State of Wisconsin Investment Board Sells 16,108 Shares of PepsiCo, Inc. $PEP

Key Points

• State of Wisconsin Investment Board trimmed its PepsiCo stake by 2.2% in the fourth quarter, selling 16,108 shares and leaving it with 715,924 shares valued at about $102.7 million.
• PepsiCo continues to draw mixed analyst views: several firms recently adjusted price targets, but the stock’s overall consensus rating remains Hold with an average target price of $167.35.
• The company recently reported better-than-expected quarterly results and raised its dividend again, boosting the quarterly payout to $1.48 per share for a 4.1% annualized yield.

State of Wisconsin Investment Board lowered its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP - Free Report) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 715,924 shares of the company's stock after selling 16,108 shares during the quarter. State of Wisconsin Investment Board owned about 0.05% of PepsiCo worth $102,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Swiss RE Ltd. bought a new position in PepsiCo in the 4th quarter worth $28,000. MH & Associates Securities Management Corp ADV bought a new position in PepsiCo in the 4th quarter worth $29,000. Imprint Wealth LLC bought a new position in PepsiCo in the 3rd quarter worth $31,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in PepsiCo in the 4th quarter worth $33,000. Finally, Evolution Wealth Management Inc. grew its position in PepsiCo by 47.8% in the 4th quarter. Evolution Wealth Management Inc. now owns 232 shares of the company's stock worth $33,000 after purchasing an additional 75 shares during the last quarter. Institutional investors own 73.07% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PEP. HSBC raised their price target on shares of PepsiCo from $175.00 to $176.00 and gave the stock a "hold" rating in a research report on Friday, April 17th. Argus upgraded shares of PepsiCo to a "hold" rating in a research report on Tuesday, February 17th. Piper Sandler decreased their price target on shares of PepsiCo from $181.00 to $178.00 and set an "overweight" rating on the stock in a research report on Friday. JPMorgan Chase & Co. raised their price target on shares of PepsiCo from $172.00 to $178.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. Finally, BNP Paribas Exane raised their price target on shares of PepsiCo from $191.00 to $195.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $167.35.

Trending Headlines about PepsiCo

Here are the key news stories impacting PepsiCo this week:

• Positive Sentiment: PepsiCo announced its 54th consecutive annual dividend increase, reinforcing its appeal as a defensive, income-generating stock at a time when Treasury yields are elevated. PepsiCo’s 3.9% Yield Is a Safe-Haven Masterclass
• Positive Sentiment: PepsiCo debuted a new limited-edition soda, which could help drive short-term consumer interest and support beverage sales. PepsiCo just debuted a new limited-edition soda that's guaranteed to sell out
• Positive Sentiment: PepsiCo continues to highlight future growth initiatives, including experiential drinks and regenerative farming partnerships, which suggest management is still investing in new revenue streams. PepsiCo Targets Experiential Drinks And Regenerative Farming For Future Growth
• Neutral Sentiment: PepsiCo senior director Maneesha Khanna stepped down after 13 years; this looks like a personnel change rather than a material business event. PepsiCo Senior Director Maneesha Khanna steps down after 13 years
• Neutral Sentiment: PepsiCo was mentioned in articles about broader S&P 500 ideas and sustainability events, but those items do not appear to change the company’s near-term fundamentals. Sustainability LIVE Announces Final Week to Register for The Leadership Summit
• Negative Sentiment: Piper Sandler lowered its price target on PepsiCo, which can weigh on sentiment by signaling a more cautious outlook for the stock’s upside. PepsiCo (PEP) Price Target Lowered at Piper Sandler. Here is Why

PepsiCo Trading Down 0.1%

Shares of PEP stock opened at $146.12 on Wednesday. PepsiCo, Inc. has a 12-month low of $127.60 and a 12-month high of $171.48. The company has a market capitalization of $199.71 billion, a P/E ratio of 22.94, a P/E/G ratio of 2.65 and a beta of 0.35. The firm has a 50-day moving average price of $150.68 and a 200 day moving average price of $152.40. The company has a quick ratio of 0.72, a current ratio of 0.90 and a debt-to-equity ratio of 1.98.

PepsiCo (NASDAQ:PEP - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.06. PepsiCo had a net margin of 9.15% and a return on equity of 56.61%. The firm had revenue of $19.44 billion during the quarter, compared to the consensus estimate of $18.89 billion. During the same period last year, the firm posted $1.48 EPS. The firm's quarterly revenue was up 8.5% on a year-over-year basis. Research analysts forecast that PepsiCo, Inc. will post 8.63 earnings per share for the current fiscal year.

PepsiCo Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be issued a dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $5.92 annualized dividend and a yield of 4.1%. This is an increase from PepsiCo's previous quarterly dividend of $1.42. PepsiCo's payout ratio is 92.94%.

PepsiCo 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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