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PNC Financial Services Group Inc. Sells 393,471 Shares of PepsiCo, Inc. (NASDAQ:PEP)

PepsiCo logo with Consumer Staples background

Key Points

  • PNC Financial Services Group Inc. reduced its stake in PepsiCo by 8.6%, selling 393,471 shares, and now owns approximately 4.17 million shares valued at about $625.9 million.
  • PepsiCo announced a quarterly dividend of $1.4225 per share, representing an annual yield of 4.1%, with a payout ratio of 103.64%.
  • Recent analyst reports have resulted in multiple price target adjustments for PepsiCo, with estimates now ranging from $132 to $169, and the current average consensus target price stands at $158.73.
  • MarketBeat previews top five stocks to own in September.

PNC Financial Services Group Inc. cut its holdings in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 8.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,174,061 shares of the company's stock after selling 393,471 shares during the period. PNC Financial Services Group Inc. owned about 0.30% of PepsiCo worth $625,859,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Brighton Jones LLC boosted its stake in shares of 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 purchasing an additional 6,574 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in shares of PepsiCo by 2.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 470,387 shares of the company's stock worth $71,527,000 after purchasing an additional 11,538 shares during the period. Trexquant Investment LP purchased a new position in shares of PepsiCo during the 4th quarter worth about $7,083,000. Bryce Point Capital LLC purchased a new position in shares of PepsiCo during the 4th quarter worth about $508,000. Finally, Arete Wealth Advisors LLC boosted its stake in shares of PepsiCo by 31.0% during the 4th quarter. Arete Wealth Advisors LLC now owns 16,124 shares of the company's stock worth $2,447,000 after purchasing an additional 3,811 shares during the period. 73.07% of the stock is currently owned by institutional investors.

PepsiCo Trading Up 1.0%

NASDAQ PEP opened at $139.28 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.78 and a debt-to-equity ratio of 2.12. The firm has a market cap of $190.69 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 3.67 and a beta of 0.45. The company has a 50 day moving average price of $134.63 and a 200 day moving average price of $140.89. PepsiCo, Inc. has a 52 week low of $127.60 and a 52 week high of $180.91.

PepsiCo (NASDAQ:PEP - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $2.12 EPS for the quarter, topping the consensus estimate of $2.03 by $0.09. The firm had revenue of $22.73 billion during the quarter, compared to analyst estimates of $22.28 billion. PepsiCo had a net margin of 8.23% and a return on equity of 57.81%. PepsiCo's revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.28 EPS. As a group, sell-side analysts forecast that PepsiCo, Inc. will post 8.3 EPS for the current fiscal year.

PepsiCo Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be paid a dividend of $1.4225 per share. This represents a $5.69 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, September 5th. PepsiCo's payout ratio is 103.64%.

Analysts Set New Price Targets

PEP has been the subject of a number of recent analyst reports. Barclays lifted their price target on shares of PepsiCo from $132.00 to $144.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Wells Fargo & Company boosted their price objective on shares of PepsiCo from $140.00 to $154.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Cowen reissued a "hold" rating on shares of PepsiCo in a research report on Thursday, July 17th. UBS Group lowered their price objective on shares of PepsiCo from $175.00 to $169.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Finally, Morgan Stanley boosted their price objective on shares of PepsiCo from $153.00 to $165.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $158.73.

Get Our Latest Analysis on PEP

About PepsiCo

(Free Report)

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.

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Institutional Ownership by Quarter for PepsiCo (NASDAQ:PEP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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