Parsec Financial Management Inc. Has $28.54 Million Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Parsec Financial Management Inc. lessened its stake in PepsiCo, Inc. (NASDAQ:PEP) by 3.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 208,192 shares of the company’s stock after selling 7,079 shares during the quarter. PepsiCo accounts for 1.8% of Parsec Financial Management Inc.’s holdings, making the stock its 12th biggest position. Parsec Financial Management Inc.’s holdings in PepsiCo were worth $28,543,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. West Oak Capital LLC boosted its holdings in PepsiCo by 0.5% during the third quarter. West Oak Capital LLC now owns 15,230 shares of the company’s stock worth $2,088,000 after purchasing an additional 75 shares during the last quarter. First Bank & Trust boosted its holdings in PepsiCo by 0.5% during the third quarter. First Bank & Trust now owns 14,552 shares of the company’s stock worth $1,995,000 after purchasing an additional 75 shares during the last quarter. Stillwater Investment Management LLC boosted its holdings in PepsiCo by 0.5% during the third quarter. Stillwater Investment Management LLC now owns 15,219 shares of the company’s stock worth $2,086,000 after purchasing an additional 79 shares during the last quarter. Stuart Chaussee & Associates Inc. boosted its holdings in PepsiCo by 18.8% during the second quarter. Stuart Chaussee & Associates Inc. now owns 505 shares of the company’s stock worth $66,000 after purchasing an additional 80 shares during the last quarter. Finally, Sigma Investment Counselors Inc. boosted its holdings in PepsiCo by 2.5% during the second quarter. Sigma Investment Counselors Inc. now owns 3,415 shares of the company’s stock worth $448,000 after purchasing an additional 82 shares during the last quarter. Institutional investors own 71.66% of the company’s stock.

A number of brokerages have commented on PEP. Argus reiterated a “buy” rating on shares of PepsiCo in a research note on Thursday, July 11th. Jefferies Financial Group increased their price target on shares of PepsiCo from $123.00 to $134.00 and gave the company a “hold” rating in a research note on Wednesday, July 10th. Morgan Stanley increased their price target on shares of PepsiCo from $149.00 to $154.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. UBS Group increased their price target on shares of PepsiCo from $130.00 to $132.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. set a $154.00 price target on shares of PepsiCo and gave the company a “buy” rating in a research note on Thursday, October 3rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $135.53.

In other news, CEO Kirk Tanner sold 9,573 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 105,350 shares of the company’s stock, valued at $13,500,602.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.28% of the stock is owned by corporate insiders.

Shares of PEP traded up $0.34 during trading hours on Thursday, hitting $137.79. The company had a trading volume of 1,140,170 shares, compared to its average volume of 3,939,397. The firm has a market cap of $190.56 billion, a price-to-earnings ratio of 24.34, a PEG ratio of 3.55 and a beta of 0.56. The business has a fifty day moving average of $136.65 and a 200-day moving average of $131.56. PepsiCo, Inc. has a 12 month low of $105.03 and a 12 month high of $140.45. The company has a quick ratio of 0.77, a current ratio of 0.95 and a debt-to-equity ratio of 2.08.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings data on Thursday, October 3rd. The company reported $1.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.06. The company had revenue of $17.19 billion for the quarter, compared to analyst estimates of $16.93 billion. PepsiCo had a net margin of 18.78% and a return on equity of 55.00%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.59 earnings per share. On average, equities analysts expect that PepsiCo, Inc. will post 5.5 EPS for the current fiscal year.

About PepsiCo

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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Institutional Ownership by Quarter for PepsiCo (NASDAQ:PEP)

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