PepsiCo, Inc. $PEP Stock Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its stake in PepsiCo, Inc. (NASDAQ:PEP) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 266,016 shares of the company’s stock after acquiring an additional 10,017 shares during the period. Illinois Municipal Retirement Fund’s holdings in PepsiCo were worth $33,710,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank of America Corp DE bought a new stake in shares of PepsiCo during the second quarter valued at approximately $2,755,509,000. Legal & General Group Plc bought a new position in PepsiCo in the second quarter worth approximately $1,200,274,000. Corient Private Wealth LP bought a new position in PepsiCo in the second quarter worth approximately $297,116,000. Canada Pension Plan Investment Board purchased a new position in PepsiCo during the 2nd quarter worth $487,558,000. Finally, Assenagon Asset Management S.A. increased its holdings in PepsiCo by 952.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,715,812 shares of the company’s stock worth $503,121,000 after purchasing an additional 3,362,794 shares during the period. 73.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Ramon Laguarta sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $135.13, for a total transaction of $4,053,900.00. Following the completion of the sale, the chief executive officer directly owned 491,645 shares in the company, valued at $66,435,988.85. This represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert C. Pohlad acquired 184,646 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were bought at an average cost of $128.28 per share, for a total transaction of $23,686,388.88. Following the transaction, the director owned 433,009 shares of the company’s stock, valued at $55,546,394.52. This represents a 74.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 0.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $165.00 target price on shares of PepsiCo in a research report on Thursday, October 8th. Evercore dropped their price target on PepsiCo from $150.00 to $135.00 in a research report on Wednesday, September 30th. UBS Group cut their price target on PepsiCo from $159.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. Wells Fargo & Company decreased their price objective on PepsiCo from $140.00 to $135.00 and set an “equal weight” rating for the company in a report on Monday, October 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $132.00 price objective on shares of PepsiCo in a research note on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $143.28.

PepsiCo Stock Performance

Shares of PEP stock opened at $143.61 on Wednesday. The firm has a market cap of $195.70 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 4.22 and a beta of 0.31. The company’s 50 day moving average is $133.41 and its 200 day moving average is $145.72. The company has a quick ratio of 0.76, a current ratio of 0.94 and a debt-to-equity ratio of 1.90. PepsiCo, Inc. has a 52-week low of $123.47 and a 52-week high of $171.48.

PepsiCo (NASDAQ:PEP) last posted its earnings results on Wednesday, October 7th. The company reported $2.34 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.05. The company had revenue of $25.27 billion during the quarter, compared to analyst estimates of $24.95 billion. PepsiCo had a return on equity of 53.08% and a net margin of 11.09%. PepsiCo’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.29 earnings per share. On average, sell-side analysts anticipate that PepsiCo, Inc. will post 8.42 EPS for the current fiscal year.

Key Headlines Impacting PepsiCo

Here are the key news stories impacting PepsiCo this week:

• Positive Sentiment: PepsiCo plans to eliminate about 1,000 North American roles as part of a broader effort to simplify operations and improve execution. If the restructuring reduces costs, it could support margins over time. PepsiCo to cut about 1,000 jobs as North American business struggles
• Positive Sentiment: PepsiCo is emphasizing zero-sugar drinks, flavored sodas and functional hydration to address changing preferences and strengthen beverage demand. Can PepsiCo’s Zero-Sugar Strategy Strengthen Beverage Demand?
• Neutral Sentiment: The company renewed overseas beverage-supply agreements with KFC in several markets, maintaining an established distribution relationship. PepsiCo renews overseas KFC contracts
• Negative Sentiment: The layoffs come amid sluggish North American sales, volume declines and margin pressure. That points to ongoing operating challenges and could temper optimism about the potential savings, particularly as the turnaround has yet to gain traction. PepsiCo to cut over 1,000 jobs amid sluggish sales in North American market

PepsiCo Company Profile

PepsiCo, Inc. is a global food and beverage company that develops, manufactures, markets and distributes a broad range of products. Its portfolio includes snacks such as Lay’s, Doritos and Cheetos, as well as beverages including Pepsi, Gatorade and Mountain Dew. The company was formed in 1965 through the merger of Pepsi-Cola and Frito-Lay. Its products are sold in more than 200 countries and territories through retail, food-service and other distribution channels. PepsiCo is headquartered in Purchase, New York.