Chemung Canal Trust Co. trimmed its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 0.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,301 shares of the company’s stock after selling 95 shares during the period. PepsiCo accounts for about 3.5% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 4th biggest holding. Chemung Canal Trust Co.’s holdings in PepsiCo were worth $15,186,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of PEP. Moneta Group Investment Advisors LLC increased its stake in PepsiCo by 95,514.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 42,876,248 shares of the company’s stock valued at $7,746,023,000 after purchasing an additional 42,831,405 shares in the last quarter. Morgan Stanley increased its position in shares of PepsiCo by 21.0% during the fourth quarter. Morgan Stanley now owns 26,720,027 shares of the company’s stock worth $4,827,240,000 after acquiring an additional 4,629,947 shares in the last quarter. Geode Capital Management LLC increased its position in shares of PepsiCo by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 25,637,180 shares of the company’s stock worth $4,622,579,000 after acquiring an additional 267,641 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of PepsiCo by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 17,008,172 shares of the company’s stock worth $3,072,696,000 after acquiring an additional 1,175,427 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of PepsiCo during the fourth quarter worth $2,519,707,000. 75.46% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on PEP shares. UBS Group increased their price objective on shares of PepsiCo from $195.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, April 6th. Sanford C. Bernstein upgraded shares of PepsiCo from an “underperform” rating to a “market perform” rating in a report on Monday, March 20th. JPMorgan Chase & Co. increased their target price on shares of PepsiCo from $190.00 to $196.00 and gave the stock an “overweight” rating in a report on Monday, April 17th. Barclays increased their target price on shares of PepsiCo from $201.00 to $206.00 in a report on Thursday, April 27th. Finally, StockNews.com assumed coverage on shares of PepsiCo in a report on Thursday, May 18th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $190.25.
PepsiCo Price Performance
PepsiCo (NASDAQ:PEP – Free Report) last issued its quarterly earnings data on Tuesday, April 25th. The company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.13. The company had revenue of $17.85 billion for the quarter, compared to analyst estimates of $17.27 billion. PepsiCo had a net margin of 7.48% and a return on equity of 53.68%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.29 earnings per share. Equities analysts forecast that PepsiCo, Inc. will post 7.29 EPS for the current year.
PepsiCo Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 2nd were given a dividend of $1.265 per share. This represents a $5.06 dividend on an annualized basis and a yield of 2.76%. This is a positive change from PepsiCo’s previous quarterly dividend of $1.15. The ex-dividend date was Thursday, June 1st. PepsiCo’s dividend payout ratio (DPR) is currently 106.53%.
About PepsiCo
PepsiCo, Inc manufactures, markets, distributes, and sells 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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