Conning Inc. Lowers Holdings in PepsiCo, Inc. $PEP

Conning Inc. trimmed its position in PepsiCo, Inc. (NASDAQ:PEP) by 10.8% in the 3rd quarter, Holdings Channel reports. The firm owned 237,273 shares of the company’s stock after selling 28,652 shares during the quarter. Conning Inc.’s holdings in PepsiCo were worth $33,323,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Three Bridge Wealth Advisors LLC increased its stake in PepsiCo by 1.8% in the 3rd quarter. Three Bridge Wealth Advisors LLC now owns 3,870 shares of the company’s stock worth $544,000 after acquiring an additional 68 shares during the last quarter. JSF Financial LLC grew its holdings in shares of PepsiCo by 3.8% during the second quarter. JSF Financial LLC now owns 1,897 shares of the company’s stock worth $250,000 after purchasing an additional 69 shares in the last quarter. Hudock Inc. increased its position in shares of PepsiCo by 1.0% in the third quarter. Hudock Inc. now owns 7,079 shares of the company’s stock worth $994,000 after purchasing an additional 70 shares during the last quarter. Binnacle Investments Inc raised its stake in PepsiCo by 33.2% in the second quarter. Binnacle Investments Inc now owns 285 shares of the company’s stock valued at $38,000 after purchasing an additional 71 shares in the last quarter. Finally, Dogwood Wealth Management LLC grew its stake in PepsiCo by 15.4% in the 2nd quarter. Dogwood Wealth Management LLC now owns 539 shares of the company’s stock worth $73,000 after buying an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 73.07% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on PEP shares. Citigroup raised their price objective on shares of PepsiCo from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. The Goldman Sachs Group raised their price target on PepsiCo from $165.00 to $167.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Piper Sandler upped their price objective on PepsiCo from $161.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, December 9th. Wells Fargo & Company raised their price objective on PepsiCo from $150.00 to $154.00 and gave the company a “positive” rating in a report on Friday, October 10th. Finally, Barclays upped their target price on PepsiCo from $142.00 to $144.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 10th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $158.58.

PepsiCo Trading Up 1.7%

NASDAQ PEP opened at $145.92 on Thursday. The firm has a market cap of $199.52 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 4.70 and a beta of 0.42. PepsiCo, Inc. has a 1-year low of $127.60 and a 1-year high of $160.15. The stock has a 50-day moving average of $145.45 and a 200-day moving average of $144.49. The company has a current ratio of 0.91, a quick ratio of 0.72 and a debt-to-equity ratio of 2.26.

PepsiCo Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Friday, December 5th were paid a dividend of $1.4225 per share. This represents a $5.69 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, December 5th. PepsiCo’s dividend payout ratio is 108.17%.

PepsiCo Profile

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.