Empowered Funds LLC raised its stake in PepsiCo, Inc. (NASDAQ:PEP – Get Rating) by 97.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,472 shares of the company’s stock after purchasing an additional 6,152 shares during the quarter. Empowered Funds LLC’s holdings in PepsiCo were worth $2,037,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. PYA Waltman Capital LLC grew its stake in shares of PepsiCo by 258.9% in the 3rd quarter. PYA Waltman Capital LLC now owns 3,331 shares of the company’s stock valued at $544,000 after purchasing an additional 2,403 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of PepsiCo by 8.3% in the third quarter. Prudential Financial Inc. now owns 2,511,724 shares of the company’s stock valued at $410,129,000 after buying an additional 192,499 shares in the last quarter. Nicholas Hoffman & Company LLC. boosted its stake in shares of PepsiCo by 0.9% in the third quarter. Nicholas Hoffman & Company LLC. now owns 11,617 shares of the company’s stock valued at $1,897,000 after buying an additional 106 shares in the last quarter. Cypress Capital Group boosted its stake in shares of PepsiCo by 0.9% in the third quarter. Cypress Capital Group now owns 35,976 shares of the company’s stock valued at $5,873,000 after buying an additional 325 shares in the last quarter. Finally, Bordeaux Wealth Advisors LLC purchased a new stake in shares of PepsiCo in the third quarter valued at approximately $220,000. 70.76% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on PEP. Barclays lifted their price target on PepsiCo from $183.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, October 14th. Argus lifted their price objective on PepsiCo from $195.00 to $206.00 in a report on Wednesday, December 7th. Wells Fargo & Company lifted their price objective on PepsiCo from $174.00 to $190.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 3rd. Credit Suisse Group reduced their price objective on PepsiCo from $173.00 to $172.00 and set a “neutral” rating for the company in a report on Monday, October 3rd. Finally, Redburn Partners began coverage on PepsiCo in a report on Friday, November 4th. They set a “sell” rating and a $141.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $183.36.
PepsiCo Stock Performance
PepsiCo Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, January 6th. Investors of record on Friday, December 2nd were paid a $1.15 dividend. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $4.60 annualized dividend and a yield of 2.69%. PepsiCo’s payout ratio is currently 65.81%.
PepsiCo, Inc engages in the manufacture, marketing, distribution, and sale of beverages, food, and snacks. It operates through the following business segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), PepsiCo Beverages North America (PBNA), Latin America (LatAm), Europe, Africa, Middle East, and South Asia (AMESA), and Asia Pacific, Australia and New Zealand, and China Region (APAC).
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