Jennison Associates LLC Lowers Position in PepsiCo, Inc. (NASDAQ:PEP)

Jennison Associates LLC trimmed its stake in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 9.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 311,796 shares of the company's stock after selling 32,454 shares during the period. Jennison Associates LLC's holdings in PepsiCo were worth $46,751,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. WealthTrak Capital Management LLC acquired a new stake in PepsiCo during the fourth quarter worth $28,000. Elite Financial Inc. acquired a new stake in shares of PepsiCo during the first quarter worth about $28,000. Prudent Man Investment Management Inc. acquired a new position in PepsiCo in the 4th quarter valued at about $30,000. Measured Risk Portfolios Inc. purchased a new stake in PepsiCo in the 4th quarter valued at approximately $31,000. Finally, Summit Securities Group LLC purchased a new stake in PepsiCo in the 4th quarter valued at approximately $33,000. 73.07% of the stock is owned by institutional investors and hedge funds.

PepsiCo Stock Performance

NASDAQ:PEP traded down $2.20 on Friday, hitting $143.24. The company's stock had a trading volume of 13,738,009 shares, compared to its average volume of 7,239,591. The firm has a market capitalization of $196.39 billion, a P/E ratio of 26.09, a price-to-earnings-growth ratio of 4.38 and a beta of 0.45. The company has a current ratio of 0.78, a quick ratio of 0.65 and a debt-to-equity ratio of 2.12. PepsiCo, Inc. has a one year low of $127.60 and a one year high of $180.91. The stock has a fifty day moving average of $132.23 and a two-hundred day moving average of $141.11.

PepsiCo (NASDAQ:PEP - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.09. The company had revenue of $22.73 billion for 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%. PepsiCo's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the business posted $2.28 EPS. Research analysts predict that PepsiCo, Inc. will post 8.3 earnings per share for the current year.

PepsiCo Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 6th were paid a dividend of $1.4225 per share. This represents a $5.69 dividend on an annualized basis and a dividend yield of 3.97%. This is a positive change from PepsiCo's previous quarterly dividend of $1.36. The ex-dividend date of this dividend was Friday, June 6th. PepsiCo's payout ratio is presently 103.64%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PEP shares. Bank of America reduced their target price on PepsiCo from $150.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Wells Fargo & Company increased their price objective on shares of PepsiCo from $140.00 to $154.00 and gave the stock an "equal weight" rating in a research note on Friday. Cowen restated a "hold" rating on shares of PepsiCo in a research note on Thursday. Barclays decreased their price objective on shares of PepsiCo from $135.00 to $132.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. dropped their target price on shares of PepsiCo from $150.00 to $139.00 and set a "neutral" rating on the stock in a report on Thursday, July 10th. One 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.com, the company presently has an average rating of "Hold" and an average price target of $157.93.

PepsiCo Company 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.