Chemung Canal Trust Co. Lowers Stock Position in PepsiCo, Inc. (NASDAQ:PEP)

Chemung Canal Trust Co. trimmed its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 3.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,181 shares of the company’s stock after selling 1,825 shares during the quarter. PepsiCo makes up approximately 1.6% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 18th biggest holding. Chemung Canal Trust Co.’s holdings in PepsiCo were worth $8,257,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PEP. LFA Lugano Financial Advisors SA raised its stake in shares of PepsiCo by 80.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 157 shares of the company’s stock worth $27,000 after acquiring an additional 70 shares in the last quarter. Fortis Group Advisors LLC boosted its position in shares of PepsiCo by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 194 shares of the company’s stock worth $33,000 after purchasing an additional 97 shares in the last quarter. Life Planning Partners Inc purchased a new position in PepsiCo during the 4th quarter worth $34,000. Naples Money Management LLC acquired a new position in PepsiCo during the 4th quarter valued at about $36,000. Finally, Criterion Capital Advisors LLC acquired a new stake in PepsiCo in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 73.07% of the company’s stock.

Insider Activity

In related news, CEO Ramkumar Krishnan sold 5,620 shares of the company’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 value of $1,000,360.00. Following the transaction, the chief executive officer now directly owns 53,953 shares in the company, valued at $9,603,634. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.15% of the company’s stock.

PepsiCo Price Performance

NASDAQ:PEP opened at $164.93 on Friday. The company has a 50 day moving average price of $173.37 and a 200-day moving average price of $170.31. PepsiCo, Inc. has a 1-year low of $155.83 and a 1-year high of $192.38. The firm has a market cap of $226.74 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 2.71 and a beta of 0.52. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.86 and a quick ratio of 0.68.

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

PepsiCo Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $1.355 dividend. This represents a $5.42 annualized dividend and a yield of 3.29%. This is a positive change from PepsiCo’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Friday, June 7th. PepsiCo’s payout ratio is presently 81.50%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PEP shares. Jefferies Financial Group upped their price target on shares of PepsiCo from $209.00 to $211.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Barclays reduced their target price on PepsiCo from $185.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday, June 12th. Wedbush reiterated an “outperform” rating and set a $195.00 price target on shares of PepsiCo in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. raised their price objective on PepsiCo from $181.00 to $184.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, BNP Paribas assumed coverage on PepsiCo in a research report on Monday, June 24th. They issued a “neutral” rating and a $174.00 target price on the stock. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $186.38.

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.