Pinnacle Associates Ltd. Purchases 3,041 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Pinnacle Associates Ltd. increased its stake in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 2.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 141,227 shares of the company's stock after acquiring an additional 3,041 shares during the quarter. Pinnacle Associates Ltd.'s holdings in PepsiCo were worth $23,986,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. First Trust Direct Indexing L.P. increased its holdings in shares of PepsiCo by 11.2% during the third quarter. First Trust Direct Indexing L.P. now owns 53,873 shares of the company's stock valued at $9,161,000 after acquiring an additional 5,444 shares in the last quarter. Edge Financial Advisors LLC bought a new stake in PepsiCo during the 3rd quarter valued at $598,000. WestEnd Advisors LLC raised its holdings in PepsiCo by 1.9% during the third quarter. WestEnd Advisors LLC now owns 226,945 shares of the company's stock worth $38,592,000 after buying an additional 4,130 shares during the last quarter. Highline Wealth Partners LLC bought a new position in shares of PepsiCo in the third quarter valued at $28,000. Finally, Pathway Financial Advisers LLC grew its holdings in shares of PepsiCo by 3.0% during the third quarter. Pathway Financial Advisers LLC now owns 35,726 shares of the company's stock valued at $6,075,000 after buying an additional 1,041 shares during the last quarter. 73.07% of the stock is currently owned by institutional investors and hedge funds.

PepsiCo Stock Performance

Shares of NASDAQ PEP traded down $1.29 during trading on Wednesday, reaching $166.21. 4,796,691 shares of the stock traded hands, compared to its average volume of 5,463,554. The company has a 50-day moving average of $173.61 and a 200-day moving average of $172.29. PepsiCo, Inc. has a 52-week low of $158.03 and a 52-week high of $183.41. The stock has a market capitalization of $228.50 billion, a P/E ratio of 24.24, a price-to-earnings-growth ratio of 3.20 and a beta of 0.53. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70.

PepsiCo (NASDAQ:PEP - Get Free Report) last posted its earnings results on Tuesday, October 8th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.01. The firm had revenue of $23.32 billion during the quarter, compared to the consensus estimate 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 company earned $2.25 earnings per share. Analysts forecast that PepsiCo, Inc. will post 8.15 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PEP shares. Jefferies Financial Group cut their price target on PepsiCo from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft decreased their price target on PepsiCo from $180.00 to $179.00 and set a "hold" rating for the company in a report on Wednesday, October 9th. Bank of America dropped their price objective on PepsiCo from $190.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, September 30th. Hsbc Global Res upgraded shares of PepsiCo to a "hold" rating in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of PepsiCo from $185.00 to $183.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $183.92.

About PepsiCo

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.