BT Wealth Management LLC increased its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 4.6% during the third quarter, HoldingsChannel reports. The fund owned 1,926 shares of the company’s stock after acquiring an additional 85 shares during the quarter. BT Wealth Management LLC’s holdings in PepsiCo were worth $264,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in PEP. Nuveen Asset Management LLC increased its position in PepsiCo by 9,617.2% during the second quarter. Nuveen Asset Management LLC now owns 9,770,327 shares of the company’s stock worth $1,281,183,000 after acquiring an additional 9,669,780 shares during the period. Thoroughbred Financial Services LLC increased its holdings in PepsiCo by 13,410.8% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,806,262 shares of the company’s stock valued at $180,626,000 after buying an additional 1,792,893 shares during the period. California Public Employees Retirement System increased its holdings in PepsiCo by 20.8% in the 2nd quarter. California Public Employees Retirement System now owns 8,887,074 shares of the company’s stock valued at $1,165,362,000 after buying an additional 1,528,887 shares during the period. BlackRock Inc. increased its holdings in PepsiCo by 1.4% in the 2nd quarter. BlackRock Inc. now owns 102,361,480 shares of the company’s stock valued at $13,422,659,000 after buying an additional 1,413,723 shares during the period. Finally, Railway Pension Investments Ltd bought a new stake in PepsiCo in the 2nd quarter valued at $16,182,000. 71.46% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on the stock. Bank of America boosted their price target on shares of PepsiCo from $135.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. BidaskClub raised shares of PepsiCo from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 3rd. Credit Suisse Group boosted their price target on shares of PepsiCo from $117.00 to $126.00 and gave the company an “underperform” rating in a report on Friday, October 4th. Jefferies Financial Group boosted their price target on shares of PepsiCo from $123.00 to $134.00 and gave the company a “hold” rating in a report on Wednesday, July 10th. Finally, UBS Group boosted their price target on shares of PepsiCo from $130.00 to $132.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. PepsiCo currently has an average rating of “Hold” and a consensus target price of $135.53.
PepsiCo (NASDAQ:PEP) last issued its earnings results on Thursday, October 3rd. The company reported $1.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.06. PepsiCo had a net margin of 18.78% and a return on equity of 55.00%. The company had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $16.93 billion. During the same quarter in the previous year, the company earned $1.59 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that PepsiCo, Inc. will post 5.5 EPS for the current year.
In other news, CEO Kirk Tanner sold 9,573 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $128.15, for a total value of $1,226,779.95. Following the sale, the chief executive officer now owns 105,350 shares in the company, valued at approximately $13,500,602.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.28% of the stock is currently owned by insiders.
PepsiCo, Inc operates as a food and beverage company worldwide. The company's Frito-Lay North America segment offers branded dips; Cheetos cheese-flavored snacks; and Doritos tortilla, Fritos corn, Lay's potato, Ruffles potato, and Tostitos tortilla chips. Its Quaker Foods North America segment provides cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes under the Aunt Jemima, Cap'n crunch, Life, Quaker Chewy, Quaker, and Rice-A-Roni brands.
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