PepsiCo, Inc. $PEP Shares Sold by RBF Capital LLC

Key Points

• RBF Capital LLC reduced its PepsiCo stake by 24.4% in the fourth quarter, selling 35,000 shares and ending with 108,400 shares valued at about $15.6 million.
• PepsiCo reported better-than-expected quarterly results, with EPS of $1.61 versus $1.55 expected and revenue of $19.44 billion, up 8.5% year over year.
• The company also announced a higher quarterly dividend of $1.48 per share, lifting the annualized payout to $5.92 and the dividend yield to 4.1%.

RBF Capital LLC cut its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 24.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 108,400 shares of the company's stock after selling 35,000 shares during the period. RBF Capital LLC's holdings in PepsiCo were worth $15,558,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PEP. Norges Bank acquired a new position in shares of PepsiCo during the fourth quarter worth $3,018,813,000. AQR Capital Management LLC increased its position in shares of PepsiCo by 120.7% during the third quarter. AQR Capital Management LLC now owns 5,916,417 shares of the company's stock worth $830,902,000 after purchasing an additional 3,235,726 shares in the last quarter. Amundi increased its position in shares of PepsiCo by 30.0% during the third quarter. Amundi now owns 8,641,588 shares of the company's stock worth $1,207,230,000 after purchasing an additional 1,995,362 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PepsiCo by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 138,483,870 shares of the company's stock valued at $19,875,205,000 after acquiring an additional 1,612,652 shares during the period. Finally, Caisse de depot et placement du Quebec increased its position in shares of PepsiCo by 151.7% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 2,597,986 shares of the company's stock valued at $364,861,000 after acquiring an additional 1,565,883 shares during the period. 73.07% of the stock is owned by institutional investors and hedge funds.

PepsiCo Price Performance

NASDAQ:PEP opened at $146.12 on Wednesday. PepsiCo, Inc. has a 52 week low of $127.60 and a 52 week high of $171.48. The company has a quick ratio of 0.72, a current ratio of 0.90 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $199.71 billion, a PE ratio of 22.94, a price-to-earnings-growth ratio of 2.65 and a beta of 0.35. The stock's 50-day moving average price is $150.68 and its 200-day moving average price is $152.40.

PepsiCo (NASDAQ:PEP - Get Free Report) last posted its earnings results on Wednesday, April 15th. The company reported $1.61 EPS for the quarter, beating analysts' consensus estimates of $1.55 by $0.06. PepsiCo had a return on equity of 56.61% and a net margin of 9.15%.The firm had revenue of $19.44 billion for the quarter, compared to analysts' expectations of $18.89 billion. During the same period last year, the firm earned $1.48 EPS. The company's quarterly revenue was up 8.5% on a year-over-year basis. As a group, equities analysts expect that PepsiCo, Inc. will post 8.63 EPS for the current fiscal year.

PepsiCo Increases Dividend

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

Analyst Ratings Changes

PEP has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on PepsiCo from $172.00 to $178.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. Rothschild & Co Redburn upped their target price on PepsiCo from $130.00 to $132.00 in a research report on Monday, May 11th. Evercore upped their target price on PepsiCo from $165.00 to $170.00 in a research report on Friday, April 17th. Wells Fargo & Company cut their target price on PepsiCo from $160.00 to $150.00 and set an "equal weight" rating on the stock in a research report on Friday, June 5th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of PepsiCo in a research report on Wednesday, April 8th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $167.35.

More 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 Company Profile

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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