Sawgrass Asset Management LLC Has $16.88 Million Stock Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Sawgrass Asset Management LLC lessened its stake in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 18.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 99,283 shares of the company's stock after selling 22,753 shares during the period. PepsiCo accounts for about 1.8% of Sawgrass Asset Management LLC's investment portfolio, making the stock its 13th biggest holding. Sawgrass Asset Management LLC's holdings in PepsiCo were worth $16,883,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the company. Spinnaker Investment Group LLC lifted its stake in PepsiCo by 10.2% during the third quarter. Spinnaker Investment Group LLC now owns 3,501 shares of the company's stock worth $595,000 after purchasing an additional 324 shares in the last quarter. Accredited Investors Inc. grew its stake in PepsiCo by 1.6% in the 3rd quarter. Accredited Investors Inc. now owns 10,642 shares of the company's stock worth $1,810,000 after acquiring an additional 168 shares during the period. River Street Advisors LLC grew its stake in shares of PepsiCo by 19.0% during the 3rd quarter. River Street Advisors LLC now owns 10,091 shares of the company's stock valued at $1,716,000 after buying an additional 1,608 shares during the period. Turtle Creek Wealth Advisors LLC lifted its holdings in shares of PepsiCo by 7.0% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 2,446 shares of the company's stock valued at $416,000 after acquiring an additional 159 shares in the last quarter. Finally, Heritage Investment Group Inc. raised its stake in shares of PepsiCo by 7.5% in the 3rd quarter. Heritage Investment Group Inc. now owns 2,751 shares of the company's stock valued at $468,000 after purchasing an additional 193 shares in the last quarter. Hedge funds and other institutional investors own 73.07% of the company's stock.

Wall Street Analyst Weigh In

PEP has been the topic of several recent research reports. Barclays decreased their target price on shares of PepsiCo from $186.00 to $183.00 and set an "overweight" rating on the stock in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of PepsiCo from $180.00 to $179.00 and set a "hold" rating on the stock in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lowered their price target on shares of PepsiCo from $185.00 to $183.00 and set a "neutral" rating for the company in a report on Wednesday, October 9th. Morgan Stanley downgraded shares of PepsiCo from an "overweight" rating to an "equal weight" rating and set a $185.00 price objective on the stock. in a report on Friday, September 20th. Finally, Royal Bank of Canada decreased their price target on PepsiCo from $177.00 to $176.00 and set a "sector perform" rating on the stock in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $183.92.

PepsiCo Stock Performance

PEP traded down $6.53 during trading on Friday, hitting $158.62. 9,108,948 shares of the stock were exchanged, compared to its average volume of 4,996,625. The stock has a fifty day moving average price of $170.82 and a two-hundred day moving average price of $171.53. PepsiCo, Inc. has a 1-year low of $158.03 and a 1-year high of $183.41. The firm has a market capitalization of $217.63 billion, a P/E ratio of 23.40, a PEG ratio of 2.96 and a beta of 0.53. The company has a quick ratio of 0.70, a current ratio of 0.89 and a debt-to-equity ratio of 1.96.

PepsiCo (NASDAQ:PEP - Get Free Report) last released its earnings results on Tuesday, October 8th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.30 by $0.01. The firm had revenue of $23.32 billion during the quarter, compared to analyst estimates of $23.86 billion. PepsiCo had a return on equity of 57.32% and a net margin of 10.18%. The business's quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.25 earnings per share. As a group, sell-side analysts predict that PepsiCo, Inc. will post 8.15 earnings per share for the current year.

PepsiCo 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.