State Street Corp Purchases 489,175 Shares of PepsiCo, Inc. (NASDAQ:PEP)

06 Dec 2023, 16:40 by Renee Jackson · The Cerbat Gem

State Street Corp boosted its position in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,055,838 shares of the company’s stock after buying an additional 489,175 shares during the quarter. PepsiCo makes up approximately 0.6% of State Street Corp’s portfolio, making the stock its 24th biggest position. State Street Corp owned about 4.29% of PepsiCo worth $10,938,322,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich lifted its stake 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 valued at $98,446,186,000 after acquiring an additional 530,979,425 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in PepsiCo by 95,514.1% in the fourth 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 bought a new position in shares of PepsiCo in the fourth quarter worth approximately $2,519,707,000. Price T Rowe Associates Inc. MD increased its stake in shares of PepsiCo by 98.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,180,327 shares of the company’s stock worth $2,220,475,000 after buying an additional 6,045,912 shares during the period. Finally, Providence Capital Advisors LLC raised its holdings 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 buying an additional 4,916,281 shares during the last quarter. 71.40% of the stock is owned by hedge funds and other institutional investors.

PepsiCo Stock Performance

Shares of PepsiCo stock traded down $0.36 during trading on Wednesday, hitting $167.58. 684,670 shares of the company’s stock traded hands, compared to its average volume of 4,854,252. PepsiCo, Inc. has a 1 year low of $155.83 and a 1 year high of $196.88. The business has a 50-day simple moving average of $165.35 and a 200-day simple moving average of $176.77. 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 stock has a market capitalization of $230.40 billion, a P/E ratio of 27.99, a PEG ratio of 2.70 and a beta of 0.56.

PepsiCo (NASDAQ:PEP – Get Free Report) last posted 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. The business had revenue of $23.45 billion during the quarter, compared to the consensus estimate of $23.41 billion. PepsiCo had a net margin of 9.05% and a return on equity of 58.28%. The firm’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.97 EPS. As a group, analysts forecast that PepsiCo, Inc. will post 7.55 EPS for the current year.

PepsiCo Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 1st will be issued a dividend of $1.265 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $5.06 dividend on an annualized basis and a yield of 3.02%. PepsiCo’s dividend payout ratio is currently 84.33%.

Wall Street Analyst Weigh In

A number of research analysts have commented on PEP shares. Evercore ISI lowered their price target on PepsiCo from $195.00 to $185.00 in a research report on Tuesday, October 3rd. DZ Bank upgraded 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. Citigroup decreased their price objective on shares of PepsiCo from $200.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, October 11th. Argus reduced their price target on shares of PepsiCo from $212.00 to $186.00 in a research report on Wednesday, October 11th. Finally, Wedbush cut their price objective on PepsiCo from $206.00 to $195.00 and set an “outperform” rating on the stock in a research report on Monday, October 9th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $187.57.

View Our Latest Stock Report on PEP

Insider Transactions at PepsiCo

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

About PepsiCo

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