State of Michigan Retirement System Has $52.55 Million Stake in PepsiCo, Inc. $PEP

Key Points

• State of Michigan Retirement System trimmed its PepsiCo stake by 4.5% in Q4, selling 17,100 shares and leaving it with 366,122 shares valued at approximately $52.55 million.
• Q1 beat and outlook: PepsiCo reported $1.61 EPS vs. $1.55 expected and $19.44 billion in revenue (up 8.5% YoY), and set FY2026 guidance of $8.465–$8.628 EPS with analysts forecasting about $8.63.
• Capital returns: The board approved a $10.0 billion share repurchase program (up to ~4.7% of shares) and paid a quarterly dividend of $1.4225 ($5.69 annualized, ~3.7% yield).

State of Michigan Retirement System trimmed its stake in PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 4.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 366,122 shares of the company's stock after selling 17,100 shares during the period. State of Michigan Retirement System's holdings in PepsiCo were worth $52,546,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PEP. Saybrook Capital NC grew its holdings in PepsiCo by 0.8% during the fourth quarter. Saybrook Capital NC now owns 25,165 shares of the company's stock valued at $3,612,000 after purchasing an additional 200 shares during the last quarter. Inscription Capital LLC lifted its stake in shares of PepsiCo by 1.6% in the fourth quarter. Inscription Capital LLC now owns 20,884 shares of the company's stock worth $2,997,000 after buying an additional 331 shares during the last quarter. Facet Wealth Inc. boosted its holdings in shares of PepsiCo by 31.4% during the 4th quarter. Facet Wealth Inc. now owns 2,918 shares of the company's stock worth $433,000 after buying an additional 697 shares during the period. High Point Wealth Management LLC acquired a new position in PepsiCo in the 4th quarter valued at $94,000. Finally, Quent Capital LLC grew its stake in PepsiCo by 14.2% in the 4th quarter. Quent Capital LLC now owns 5,047 shares of the company's stock valued at $724,000 after buying an additional 626 shares during the last quarter. Institutional investors own 73.07% of the company's stock.

Key Headlines Impacting PepsiCo

Here are the key news stories impacting PepsiCo this week:

• Positive Sentiment: PepsiCo announced a partnership with Google Cloud to accelerate AI across its supply chain, which could improve forecasting, reduce costs and support margins over time. PepsiCo partners with Google Cloud to boost AI supply chain
• Positive Sentiment: Management delivered a Q1 beat and is expanding Gatorade beyond traditional sports marketing — an earnings upside plus brand extension that supports near-term revenue and longer-term growth in the sports/functional beverage category. PepsiCo expands Gatorade beyond sports as Q1 earnings beat
• Positive Sentiment: PepsiCo broadened its Quaker snack lineup with Protein Rice Crisps, supporting the company’s shift into higher-growth, health-forward food SKUs that can offset soda volume pressure. PepsiCo expands Quaker portfolio with Protein Rice Crisps
• Positive Sentiment: Media pieces and screeners are flagging PEP as a defensive, “safe” stock amid geopolitical uncertainty — investor sentiment that can support multiples in volatile markets as Pepsi leans into health-focused brands and innovation. PepsiCo Inc. (PEP): Fortress for Capital Preservation Amid Geopolitical Instability
• Positive Sentiment: High-visibility promotion: Gatorade launched a global football campaign (“Is It In You?”) tied to elite athletes — a marketing push that can drive awareness and seasonal volume. GATORADE ASSERTS THERE ARE NO SHORTCUTS TO GREATNESS IN NEW 'IS IT IN YOU?' GLOBAL FOOTBALL CAMPAIGN
• Positive Sentiment: Celebrity/influencer attention: Jim Cramer highlighted a potentially strong upcoming Pepsi product, which can boost retail interest and short-term sentiment. Jim Cramer Reveals Potentially Hot Upcoming Pepsi Product
• Neutral Sentiment: Coverage comparing Coca‑Cola and PepsiCo reinforces the different growth profiles (Coke’s Zero Sugar momentum vs. PepsiCo’s international/foods mix) — useful for portfolio allocation but not an immediate catalyst. Got 5,000? Coca-Cola vs. PepsiCo – One Has Quietly Outperformed for a Decade
• Neutral Sentiment: Inclusion on “bear-market” and beginner-safe stock lists highlights defensive appeal; supports demand in risk-off environments but is not a near-term earnings driver. 5 Best Bear Market Stocks to Invest In Right Now
• Negative Sentiment: Analysis suggests PepsiCo’s conservative accounting may mask softer underlying results — a potential concern for investors parsing quality of earnings and near-term profit sustainability. PepsiCo's NASDAQ: PEP Conservative Accounting Might Explain Soft Earnings

PepsiCo Stock Performance

NASDAQ PEP opened at $155.44 on Monday. The company's fifty day moving average is $158.61 and its two-hundred day moving average is $152.23. PepsiCo, Inc. has a 52-week low of $127.60 and a 52-week high of $171.48. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.90 and a quick ratio of 0.72. The firm has a market capitalization of $212.45 billion, a price-to-earnings ratio of 24.40, a P/E/G ratio of 2.85 and a beta of 0.40.

PepsiCo (NASDAQ:PEP - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The company reported $1.61 EPS for the quarter, beating analysts' consensus estimates of $1.55 by $0.06. PepsiCo had a net margin of 9.15% and a return on equity of 56.61%. The business had revenue of $19.44 billion during the quarter, compared to analyst estimates of $18.89 billion. During the same quarter in the prior year, the business earned $1.48 earnings per share. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. PepsiCo has set its FY 2026 guidance at 8.465-8.628 EPS. Equities research analysts forecast that PepsiCo, Inc. will post 8.63 EPS for the current year.

PepsiCo Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th were issued a $1.4225 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $5.69 annualized dividend and a yield of 3.7%. PepsiCo's dividend payout ratio is 89.32%.

PepsiCo declared that its Board of Directors has approved a share repurchase plan on Tuesday, February 3rd that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the company to purchase up to 4.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Argus raised shares of PepsiCo to a "hold" rating in a research report on Tuesday, February 17th. Morgan Stanley raised their price target on PepsiCo from $165.00 to $180.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 4th. BNP Paribas Exane boosted their price objective on PepsiCo from $191.00 to $195.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Evercore increased their target price on PepsiCo from $165.00 to $170.00 in a research note on Friday, April 17th. Finally, Piper Sandler raised their target price on PepsiCo from $172.00 to $181.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $170.26.

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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