Summit Global Investments Trims Stock Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Summit Global Investments lessened its position in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 74.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,439 shares of the company's stock after selling 9,830 shares during the quarter. Summit Global Investments' holdings in PepsiCo were worth $523,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. raised its position in PepsiCo by 104.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,705,574 shares of the company's stock valued at $259,350,000 after purchasing an additional 870,451 shares during the period. Hudson Valley Investment Advisors Inc. ADV raised its holdings in PepsiCo by 12.8% during the 4th quarter. Hudson Valley Investment Advisors Inc. ADV now owns 41,580 shares of the company's stock valued at $6,323,000 after buying an additional 4,712 shares during the period. Janus Henderson Group PLC lifted its position in PepsiCo by 11.0% in the third quarter. Janus Henderson Group PLC now owns 350,225 shares of the company's stock worth $59,549,000 after buying an additional 34,633 shares during the last quarter. IHT Wealth Management LLC increased its position in PepsiCo by 19.3% during the third quarter. IHT Wealth Management LLC now owns 32,267 shares of the company's stock valued at $5,493,000 after acquiring an additional 5,220 shares during the last quarter. Finally, Guinness Asset Management LTD raised its stake in shares of PepsiCo by 5.2% in the fourth quarter. Guinness Asset Management LTD now owns 1,236,788 shares of the company's stock valued at $188,031,000 after acquiring an additional 61,541 shares during the period. 73.07% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Royal Bank of Canada assumed coverage on shares of PepsiCo in a report on Tuesday, February 4th. They set a $172.00 price target on the stock. StockNews.com downgraded PepsiCo from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Piper Sandler initiated coverage on PepsiCo in a report on Tuesday, January 7th. They set an "overweight" rating and a $171.00 price objective for the company. Barclays lowered PepsiCo from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $168.00 to $156.00 in a research note on Tuesday, March 18th. Finally, TD Cowen cut their price target on shares of PepsiCo from $183.00 to $160.00 and set a "hold" rating on the stock in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $169.88.

PepsiCo Stock Up 0.7 %

PEP traded up $1.03 on Thursday, hitting $149.67. The company had a trading volume of 5,396,044 shares, compared to its average volume of 5,428,995. The stock has a market capitalization of $205.27 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 3.09 and a beta of 0.52. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.65 and a current ratio of 0.82. The stock has a fifty day moving average price of $149.23 and a 200-day moving average price of $158.37. PepsiCo, Inc. has a 12-month low of $141.51 and a 12-month high of $183.41.

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

PepsiCo Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be paid a $1.355 dividend. This represents a $5.42 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Friday, March 7th. PepsiCo's dividend payout ratio (DPR) is presently 77.99%.

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.