Sit Investment Associates Inc. Sells 10,936 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Key Points

• Sit Investment Associates Inc. reduced its stake in PepsiCo by 9.2%, selling 10,936 shares in the first quarter, leaving it with 107,313 shares valued at approximately $16.1 million.
• PepsiCo's latest quarterly earnings beat expectations, reporting $2.12 EPS and $22.73 billion in revenue, reflecting a 1.0% increase compared to the same quarter last year.
• The company announced a quarterly dividend of $1.4225 per share, with an upcoming payment date set for September 30th, indicating a yield of 3.8%.

Sit Investment Associates Inc. cut its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 9.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 107,313 shares of the company's stock after selling 10,936 shares during the period. Sit Investment Associates Inc.'s holdings in PepsiCo were worth $16,091,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PEP. Brighton Jones LLC increased its holdings in PepsiCo by 12.4% in the fourth quarter. Brighton Jones LLC now owns 59,392 shares of the company's stock valued at $9,031,000 after purchasing an additional 6,574 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in PepsiCo by 2.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 470,387 shares of the company's stock valued at $71,527,000 after purchasing an additional 11,538 shares during the last quarter. Finward Bancorp bought a new stake in shares of PepsiCo in the fourth quarter worth about $627,000. Stenger Family Office LLC bought a new stake in shares of PepsiCo in the fourth quarter worth about $334,000. Finally, Finer Wealth Management Inc. increased its holdings in shares of PepsiCo by 1.4% in the fourth quarter. Finer Wealth Management Inc. now owns 15,757 shares of the company's stock worth $2,396,000 after acquiring an additional 210 shares in the last quarter. 73.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PEP shares. Cowen restated a "hold" rating on shares of PepsiCo in a report on Thursday, July 17th. Dbs Bank downgraded PepsiCo from a "strong-buy" rating to a "hold" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of PepsiCo in a report on Thursday, July 17th. Royal Bank Of Canada restated a "sector perform" rating and issued a $148.00 price target on shares of PepsiCo in a report on Tuesday, June 24th. Finally, Barclays increased their price objective on PepsiCo from $132.00 to $144.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $158.73.

PepsiCo Stock Down 0.5%

PEP stock traded down $0.73 during mid-day trading on Thursday, reaching $148.62. The company had a trading volume of 6,890,929 shares, compared to its average volume of 8,969,319. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.78 and a quick ratio of 0.60. The stock has a 50 day simple moving average of $136.99 and a two-hundred day simple moving average of $140.63. The company has a market capitalization of $203.47 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 3.98 and a beta of 0.45. PepsiCo, Inc. has a 52 week low of $127.60 and a 52 week high of $179.73.

PepsiCo (NASDAQ:PEP - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.09. The firm had revenue of $22.73 billion during 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%. The business's revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $2.28 earnings per share. As a group, equities analysts predict that PepsiCo, Inc. will post 8.3 earnings per share for the current fiscal year.

PepsiCo Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be paid a $1.4225 dividend. This represents a $5.69 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, September 5th. PepsiCo's dividend payout ratio (DPR) is currently 103.64%.

PepsiCo 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.