SouthState Corp Has $10.50 Million Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Key Points

• SouthState Corp increased its stake in PepsiCo by 46%, owning 70,004 shares worth approximately $10.50 million as of the latest SEC filing.
• PepsiCo's recent quarterly earnings report showed an earnings per share (EPS) of $2.12, exceeding analysts' expectations, with revenue reaching $22.73 billion.
• The company has declared a quarterly dividend of $1.4225 per share, reflecting an annualized yield of 3.9%, with a dividend payout ratio of 103.64%.

SouthState Corp lifted its stake in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 46.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,004 shares of the company's stock after acquiring an additional 22,067 shares during the quarter. SouthState Corp's holdings in PepsiCo were worth $10,496,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Legacy Financial Group LLC lifted its stake in shares of PepsiCo by 4.9% in the first quarter. Legacy Financial Group LLC now owns 1,514 shares of the company's stock valued at $227,000 after purchasing an additional 71 shares during the period. Pflug Koory LLC grew its holdings in shares of PepsiCo by 1.0% during the first quarter. Pflug Koory LLC now owns 7,750 shares of the company's stock worth $1,162,000 after buying an additional 76 shares in the last quarter. Hoge Financial Services LLC grew its holdings in PepsiCo by 2.1% in the first quarter. Hoge Financial Services LLC now owns 3,633 shares of the company's stock valued at $545,000 after purchasing an additional 76 shares during the period. Members Trust Co grew its holdings in PepsiCo by 1.3% in the first quarter. Members Trust Co now owns 5,941 shares of the company's stock valued at $891,000 after purchasing an additional 77 shares during the period. Finally, Fairview Capital Investment Management LLC grew its holdings in PepsiCo by 2.3% in the fourth quarter. Fairview Capital Investment Management LLC now owns 3,526 shares of the company's stock valued at $536,000 after purchasing an additional 78 shares during the period. 73.07% of the stock is owned by hedge funds and other institutional investors.

PepsiCo Trading Down 0.2%

NASDAQ:PEP traded down $0.34 on Monday, hitting $144.87. 5,772,177 shares of the stock were exchanged, compared to its average volume of 9,407,565. The stock has a market capitalization of $198.34 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 3.87 and a beta of 0.45. PepsiCo, Inc. has a 52 week low of $127.60 and a 52 week high of $179.73. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.60 and a current ratio of 0.78. The company's 50-day moving average price is $135.98 and its 200 day moving average price is $140.57.

PepsiCo (NASDAQ:PEP - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $2.12 earnings per share 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 analysts' expectations of $22.28 billion. PepsiCo had a return on equity of 57.81% and a net margin of 8.23%. The company's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.28 EPS. On average, equities research analysts forecast that PepsiCo, Inc. will post 8.3 earnings per share for the current year.

PepsiCo Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be given a $1.4225 dividend. The ex-dividend date is Friday, September 5th. This represents a $5.69 annualized dividend and a dividend yield of 3.9%. PepsiCo's payout ratio is currently 103.64%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PEP shares. Bank of America decreased their price objective on shares of PepsiCo from $150.00 to $145.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Citigroup upped their target price on shares of PepsiCo from $160.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Dbs Bank downgraded shares of PepsiCo from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 9th. Cowen restated a "hold" rating on shares of PepsiCo in a research note on Thursday, July 17th. Finally, Barclays increased their price objective on shares of PepsiCo from $132.00 to $144.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $158.73.

PepsiCo Company 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.