Cannell & Spears LLC Sells 2,632 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Cannell & Spears LLC cut its stake in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,342 shares of the company's stock after selling 2,632 shares during the period. Cannell & Spears LLC's holdings in PepsiCo were worth $22,253,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of PepsiCo by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 133,371,504 shares of the company's stock valued at $20,280,471,000 after buying an additional 1,376,133 shares during the period. State Street Corp raised its holdings in PepsiCo by 5.1% in the 3rd quarter. State Street Corp now owns 57,268,030 shares of the company's stock worth $9,738,429,000 after acquiring an additional 2,775,679 shares during the period. Geode Capital Management LLC increased its stake in shares of PepsiCo by 1.8% in the third quarter. Geode Capital Management LLC now owns 30,497,268 shares of the company's stock worth $5,170,529,000 after purchasing an additional 543,558 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of PepsiCo by 18.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 25,217,043 shares of the company's stock valued at $3,834,504,000 after acquiring an additional 3,856,193 shares during the period. Finally, Norges Bank bought a new stake in PepsiCo in the 4th quarter valued at $2,729,565,000. Institutional investors own 73.07% of the company's stock.

Remove Ads

Analysts Set New Price Targets

PEP has been the topic of several analyst reports. HSBC lowered their price target on shares of PepsiCo from $186.00 to $170.00 and set a "hold" rating on the stock in a report on Tuesday, February 4th. Morgan Stanley lowered their price target on shares of PepsiCo from $185.00 to $168.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 5th. Citigroup lowered their price target on PepsiCo from $195.00 to $170.00 and set a "buy" rating for the company in a research note on Wednesday, February 5th. TD Cowen cut their price objective on PepsiCo from $183.00 to $160.00 and set a "hold" rating on the stock in a report on Wednesday, January 8th. Finally, Wells Fargo & Company dropped their price target on PepsiCo from $155.00 to $150.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $169.88.

PepsiCo Stock Performance

PepsiCo stock traded up $3.21 during mid-day trading on Thursday, reaching $152.33. The company's stock had a trading volume of 3,929,764 shares, compared to its average volume of 5,892,537. The company has a market capitalization of $208.92 billion, a P/E ratio of 21.92, a PEG ratio of 3.09 and a beta of 0.52. The firm's fifty day moving average price is $149.32 and its two-hundred day moving average price is $157.46. PepsiCo, Inc. has a 12-month low of $141.51 and a 12-month high of $183.41. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.65 and a current ratio of 0.82.

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

PepsiCo Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 7th were given a dividend of $1.355 per share. The ex-dividend date was Friday, March 7th. This represents a $5.42 annualized dividend and a yield of 3.56%. PepsiCo's payout ratio is 77.99%.

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.