Corebridge Financial Inc. Sells 19,289 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Corebridge Financial Inc. lessened its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 4.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 404,547 shares of the company’s stock after selling 19,289 shares during the period. Corebridge Financial Inc.’s holdings in PepsiCo were worth $61,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in PEP. Assenagon Asset Management S.A. grew its position in PepsiCo by 104.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,705,574 shares of the company’s stock valued at $259,350,000 after acquiring an additional 870,451 shares during the period. Hudson Valley Investment Advisors Inc. ADV grew its holdings in shares of PepsiCo by 12.8% in the 4th quarter. Hudson Valley Investment Advisors Inc. ADV now owns 41,580 shares of the company’s stock worth $6,323,000 after purchasing an additional 4,712 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of PepsiCo by 11.0% during the 3rd quarter. Janus Henderson Group PLC now owns 350,225 shares of the company’s stock worth $59,549,000 after purchasing an additional 34,633 shares in the last quarter. IHT Wealth Management LLC boosted its position in PepsiCo by 19.3% in the third quarter. IHT Wealth Management LLC now owns 32,267 shares of the company’s stock valued at $5,493,000 after buying an additional 5,220 shares in the last quarter. Finally, Guinness Asset Management LTD grew its stake in PepsiCo by 5.2% during the fourth quarter. Guinness Asset Management LTD now owns 1,236,788 shares of the company’s stock worth $188,031,000 after buying an additional 61,541 shares during the last quarter. Institutional investors and hedge funds own 73.07% of the company’s stock.

PepsiCo Trading Down 1.2 %

NASDAQ PEP opened at $145.45 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 2.05. PepsiCo, Inc. has a 12 month low of $141.51 and a 12 month high of $183.41. The company has a market capitalization of $199.48 billion, a PE ratio of 20.93, a P/E/G ratio of 3.09 and a beta of 0.52. The stock has a 50-day simple moving average of $149.04 and a 200 day simple moving average of $158.96.

PepsiCo (NASDAQ:PEP) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.02. The business had revenue of $27.78 billion for the quarter, compared to the consensus estimate of $27.89 billion. PepsiCo had a net margin of 10.43% and a return on equity of 58.87%. PepsiCo’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the company posted $1.78 EPS. Research 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 Monday, March 31st. Investors of record on Friday, March 7th will be given a $1.355 dividend. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend is Friday, March 7th. PepsiCo’s dividend payout ratio is currently 77.99%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PEP. Barclays cut shares of PepsiCo from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $168.00 to $156.00 in a research note on Tuesday, March 18th. BNP Paribas reduced their price objective on PepsiCo from $162.00 to $160.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft lowered their target price on PepsiCo from $184.00 to $178.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. UBS Group decreased their price objective on shares of PepsiCo from $193.00 to $175.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, Wells Fargo & Company dropped their target price on shares of PepsiCo from $155.00 to $150.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $169.88.

PepsiCo Profile

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.