PepsiCo, Inc. $PEP Stock: Fisher Asset Management LLC Raises Stake

Key Points

• Fisher Asset Management increased its PepsiCo stake by 3.6% in the third quarter, adding 310,265 shares to hold about 9 million shares worth $1.14 billion. Institutional investors collectively own 73.07% of the stock.
• Director Robert C. Pohlad bought 184,646 shares for about $23.7 million, while CEO Ramon Laguarta sold 30,000 shares. Insiders own 0.12% of PepsiCo.
• Analysts have a consensus Hold rating and an average price target of $143.28. PepsiCo’s latest quarterly results topped estimates, with EPS of $2.34 and revenue of $25.27 billion, up 5.6% year over year.

Fisher Asset Management LLC grew its stake in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 3.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,987,086 shares of the company's stock after buying an additional 310,265 shares during the period. Fisher Asset Management LLC owned 0.66% of PepsiCo worth $1,138,844,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. grew its stake in PepsiCo by 2.1% during the second quarter. BlackRock Inc. now owns 118,281,854 shares of the company's stock valued at $16,015,363,000 after acquiring an additional 2,440,377 shares in the last quarter. State Street Corp lifted its stake in PepsiCo by 1.7% in the 2nd quarter. State Street Corp now owns 60,406,932 shares of the company's stock worth $8,179,099,000 after purchasing an additional 987,582 shares in the last quarter. Bank of America Corp DE lifted its stake in PepsiCo by 0.6% in the 1st quarter. Bank of America Corp DE now owns 21,283,701 shares of the company's stock worth $3,305,146,000 after purchasing an additional 133,325 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in PepsiCo by 4.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,817,684 shares of the company's stock worth $1,600,114,000 after purchasing an additional 549,336 shares in the last quarter. Finally, Amundi boosted its holdings in PepsiCo by 16.8% in the 1st quarter. Amundi now owns 11,444,671 shares of the company's stock valued at $1,777,243,000 after purchasing an additional 1,647,506 shares during the period. 73.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other PepsiCo news, Director Robert C. Pohlad bought 184,646 shares of the firm's stock in a transaction that occurred on Wednesday, October 14th. The stock was bought at an average price of $128.28 per share, for a total transaction of $23,686,388.88. Following the completion of the acquisition, the director directly owned 433,009 shares in the company, valued at $55,546,394.52. The trade was a 74.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ramon Laguarta sold 30,000 shares of the company's stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $135.13, for a total transaction of $4,053,900.00. Following the completion of the transaction, the chief executive officer owned 491,645 shares of the company's stock, valued at $66,435,988.85. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.12% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Weiss Ratings lowered shares of PepsiCo from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, September 24th. Jefferies Financial Group restated a "hold" rating on shares of PepsiCo in a research note on Thursday, October 8th. Barclays dropped their price target on PepsiCo from $133.00 to $126.00 and set an "equal weight" rating for the company in a research report on Monday, October 12th. Piper Sandler cut their price objective on PepsiCo from $176.00 to $140.00 and set an "overweight" rating for the company in a report on Friday, October 9th. Finally, Wells Fargo & Company decreased their price objective on shares of PepsiCo from $140.00 to $135.00 and set an "equal weight" rating on the stock in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $143.28.

Recent PepsiCo Headlines

Investors following PEP have been watching these headlines:

• Positive Sentiment: Wall Street analysts remain moderately optimistic about PepsiCo’s prospects despite its underperformance over the past year, offering some support for the longer-term outlook. PepsiCo Stock Outlook: Is Wall Street Bullish or Bearish?
• Neutral Sentiment: PepsiCo plans to eliminate about 1,000 North American jobs as part of a turnaround effort backed by activist investor Elliott. The cuts aim to simplify operations and improve productivity, but the financial benefit is not yet specified. PepsiCo plans 1,000 North America job cuts
• Negative Sentiment: The workforce reduction comes amid sluggish North American sales and declining beverage volumes, with consumers shifting away from sugary sodas. That suggests the company’s challenges are not limited to costs and may require a turnaround in demand. PepsiCo to cut about 1,000 North American jobs

PepsiCo Price Performance

Shares of PepsiCo stock opened at $142.26 on Friday. PepsiCo, Inc. has a 52-week low of $123.47 and a 52-week high of $171.48. The stock has a market capitalization of $193.86 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 4.28 and a beta of 0.31. The company has a fifty day moving average of $133.53 and a 200-day moving average of $145.70. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.76 and a current ratio of 0.94.

PepsiCo (NASDAQ:PEP - Get Free Report) last posted its quarterly earnings results on Wednesday, October 7th. The company reported $2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.05. PepsiCo had a net margin of 11.09% and a return on equity of 53.08%. The business had revenue of $25.27 billion during the quarter, compared to analyst estimates of $24.95 billion. During the same period in the prior year, the business posted $2.29 earnings per share. The company's revenue was up 5.6% on a year-over-year basis. Equities research analysts expect that PepsiCo, Inc. will post 8.42 EPS for the current year.

About PepsiCo

PepsiCo, Inc. is a global food and beverage company that develops, manufactures, markets and distributes a broad range of products. Its portfolio includes snacks such as Lay's, Doritos and Cheetos, as well as beverages including Pepsi, Gatorade and Mountain Dew. The company was formed in 1965 through the merger of Pepsi-Cola and Frito-Lay. Its products are sold in more than 200 countries and territories through retail, food-service and other distribution channels. PepsiCo is headquartered in Purchase, New York.

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