PepsiCo (NASDAQ:PEP) Releases FY24 Earnings Guidance

PepsiCo (NASDAQ:PEP) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of at least $8.15 for the period, compared to the consensus estimate of $8.16. PepsiCo also updated its FY 2024 guidance to 8.150- EPS.

PepsiCo Stock Up 0.2 %

Shares of NASDAQ:PEP opened at $163.95 on Friday. The stock’s 50-day moving average price is $171.12 and its 200-day moving average price is $169.99. PepsiCo has a 12-month low of $155.83 and a 12-month high of $192.38. The stock has a market capitalization of $225.40 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 2.84 and a beta of 0.52. 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 (NASDAQ:PEP) last posted its earnings results on Thursday, July 11th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.12. The company had revenue of $22.50 billion for the quarter, compared to analysts’ expectations of $22.59 billion. PepsiCo had a return on equity of 57.37% and a net margin of 10.00%. PepsiCo’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the firm earned $2.09 earnings per share. On average, equities analysts anticipate that PepsiCo will post 8.15 earnings per share for the current year.

PepsiCo Increases Dividend

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on PEP shares. BNP Paribas started coverage on PepsiCo in a research report on Monday, June 24th. They set a neutral rating and a $174.00 price objective on the stock. Wells Fargo & Company cut their price objective on PepsiCo from $175.00 to $170.00 and set an equal weight rating on the stock in a research report on Wednesday. Jefferies Financial Group cut their price objective on PepsiCo from $210.00 to $200.00 and set a buy rating on the stock in a research report on Tuesday. TD Cowen lowered their target price on shares of PepsiCo from $200.00 to $190.00 and set a buy rating for the company in a report on Wednesday, July 3rd. Finally, Wedbush reiterated an outperform rating and set a $195.00 target price on shares of PepsiCo in a report on Tuesday, April 23rd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $186.00.

Insider Buying and Selling at PepsiCo

In other PepsiCo news, CEO Ramkumar Krishnan sold 5,620 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were 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 directly owns 53,953 shares in the company, valued at approximately $9,603,634. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.15% of the company’s stock.

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.