Fifth Third Bancorp Sells 36,710 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Fifth Third Bancorp cut its stake in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 5.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 594,355 shares of the company's stock after selling 36,710 shares during the period. Fifth Third Bancorp's holdings in PepsiCo were worth $89,118,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Tallon Kerry Patrick bought a new stake in PepsiCo during the 4th quarter worth approximately $224,000. Brighton Jones LLC grew its position in PepsiCo by 12.4% during the 4th quarter. Brighton Jones LLC now owns 59,392 shares of the company's stock worth $9,031,000 after acquiring an additional 6,574 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in PepsiCo during the 4th quarter worth approximately $9,268,000. Strategic Financial Concepts LLC bought a new stake in PepsiCo during the 4th quarter worth approximately $162,000. Finally, Stonebridge Financial Group LLC bought a new stake in PepsiCo during the 4th quarter worth approximately $610,000. 73.07% of the stock is owned by institutional investors and hedge funds.

PepsiCo Stock Up 1.8%

Shares of PEP traded up $2.40 during midday trading on Thursday, hitting $132.30. The stock had a trading volume of 11,432,993 shares, compared to its average volume of 6,648,128. The firm has a market cap of $181.39 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 3.09 and a beta of 0.45. The company has a 50 day simple moving average of $135.04 and a two-hundred day simple moving average of $145.63. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.82 and a quick ratio of 0.65. PepsiCo, Inc. has a twelve month low of $127.75 and a twelve month high of $180.91.

PepsiCo (NASDAQ:PEP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.01). The company had revenue of $17.92 billion during the quarter, compared to the consensus estimate of $17.81 billion. PepsiCo had a net margin of 10.43% and a return on equity of 58.87%. PepsiCo's revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.61 EPS. On average, analysts anticipate that PepsiCo, Inc. will post 8.3 EPS for the current year.

PepsiCo Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 6th will be issued a dividend of $1.4225 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $5.69 dividend on an annualized basis and a yield of 4.30%. This is a boost from PepsiCo's previous quarterly dividend of $1.36. PepsiCo's dividend payout ratio (DPR) is presently 83.68%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Barclays decreased their price target on PepsiCo from $143.00 to $135.00 and set an "equal weight" rating on the stock in a research report on Monday, April 28th. Morgan Stanley decreased their price objective on PepsiCo from $168.00 to $153.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. Dbs Bank lowered PepsiCo from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 9th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $163.00 price objective on shares of PepsiCo in a research report on Tuesday, April 22nd. Finally, UBS Group reduced their price target on PepsiCo from $175.00 to $169.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $160.69.

About PepsiCo

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.