PepsiCo, Inc. (NASDAQ:PEP) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 20.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 394,922 shares of the company’s stock after selling 99,800 shares during the period. State of Michigan Retirement System’s holdings in PepsiCo were worth $69,115,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC grew its stake in shares of PepsiCo by 59.4% during the fourth quarter. Cerity Partners LLC now owns 993,567 shares of the company’s stock worth $168,747,000 after purchasing an additional 370,122 shares in the last quarter. Harbour Capital Advisors LLC grew its position in PepsiCo by 0.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 27,446 shares of the company’s stock worth $4,747,000 after purchasing an additional 102 shares during the last quarter. Meadow Creek Wealth Advisors LLC acquired a new position in PepsiCo in the 4th quarter valued at about $405,000. Householder Group Estate & Retirement Specialist LLC increased its holdings in shares of PepsiCo by 34.5% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 12,317 shares of the company’s stock valued at $2,091,000 after purchasing an additional 3,159 shares during the period. Finally, Marion Wealth Management raised its position in PepsiCo by 31.7% during the 4th quarter. Marion Wealth Management now owns 7,888 shares of the company’s stock worth $1,340,000 after buying an additional 1,900 shares during the last quarter. 73.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PEP shares. Wedbush reiterated an “outperform” rating and issued a $195.00 price target on shares of PepsiCo in a report on Tuesday, April 23rd. Morgan Stanley upgraded PepsiCo from an “equal weight” rating to an “overweight” rating and set a $190.00 price objective for the company in a research report on Monday, March 18th. JPMorgan Chase & Co. upped their target price on shares of PepsiCo from $181.00 to $184.00 and gave the company a “neutral” rating in a report on Wednesday, June 26th. Jefferies Financial Group lifted their price target on shares of PepsiCo from $209.00 to $211.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. Finally, Barclays decreased their target price on shares of PepsiCo from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 12th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $186.38.

PepsiCo Stock Up 0.4 %

Shares of PepsiCo stock opened at $163.58 on Wednesday. The company has a fifty day moving average price of $173.10 and a 200 day moving average price of $170.26. The company has a current ratio of 0.86, a quick ratio of 0.68 and a debt-to-equity ratio of 1.96. PepsiCo, Inc. has a twelve month low of $155.83 and a twelve month high of $192.38. The stock has a market cap of $224.89 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 2.71 and a beta of 0.52.

PepsiCo (NASDAQ:PEP) last posted its earnings results on Tuesday, April 23rd. The company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.09. The business had revenue of $18.25 billion during the quarter, compared to analyst estimates of $18.08 billion. PepsiCo had a return on equity of 57.37% and a net margin of 10.00%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.50 earnings per share. Equities research analysts forecast that PepsiCo, Inc. will post 8.16 earnings per share for the current fiscal year.

PepsiCo Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $1.355 per share. This is an increase from PepsiCo’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Friday, June 7th. This represents a $5.42 annualized dividend and a yield of 3.31%. PepsiCo’s payout ratio is 81.50%.

Insiders Place Their Bets

In other PepsiCo news, CEO Ramkumar Krishnan sold 5,620 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $178.00, for a total transaction of $1,000,360.00. Following the completion of the sale, the chief executive officer now owns 53,953 shares in the company, valued at approximately $9,603,634. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

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.