Principal Street Partners LLC Cuts Position in PepsiCo, Inc. (NASDAQ:PEP)

Principal Street Partners LLC trimmed its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 15.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,304 shares of the company’s stock after selling 6,530 shares during the quarter. Principal Street Partners LLC’s holdings in PepsiCo were worth $5,979,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Global Wealth Strategies & Associates raised its stake in shares of PepsiCo by 59.0% during the 3rd quarter. Global Wealth Strategies & Associates now owns 159 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares during the period. Highline Wealth Partners LLC purchased a new stake in PepsiCo during the third quarter worth about $28,000. POM Investment Strategies LLC raised its position in PepsiCo by 141.3% in the second quarter. POM Investment Strategies LLC now owns 181 shares of the company’s stock worth $30,000 after acquiring an additional 106 shares during the period. Summit Securities Group LLC purchased a new position in PepsiCo in the second quarter valued at about $30,000. Finally, Rakuten Securities Inc. grew its position in shares of PepsiCo by 93.2% during the 3rd quarter. Rakuten Securities Inc. now owns 199 shares of the company’s stock valued at $34,000 after acquiring an additional 96 shares during the period. 73.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on PEP. Barclays dropped their price objective on PepsiCo from $186.00 to $183.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. TD Cowen cut PepsiCo from a “buy” rating to a “hold” rating and dropped their price target for the company from $190.00 to $183.00 in a research report on Thursday, October 10th. Bank of America decreased their price objective on PepsiCo from $190.00 to $185.00 and set a “buy” rating for the company in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a report on Wednesday, October 9th. Finally, Redburn Atlantic upgraded shares of PepsiCo to a “strong sell” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, PepsiCo has an average rating of “Hold” and a consensus price target of $183.92.

PepsiCo Stock Performance

NASDAQ:PEP opened at $163.05 on Tuesday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.70 and a current ratio of 0.89. PepsiCo, Inc. has a fifty-two week low of $155.85 and a fifty-two week high of $183.41. The business has a 50 day moving average price of $168.73 and a 200-day moving average price of $170.78. The firm has a market cap of $223.70 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 3.02 and a beta of 0.53.

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

PepsiCo Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 6th will be given a $1.355 dividend. The ex-dividend date is Friday, December 6th. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.32%. PepsiCo’s dividend payout ratio is currently 79.94%.

PepsiCo Company 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.