Venturi Wealth Management LLC has significantly reduced its investment in PepsiCo, Inc. (NASDAQ: PEP) by 38.8% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 4,033 shares after selling 2,555 shares in the quarter. The total value of Venturi’s holdings in PepsiCo is approximately $532,000.
This adjustment is part of a broader trend among institutional investors and hedge funds, many of whom have also altered their positions in PepsiCo. For instance, Vanguard Group Inc. increased its stake by 1.4% in the first quarter, now owning 135,174,252 shares valued at about $20.27 billion after acquiring an additional 1,802,748 shares. Similarly, Charles Schwab Investment Management Inc. raised its holdings in PepsiCo by 5.0%, bringing its total to 26,475,241 shares worth around $3.97 billion.
Another notable change came from Bank of New York Mellon Corp, which increased its position by 0.4%, now owning 14,062,857 shares valued at approximately $2.11 billion. UBS Asset Management also raised its stake by 1.8%, while Invesco Ltd. increased its holdings by 4.5%. Overall, institutional investors and hedge funds control 73.07% of PepsiCo’s stock.
Analysts have been weighing in on PepsiCo’s stock performance, with various research firms issuing new ratings. Barclays maintained a “cautious” rating, while Wells Fargo & Company lowered its price target from $154.00 to $150.00. Citigroup similarly adjusted its price target from $168.00 to $165.00, assigning a “buy” rating. The Royal Bank of Canada also cut its target from $146.00 to $145.00.
As of now, four analysts have rated PepsiCo with a “buy,” fourteen have assigned a “hold,” and one has given a “sell” rating. The consensus target price for the stock stands at $158.13, according to data from MarketBeat.
On the trading front, shares of PepsiCo opened at $144.71 recently. The company has experienced a 12-month low of $127.60 and a high of $177.50. Its market capitalization is $198.12 billion, with a price-to-earnings ratio of 26.36. PepsiCo’s quick ratio is 0.60, with a current ratio of 0.78 and a debt-to-equity ratio of 2.12.
PepsiCo recently announced its quarterly earnings results, revealing an earnings per share (EPS) of $2.29, surpassing the consensus estimate of $2.26. The company’s revenue for the quarter reached $23.94 billion, slightly above analyst expectations of $23.91 billion. This marks a 2.7% increase in revenue year-over-year.
Looking ahead, PepsiCo has set its fiscal year 2025 guidance at an EPS of $8.120. Analysts predict the company will post an EPS of $8.3 for the current year.
In addition to its earnings results, PepsiCo declared a quarterly dividend of $1.4225, which was paid on September 30, 2023. Shareholders of record on September 5 received this dividend, representing an annualized dividend payout of $5.69 and a yield of 3.9%. Notably, the company’s payout ratio is currently at 103.64%.
PepsiCo, Inc. engages in the manufacture, marketing, distribution, and sale of a wide range of beverages and convenient foods globally. 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.
For further insights into PepsiCo and its stock performance, investors can refer to various financial platforms and news sources.
