Eastern Bank Sells 4,904 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Key Points

• Eastern Bank has reduced its holdings in PepsiCo, Inc. by 3.2%, owning 147,120 shares worth $22,059,000 after selling 4,904 shares in the 1st quarter.
• PepsiCo recently reported quarterly earnings of $2.12 per share, exceeding expectations, with a revenue of $22.73 billion, which also surpassed analyst estimates.
• The company declared a quarterly dividend of $1.4225 per share, representing an annualized dividend of $5.69 and a yield of 3.95%, with a payout ratio of 103.64%.

Eastern Bank trimmed its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 3.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 147,120 shares of the company's stock after selling 4,904 shares during the period. Eastern Bank's holdings in PepsiCo were worth $22,059,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Elite Financial Inc. acquired a new position in shares of PepsiCo in the 1st quarter valued at $28,000. Measured Risk Portfolios Inc. purchased a new position in PepsiCo during the 4th quarter worth approximately $31,000. GKV Capital Management Co. Inc. purchased a new stake in shares of PepsiCo in the fourth quarter valued at $38,000. Bridge Generations Wealth Management LLC acquired a new stake in shares of PepsiCo in the fourth quarter worth $38,000. Finally, Sunbeam Capital Management LLC purchased a new stake in PepsiCo in the 4th quarter worth about $47,000. Institutional investors own 73.07% of the company's stock.

PepsiCo Trading Down 0.7%

NASDAQ:PEP traded down $1.03 on Wednesday, hitting $142.86. 9,730,855 shares of the stock were exchanged, compared to its average volume of 8,992,737. PepsiCo, Inc. has a 52 week low of $127.60 and a 52 week high of $180.91. The company's 50-day moving average price is $134.27 and its 200 day moving average price is $140.98. 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 stock has a market capitalization of $195.59 billion, a price-to-earnings ratio of 26.02, a P/E/G ratio of 3.83 and a beta of 0.45.

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

PepsiCo Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be given a $1.4225 dividend. This represents a $5.69 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Friday, September 5th. PepsiCo's dividend payout ratio is presently 103.64%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Bank of America decreased their target price on shares of PepsiCo from $150.00 to $145.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Wells Fargo & Company increased their price objective on PepsiCo from $140.00 to $154.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Morgan Stanley upped their price objective on shares of PepsiCo from $153.00 to $165.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Royal Bank Of Canada reissued a "sector perform" rating and set a $148.00 price objective on shares of PepsiCo in a research report on Tuesday, June 24th. Finally, Cowen reaffirmed a "hold" rating on shares of PepsiCo in a research report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus 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.