Canoe Financial LP Sells 9,900 Shares of PepsiCo, Inc. $PEP

Canoe Financial LP trimmed its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 10.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 89,140 shares of the company’s stock after selling 9,900 shares during the quarter. Canoe Financial LP’s holdings in PepsiCo were worth $12,519,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nova Wealth Management Inc. purchased a new stake in PepsiCo during the first quarter valued at about $25,000. Evolution Wealth Management Inc. purchased a new position in shares of PepsiCo in the second quarter worth about $27,000. Legend Financial Advisors Inc. purchased a new stake in PepsiCo during the 2nd quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC increased its stake in PepsiCo by 107.1% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 234 shares of the company’s stock worth $31,000 after purchasing an additional 121 shares during the period. Finally, Frazier Financial Advisors LLC lifted its position in PepsiCo by 85.3% in the second quarter. Frazier Financial Advisors LLC now owns 265 shares of the company’s stock valued at $35,000 after purchasing an additional 122 shares during the last quarter. Institutional investors own 73.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PEP. DZ Bank raised shares of PepsiCo from a “hold” rating to a “buy” rating and set a $167.00 target price on the stock in a research note on Tuesday, October 21st. Wall Street Zen raised shares of PepsiCo from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Bank of America upped their price objective on shares of PepsiCo from $150.00 to $155.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. UBS Group reiterated a “buy” rating and set a $172.00 target price on shares of PepsiCo in a report on Tuesday, December 9th. Finally, Evercore ISI boosted their price target on PepsiCo from $150.00 to $152.00 in a report on Friday, October 10th. Eight analysts have rated the stock with a Buy rating, thirteen have assigned 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 a consensus price target of $158.75.

PepsiCo Price Performance

PEP stock opened at $143.64 on Friday. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.91 and a quick ratio of 0.72. PepsiCo, Inc. has a 1 year low of $127.60 and a 1 year high of $160.15. The firm has a 50-day moving average of $147.47 and a 200 day moving average of $143.23. The company has a market cap of $196.40 billion, a P/E ratio of 27.31, a PEG ratio of 4.96 and a beta of 0.42.

PepsiCo (NASDAQ:PEP) last posted its quarterly earnings data on Wednesday, October 8th. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.03. PepsiCo had a return on equity of 57.58% and a net margin of 7.82%.The business had revenue of $23.94 billion for the quarter, compared to analysts’ expectations of $23.91 billion. During the same period in the previous year, the firm posted $2.31 EPS. The business’s revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that PepsiCo, Inc. will post 8.3 EPS for the current year.

PepsiCo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 5th will be issued a $1.4225 dividend. The ex-dividend date is Friday, December 5th. This represents a $5.69 dividend on an annualized basis and a yield of 4.0%. PepsiCo’s dividend payout ratio is 108.17%.

About PepsiCo

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.