Covington Capital Management trimmed its position in Pepsico, Inc. (NYSE:PEP) by 0.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 151,863 shares of the company’s stock after selling 1,129 shares during the period. Pepsico makes up about 1.4% of Covington Capital Management’s portfolio, making the stock its 15th largest holding. Covington Capital Management’s holdings in Pepsico were worth $17,539,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Colony Group LLC lifted its position in shares of Pepsico by 7.5% during the 2nd quarter. Colony Group LLC now owns 170,658 shares of the company’s stock valued at $19,709,000 after acquiring an additional 11,856 shares during the last quarter. Koch Industries Inc. acquired a new stake in shares of Pepsico during the 2nd quarter valued at $208,000. High Falls Advisors Inc acquired a new stake in shares of Pepsico during the 2nd quarter valued at $203,000. Keel Point LLC lifted its position in shares of Pepsico by 3.6% during the 2nd quarter. Keel Point LLC now owns 17,986 shares of the company’s stock valued at $2,077,000 after acquiring an additional 630 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Pepsico during the 2nd quarter valued at $271,000. Hedge funds and other institutional investors own 70.50% of the company’s stock.
In other Pepsico news, insider Ramon Laguarta sold 21,449 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $110.51, for a total transaction of $2,370,328.99. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.26% of the stock is owned by insiders.
Pepsico (NYSE:PEP) last announced its earnings results on Wednesday, October 4th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.05. Pepsico had a net margin of 10.97% and a return on equity of 59.68%. The company had revenue of $16.24 billion for the quarter, compared to the consensus estimate of $16.35 billion. During the same period in the previous year, the business earned $1.40 EPS. The company’s revenue was up 1.3% on a year-over-year basis. analysts expect that Pepsico, Inc. will post 5.22 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 8th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.805 per share. This represents a $3.22 annualized dividend and a yield of 2.74%. The ex-dividend date is Thursday, November 30th. Pepsico’s dividend payout ratio (DPR) is currently 66.53%.
A number of equities research analysts have recently commented on PEP shares. Cowen reiterated a “buy” rating on shares of Pepsico in a research report on Sunday, September 17th. Credit Suisse Group downgraded Pepsico from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $126.00 to $124.00 in a research report on Friday, September 8th. Zacks Investment Research downgraded Pepsico from a “buy” rating to a “hold” rating in a research report on Monday, August 28th. Macquarie started coverage on Pepsico in a research report on Thursday, September 14th. They set an “outperform” rating and a $125.00 price objective for the company. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of Pepsico in a research report on Sunday, November 12th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $121.96.
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Pepsico Company Profile
PepsiCo, Inc is a global food and beverage company. The Company’s portfolio of brands includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. The Company operates through six segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa (ESSA), and Asia, Middle East and North Africa (AMENA).
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