Corundum Group Inc. cut its position in Pepsico, Inc. (NYSE:PEP) by 3.8% during the first quarter, Holdings Channel reports. The fund owned 2,326 shares of the company’s stock after selling 91 shares during the period. Pepsico makes up 0.3% of Corundum Group Inc.’s holdings, making the stock its 22nd largest position. Corundum Group Inc.’s holdings in Pepsico were worth $260,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the company. Aveo Capital Partners LLC acquired a new position in shares of Pepsico during the fourth quarter worth approximately $549,000. Osborn Williams & Donohoe LLC boosted its position in shares of Pepsico by 2.1% in the fourth quarter. Osborn Williams & Donohoe LLC now owns 95,536 shares of the company’s stock worth $9,996,000 after buying an additional 1,952 shares during the last quarter. Robinson Value Management Ltd. acquired a new position in shares of Pepsico during the fourth quarter worth approximately $506,000. Hall Laurie J Trustee acquired a new position in shares of Pepsico during the fourth quarter worth approximately $4,917,000. Finally, NN Investment Partners Holdings N.V. boosted its position in shares of Pepsico by 0.6% in the fourth quarter. NN Investment Partners Holdings N.V. now owns 343,748 shares of the company’s stock worth $35,966,000 after buying an additional 2,129 shares during the last quarter. 71.25% of the stock is owned by institutional investors and hedge funds.
Shares of Pepsico, Inc. (NYSE:PEP) opened at 116.86 on Friday. Pepsico, Inc. has a one year low of $98.50 and a one year high of $118.12. The company’s 50-day moving average is $115.12 and its 200-day moving average is $109.40. The company has a market cap of $166.93 billion, a price-to-earnings ratio of 25.18 and a beta of 0.68.
Pepsico (NYSE:PEP) last announced its earnings results on Wednesday, April 26th. The company reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.03. The company had revenue of $12.05 billion during the quarter, compared to analyst estimates of $11.98 billion. Pepsico had a net margin of 10.66% and a return on equity of 58.42%. Pepsico’s revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.89 earnings per share. On average, equities analysts predict that Pepsico, Inc. will post $5.15 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 2nd will be issued a $0.805 dividend. This is a boost from Pepsico’s previous quarterly dividend of $0.75. The ex-dividend date is Wednesday, May 31st. This represents a $3.22 annualized dividend and a yield of 2.76%. Pepsico’s dividend payout ratio (DPR) is 69.40%.
TRADEMARK VIOLATION NOTICE: This article was first posted by WKRB News and is the property of of WKRB News. If you are accessing this article on another site, it was illegally copied and reposted in violation of United States and international copyright legislation. The legal version of this article can be read at https://www.wkrb13.com/markets/2229524/corundum-group-inc-reduces-stake-in-pepsico-inc-pep.html.
A number of equities analysts have commented on the stock. Stifel Nicolaus reissued a “hold” rating on shares of Pepsico in a research note on Wednesday, May 31st. BMO Capital Markets cut shares of Pepsico from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $118.00 to $120.00 in a research note on Wednesday, June 7th. They noted that the move was a valuation call. Royal Bank Of Canada reissued a “hold” rating and issued a $115.00 price objective on shares of Pepsico in a research note on Thursday, May 25th. Jefferies Group LLC lifted their price objective on shares of Pepsico from $120.00 to $127.00 and gave the stock a “buy” rating in a research note on Wednesday, April 19th. Finally, Vetr raised shares of Pepsico from a “hold” rating to a “buy” rating and set a $125.54 price objective for the company in a research note on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $120.66.
PepsiCo, Inc is a global food and beverage company. The Company’s portfolio of brands includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. The Company operates through six segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa (ESSA), and Asia, Middle East and North Africa (AMENA).
Want to see what other hedge funds are holding PEP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pepsico, Inc. (NYSE:PEP).
This story was originally published by WKRB News (https://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://www.wkrb13.com/markets/2229524/corundum-group-inc-reduces-stake-in-pepsico-inc-pep.html
Receive News & Ratings for Pepsico Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pepsico Inc. and related companies with MarketBeat.com's FREE daily email newsletter.