, Synovus Financial Corp lifted its stake in PepsiCo by 5.5% in the 3rd quarter. Synovus Financial Corp now owns 125,965 shares of the company’s stock worth $21,421,000 after acquiring an additional 6,560 shares in the last quarter. Institutional investors and hedge funds own 73.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PEP shares. Royal Bank of Canada dropped their target price on PepsiCo from $177.00 to $176.00 and set a “sector perform” rating on the stock in a report on Friday, October 4th. Bank of America cut their target price on shares of PepsiCo from $190.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Morgan Stanley cut PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 price objective for the company. in a research report on Friday, September 20th. TD Cowen downgraded PepsiCo from a “buy” rating to a “hold” rating and cut their price target for the stock from $190.00 to $183.00 in a research note on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded PepsiCo from a “hold” rating to a “buy” rating and increased their price objective for the stock from $179.00 to $184.00 in a report on Thursday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, PepsiCo currently has an average rating of “Hold” and an average target price of $184.31.

PepsiCo Stock Performance

PEP traded down $0.40 on Friday, hitting $158.50. 722,502 shares of the stock traded hands, compared to its average volume of 5,494,410. PepsiCo, Inc. has a 52 week low of $155.85 and a 52 week high of $183.41. The firm has a market capitalization of $217.46 billion, a PE ratio of 23.44, a P/E/G ratio of 2.92 and a beta of 0.52. The business has a fifty day moving average price of $165.94 and a two-hundred day moving average price of $169.13. The company has a current ratio of 0.89, a quick ratio of 0.70 and a debt-to-equity ratio of 1.96.

PepsiCo (NASDAQ:PEP) last posted its quarterly earnings results on Tuesday, October 8th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.01. PepsiCo had a net margin of 10.18% and a return on equity of 57.32%. The firm had revenue of $23.32 billion for the quarter, compared to the consensus estimate of $23.86 billion. During the same quarter in the previous year, the company earned $2.25 earnings per share. The business’s revenue was down .6% compared to the same quarter last year. On average, research analysts predict that PepsiCo, Inc. will post 8.15 EPS for the current fiscal year.

PepsiCo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Friday, December 6th will be issued a dividend of $1.355 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.42%. PepsiCo’s payout ratio is presently 79.94%.

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.