PepsiCo, Inc. $PEP Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI cut its PepsiCo stake by 8.3% in the fourth quarter, selling 269,867 shares and leaving it with 2,967,790 shares valued at about $425.9 million.
• PepsiCo continued to reward shareholders with its 54th straight annual dividend increase, and its latest quarterly payout rose to $1.48 per share, implying an annualized dividend of $5.92 and a yield of about 4.1%.
• Wall Street remains cautious but mixed on PEP: analysts currently rate the stock a “Hold” on average, and Piper Sandler recently lowered its price target, even as PepsiCo beat quarterly earnings and revenue estimates.

National Bank of Canada FI trimmed its position in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 8.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,967,790 shares of the company's stock after selling 269,867 shares during the quarter. National Bank of Canada FI owned about 0.22% of PepsiCo worth $425,924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors raised its stake in shares of PepsiCo by 3.6% in the 3rd quarter. Captrust Financial Advisors now owns 554,798 shares of the company's stock valued at $77,916,000 after acquiring an additional 19,218 shares during the period. Swiss Life Asset Management Ltd raised its stake in shares of PepsiCo by 11.4% in the 4th quarter. Swiss Life Asset Management Ltd now owns 415,271 shares of the company's stock valued at $59,600,000 after acquiring an additional 42,335 shares during the period. Murphy Middleton Hinkle & Parker Inc. raised its stake in shares of PepsiCo by 622.3% in the 4th quarter. Murphy Middleton Hinkle & Parker Inc. now owns 35,603 shares of the company's stock valued at $5,110,000 after acquiring an additional 30,674 shares during the period. Allstate Corp raised its stake in shares of PepsiCo by 108.1% in the 4th quarter. Allstate Corp now owns 104,723 shares of the company's stock valued at $15,030,000 after acquiring an additional 54,405 shares during the period. Finally, NEOS Investment Management LLC raised its stake in shares of PepsiCo by 65.8% in the 3rd quarter. NEOS Investment Management LLC now owns 577,111 shares of the company's stock valued at $81,049,000 after acquiring an additional 229,121 shares during the period. 73.07% of the stock is currently owned by institutional investors and hedge funds.

Key PepsiCo News

Here are the key news stories impacting PepsiCo this week:

• Positive Sentiment: PepsiCo announced its 54th consecutive annual dividend increase, reinforcing its appeal as a defensive, income-generating stock at a time when Treasury yields are elevated. PepsiCo’s 3.9% Yield Is a Safe-Haven Masterclass
• Positive Sentiment: PepsiCo debuted a new limited-edition soda, which could help drive short-term consumer interest and support beverage sales. PepsiCo just debuted a new limited-edition soda that's guaranteed to sell out
• Positive Sentiment: PepsiCo continues to highlight future growth initiatives, including experiential drinks and regenerative farming partnerships, which suggest management is still investing in new revenue streams. PepsiCo Targets Experiential Drinks And Regenerative Farming For Future Growth
• Neutral Sentiment: PepsiCo senior director Maneesha Khanna stepped down after 13 years; this looks like a personnel change rather than a material business event. PepsiCo Senior Director Maneesha Khanna steps down after 13 years
• Neutral Sentiment: PepsiCo was mentioned in articles about broader S&P 500 ideas and sustainability events, but those items do not appear to change the company’s near-term fundamentals. Sustainability LIVE Announces Final Week to Register for The Leadership Summit
• Negative Sentiment: Piper Sandler lowered its price target on PepsiCo, which can weigh on sentiment by signaling a more cautious outlook for the stock’s upside. PepsiCo (PEP) Price Target Lowered at Piper Sandler. Here is Why

PepsiCo Price Performance

Shares of PEP opened at $146.12 on Wednesday. PepsiCo, Inc. has a fifty-two week low of $127.60 and a fifty-two week high of $171.48. The firm's 50 day moving average price is $150.68 and its 200 day moving average price is $152.40. The company has a market cap of $199.71 billion, a P/E ratio of 22.94, a PEG ratio of 2.65 and a beta of 0.35. The company has a quick ratio of 0.72, a current ratio of 0.90 and a debt-to-equity ratio of 1.98.

PepsiCo (NASDAQ:PEP - Get Free Report) last announced its earnings results on Wednesday, April 15th. The company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.06. PepsiCo had a net margin of 9.15% and a return on equity of 56.61%. The firm had revenue of $19.44 billion for the quarter, compared to the consensus estimate of $18.89 billion. During the same period in the prior year, the firm earned $1.48 EPS. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. On average, research analysts forecast that PepsiCo, Inc. will post 8.63 earnings per share for the current fiscal year.

PepsiCo Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be given a $1.48 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from PepsiCo's previous quarterly dividend of $1.42. PepsiCo's payout ratio is currently 92.94%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PEP shares. Rothschild & Co Redburn boosted their price target on shares of PepsiCo from $130.00 to $132.00 in a research note on Monday, May 11th. Evercore boosted their price target on shares of PepsiCo from $165.00 to $170.00 in a research note on Friday, April 17th. TD Cowen reduced their price target on shares of PepsiCo from $165.00 to $150.00 and set a "hold" rating on the stock in a research note on Friday, June 12th. Barclays upped their target price on shares of PepsiCo from $154.00 to $158.00 and gave the stock an "equal weight" rating in a research note on Monday, April 20th. Finally, Argus raised shares of PepsiCo to a "hold" rating in a research note on Tuesday, February 17th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $167.35.

About PepsiCo

PepsiCo, Inc NASDAQ: PEP is a multinational food and beverage company headquartered in Purchase, New York. The company develops, manufactures, markets and sells a broad portfolio of branded food and beverage products, including carbonated and noncarbonated soft drinks, bottled water, sports drinks, juices, ready-to-drink teas and coffees, salty snacks, cereals, and other convenient foods. Its leading consumer brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Quaker, Lay's, Doritos and Cheetos, among others.

Formed through the 1965 merger of Pepsi-Cola and Frito-Lay, PepsiCo has grown into a global business with integrated manufacturing, distribution and marketing operations.

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