Essex Savings Bank increased its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,208 shares of the company’s stock after purchasing an additional 342 shares during the quarter. PepsiCo accounts for 1.4% of Essex Savings Bank’s holdings, making the stock its 13th largest holding. Essex Savings Bank’s holdings in PepsiCo were worth $2,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in PepsiCo by 2.6% in the first quarter. BlackRock Inc. now owns 109,109,695 shares of the company’s stock valued at $13,104,075,000 after purchasing an additional 2,724,092 shares during the last quarter. State Street Corp lifted its stake in PepsiCo by 0.4% in the first quarter. State Street Corp now owns 66,071,399 shares of the company’s stock valued at $7,935,175,000 after buying an additional 291,943 shares during the last quarter. Geode Capital Management LLC lifted its stake in PepsiCo by 0.9% in the first quarter. Geode Capital Management LLC now owns 20,644,181 shares of the company’s stock valued at $2,474,489,000 after buying an additional 185,460 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in PepsiCo by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 19,594,314 shares of the company’s stock valued at $2,353,277,000 after buying an additional 195,427 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in PepsiCo by 13.2% in the first quarter. Franklin Resources Inc. now owns 11,136,832 shares of the company’s stock valued at $1,337,534,000 after buying an additional 1,298,838 shares during the last quarter. 70.60% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently weighed in on the stock. BidaskClub upgraded shares of PepsiCo from a “hold” rating to a “buy” rating in a research note on Thursday. Morgan Stanley restated a “buy” rating on shares of PepsiCo in a research note on Wednesday, May 13th. Jefferies Financial Group lifted their price objective on shares of PepsiCo from $130.00 to $135.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Guggenheim lifted their price objective on shares of PepsiCo from $134.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Barclays restated a “hold” rating and set a $136.00 price objective on shares of PepsiCo in a research note on Friday, April 17th. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $142.87.
PepsiCo (NASDAQ:PEP) last issued its quarterly earnings results on Monday, July 13th. The company reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.07. The firm had revenue of $15.95 billion for the quarter, compared to analysts’ expectations of $15.47 billion. PepsiCo had a return on equity of 54.77% and a net margin of 10.13%. PepsiCo’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $1.54 EPS. On average, sell-side analysts expect that PepsiCo, Inc. will post 5.34 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be paid a $1.0225 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $4.09 dividend on an annualized basis and a yield of 2.97%. PepsiCo’s dividend payout ratio is currently 73.96%.
In other PepsiCo news, SVP Marie T. Gallagher sold 3,335 shares of PepsiCo stock in a transaction dated Thursday, July 16th. The stock was sold at an average price of $133.32, for a total transaction of $444,622.20. Following the transaction, the senior vice president now owns 54,029 shares of the company’s stock, valued at approximately $7,203,146.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ronald Schellekens sold 7,611 shares of PepsiCo stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $135.35, for a total value of $1,030,148.85. Following the transaction, the executive vice president now directly owns 36,639 shares in the company, valued at approximately $4,959,088.65. The disclosure for this sale can be found here. Insiders sold a total of 26,655 shares of company stock worth $3,591,883 in the last three months. 0.13% of the stock is currently owned by company insiders.
PepsiCo, Inc operates as a food and beverage company worldwide. The company's Frito-Lay North America segment offers branded dips; Cheetos cheese-flavored snacks; and Doritos tortilla, Fritos corn, Lay's potato, Ruffles potato, and Tostitos tortilla chips. Its Quaker Foods North America segment provides cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes under the Aunt Jemima, Cap'n crunch, Life, Quaker Chewy, Quaker, and Rice-A-Roni brands.
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