PepsiCo, Inc. (NASDAQ:PEP) Shares Sold by SouthState Corp

SouthState Corp lessened its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,682 shares of the company’s stock after selling 1,218 shares during the quarter. SouthState Corp’s holdings in PepsiCo were worth $8,618,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PEP. International Assets Investment Management LLC raised its holdings in shares of PepsiCo by 17,113.0% in the 3rd quarter. International Assets Investment Management LLC now owns 3,220,385 shares of the company’s stock worth $547,626,000 after purchasing an additional 3,201,676 shares in the last quarter. Swedbank AB grew its position in PepsiCo by 211.4% in the third quarter. Swedbank AB now owns 2,345,467 shares of the company’s stock worth $398,847,000 after buying an additional 1,592,343 shares during the last quarter. PineStone Asset Management Inc. increased its holdings in shares of PepsiCo by 125.2% in the second quarter. PineStone Asset Management Inc. now owns 2,740,573 shares of the company’s stock valued at $452,003,000 after buying an additional 1,523,631 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of PepsiCo by 7.2% during the 2nd quarter. Legal & General Group Plc now owns 13,547,547 shares of the company’s stock worth $2,234,400,000 after acquiring an additional 905,468 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of PepsiCo during the third quarter worth $151,749,000. 73.07% of the stock is currently owned by institutional investors and hedge funds.

PepsiCo Price Performance

Shares of PEP stock opened at $158.33 on Tuesday. The firm has a market cap of $217.23 billion, a price-to-earnings ratio of 23.35, a P/E/G ratio of 2.96 and a beta of 0.53. The stock’s fifty day simple moving average is $170.42 and its 200 day simple moving average is $171.38. PepsiCo, Inc. has a one year low of $157.76 and a one year high of $183.41. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70.

PepsiCo (NASDAQ:PEP) last announced its quarterly earnings results on Tuesday, October 8th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.01. The firm had revenue of $23.32 billion during the quarter, compared to the consensus estimate of $23.86 billion. PepsiCo had a net margin of 10.18% and a return on equity of 57.32%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the firm posted $2.25 EPS. On average, analysts expect that PepsiCo, Inc. will post 8.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on PEP. Morgan Stanley downgraded PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 price objective on the stock. in a report on Friday, September 20th. Barclays reduced their target price on PepsiCo from $186.00 to $183.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. TD Cowen downgraded PepsiCo from a “buy” rating to a “hold” rating and lowered their price target for the company from $190.00 to $183.00 in a report on Thursday, October 10th. Royal Bank of Canada lowered their target price on shares of PepsiCo from $177.00 to $176.00 and set a “sector perform” rating on the stock in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. lowered their price target on PepsiCo from $185.00 to $183.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $183.92.

About PepsiCo

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.