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Synovus Financial Corp Purchases 6,560 Shares of PepsiCo, Inc. (NASDAQ:PEP)

PepsiCo logo with Consumer Staples background

Synovus Financial Corp increased its holdings in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 5.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 125,965 shares of the company's stock after purchasing an additional 6,560 shares during the period. Synovus Financial Corp's holdings in PepsiCo were worth $21,421,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC increased its stake in shares of PepsiCo by 9.2% during the third quarter. Empowered Funds LLC now owns 99,785 shares of the company's stock valued at $16,968,000 after buying an additional 8,406 shares during the period. Janus Henderson Group PLC raised its holdings in PepsiCo by 11.0% in the 3rd quarter. Janus Henderson Group PLC now owns 350,225 shares of the company's stock worth $59,549,000 after purchasing an additional 34,633 shares in the last quarter. IHT Wealth Management LLC lifted its position in shares of PepsiCo by 19.3% in the 3rd quarter. IHT Wealth Management LLC now owns 32,267 shares of the company's stock worth $5,493,000 after purchasing an additional 5,220 shares during the period. Meridian Wealth Management LLC purchased a new position in shares of PepsiCo during the third quarter valued at about $9,589,000. Finally, Kestra Investment Management LLC bought a new position in PepsiCo in the third quarter worth about $527,000. Institutional investors own 73.07% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Morgan Stanley cut PepsiCo from an "overweight" rating to an "equal weight" rating and set a $185.00 target price for the company. in a research note on Friday, September 20th. TD Cowen cut shares of PepsiCo from a "buy" rating to a "hold" rating and dropped their target price for the company from $190.00 to $183.00 in a report on Thursday, October 10th. Bank of America decreased their price target on shares of PepsiCo from $190.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Redburn Atlantic raised shares of PepsiCo to a "strong sell" rating in a research note on Thursday, October 10th. Finally, Hsbc Global Res upgraded shares of PepsiCo to a "hold" rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, PepsiCo currently has a consensus rating of "Hold" and an average price target of $184.31.

Check Out Our Latest Stock Report on PEP

PepsiCo Stock Performance

Shares of NASDAQ:PEP traded down $0.42 during trading on Friday, hitting $158.48. The company's stock had a trading volume of 2,446,425 shares, compared to its average volume of 5,501,478. The company has a 50-day moving average of $165.94 and a 200-day moving average of $169.13. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70. The firm has a market cap of $217.43 billion, a price-to-earnings ratio of 23.44, a P/E/G ratio of 2.92 and a beta of 0.52. PepsiCo, Inc. has a 12 month low of $155.85 and a 12 month high of $183.41.

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

PepsiCo Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Friday, December 6th will be paid a dividend of $1.355 per share. This represents a $5.42 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Friday, December 6th. PepsiCo's dividend payout ratio (DPR) is presently 79.94%.

About PepsiCo

(Free Report)

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.

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Institutional Ownership by Quarter for PepsiCo (NASDAQ:PEP)

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