California Public Employees Retirement System Sells 715,602 Shares of PepsiCo, Inc. (NASDAQ:PEP)

California Public Employees Retirement System cut its stake in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,070,236 shares of the company's stock after selling 715,602 shares during the period. PepsiCo comprises approximately 0.7% of California Public Employees Retirement System's portfolio, making the stock its 20th largest position. California Public Employees Retirement System owned approximately 0.52% of PepsiCo worth $1,075,100,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in PEP. Collier Financial purchased a new position in shares of PepsiCo in the 4th quarter valued at about $28,000. WealthTrak Capital Management LLC acquired a new stake in PepsiCo during the fourth quarter worth approximately $28,000. Creative Capital Management Investments LLC purchased a new stake in shares of PepsiCo in the fourth quarter valued at $30,000. Legacy Investment Solutions LLC acquired a new position in shares of PepsiCo during the 3rd quarter valued at about $31,000. Finally, Summit Securities Group LLC purchased a new position in PepsiCo during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 73.07% of the company's stock.

PepsiCo Price Performance

PEP traded down $1.12 during trading on Wednesday, hitting $148.55. 2,353,314 shares of the stock traded hands, compared to its average volume of 5,883,691. PepsiCo, Inc. has a twelve month low of $141.51 and a twelve month high of $183.41. The company has a market cap of $203.74 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 3.09 and a beta of 0.52. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.82 and a quick ratio of 0.65. The business has a 50 day moving average price of $149.30 and a 200 day moving average price of $157.52.

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PepsiCo (NASDAQ:PEP - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $1.96 EPS for the quarter, beating the consensus estimate of $1.94 by $0.02. PepsiCo had a return on equity of 58.87% and a net margin of 10.43%. The company had revenue of $27.78 billion during the quarter, compared to the consensus estimate of $27.89 billion. During the same period last year, the business posted $1.78 EPS. The firm's revenue for the quarter was down .2% compared to the same quarter last year. Equities research analysts forecast that PepsiCo, Inc. will post 8.3 earnings per share for the current fiscal year.

PepsiCo Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 7th were issued a dividend of $1.355 per share. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Friday, March 7th. PepsiCo's dividend payout ratio is currently 77.99%.

Analyst Upgrades and Downgrades

PEP has been the topic of several analyst reports. Citigroup dropped their target price on PepsiCo from $195.00 to $170.00 and set a "buy" rating on the stock in a report on Wednesday, February 5th. BNP Paribas dropped their price target on PepsiCo from $162.00 to $160.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 4th. TD Cowen lowered their target price on PepsiCo from $183.00 to $160.00 and set a "hold" rating for the company in a report on Wednesday, January 8th. Royal Bank of Canada assumed coverage on shares of PepsiCo in a research report on Tuesday, February 4th. They issued a $172.00 price objective on the stock. Finally, Piper Sandler initiated coverage on PepsiCo in a research report on Tuesday, January 7th. They set an "overweight" rating and a $171.00 price target for the company. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $169.88.

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.