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PepsiCo (NYSE:PEP) shares saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings, Stock Ratings reports. 6,739,986 shares changed hands during trading, an increase of 67% from the previous session’s volume of 4,029,164 shares.The stock last traded at $91.47 and had previously closed at $89.17.

The company reported $1.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.23 by $0.09. The company had revenue of $16.89 billion for the quarter, compared to the consensus estimate of $16.79 billion. During the same quarter last year, the company posted $1.31 earnings per share. PepsiCo’s revenue was up .5% compared to the same quarter last year.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Wednesday, September 3rd.

PEP has been the subject of a number of recent research reports. Analysts at Deutsche Bank reiterated a “hold” rating on shares of PepsiCo in a research note on Wednesday, July 16th. They now have a $96.00 price target on the stock, up previously from $94.00. Separately, analysts at Jefferies Group initiated coverage on shares of PepsiCo in a research note on Monday, June 9th. They set a “buy” rating and a $102.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of PepsiCo in a research note on Tuesday, May 20th. They now have a $90.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $94.08.

The stock’s 50-day moving average is $88.93 and its 200-day moving average is $84.49. The company has a market cap of $137.7 billion and a P/E ratio of 20.14.

PepsiCo, Inc (NYSE:PEP) is a global food and beverage company.

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