Cornerstone Advisors LLC Cuts Stake in PepsiCo, Inc. (NASDAQ:PEP)

Key Points

• Cornerstone Advisors LLC reduced its stake in PepsiCo by 17.1% during the first quarter, now holding 63,200 shares valued at approximately $9.48 million.
• PepsiCo's latest quarterly earnings report revealed an earnings per share (EPS) of $2.12, surpassing expectations, with a revenue of $22.73 billion.
• The company announced a quarterly dividend of $1.4225 per share, which is set to be paid on September 30th, representing an annualized yield of 4.1%.

Cornerstone Advisors LLC trimmed its stake in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 17.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,200 shares of the company's stock after selling 13,000 shares during the quarter. Cornerstone Advisors LLC's holdings in PepsiCo were worth $9,476,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. grew its holdings in shares of PepsiCo by 3.6% in the 1st quarter. Asset Management One Co. Ltd. now owns 630,906 shares of the company's stock worth $94,598,000 after acquiring an additional 21,859 shares during the period. Ignite Planners LLC grew its holdings in shares of PepsiCo by 4.2% in the 1st quarter. Ignite Planners LLC now owns 3,773 shares of the company's stock worth $566,000 after acquiring an additional 151 shares during the period. Ossiam grew its holdings in shares of PepsiCo by 138.9% in the 4th quarter. Ossiam now owns 73,604 shares of the company's stock worth $11,192,000 after acquiring an additional 42,793 shares during the period. Graybill Wealth Management LTD. acquired a new stake in shares of PepsiCo in the 1st quarter worth approximately $3,633,000. Finally, OMERS ADMINISTRATION Corp grew its holdings in PepsiCo by 12.1% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 124,797 shares of the company's stock valued at $18,977,000 after buying an additional 13,461 shares during the last quarter. Hedge funds and other institutional investors own 73.07% of the company's stock.

PepsiCo Trading Up 2.2%

Shares of PEP traded up $3.12 during trading hours on Thursday, hitting $143.92. The stock had a trading volume of 7,669,729 shares, compared to its average volume of 9,599,806. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.60 and a current ratio of 0.78. The firm has a market cap of $197.04 billion, a P/E ratio of 26.21, a P/E/G ratio of 3.75 and a beta of 0.45. The company's fifty day simple moving average is $135.19 and its 200 day simple moving average is $140.76. PepsiCo, Inc. has a 12-month low of $127.60 and a 12-month high of $179.73.

PepsiCo (NASDAQ:PEP - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.09. The business had revenue of $22.73 billion for the quarter, compared to analyst estimates of $22.28 billion. PepsiCo had a return on equity of 57.81% and a net margin of 8.23%. The business's quarterly revenue was up 1.0% on a year-over-year basis. During the same period last year, the company posted $2.28 EPS. Equities research analysts forecast that PepsiCo, Inc. will post 8.3 EPS for the current fiscal year.

PepsiCo Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be given a $1.4225 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $5.69 annualized dividend and a yield of 4.0%. PepsiCo's dividend payout ratio (DPR) is 103.64%.

Analyst Upgrades and Downgrades

PEP has been the topic of a number of analyst reports. Evercore ISI set a $140.00 target price on PepsiCo in a report on Thursday, April 24th. Wells Fargo & Company increased their target price on PepsiCo from $140.00 to $154.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Bank of America lowered their target price on PepsiCo from $150.00 to $145.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. JPMorgan Chase & Co. lowered their target price on PepsiCo from $150.00 to $139.00 and set a "neutral" rating on the stock in a report on Thursday, July 10th. Finally, Morgan Stanley increased their target price on PepsiCo from $153.00 to $165.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $158.73.

PepsiCo Profile

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.