Cullinan Associates Inc. decreased its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 4.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,666 shares of the company’s stock after selling 5,497 shares during the quarter. PepsiCo comprises approximately 1.2% of Cullinan Associates Inc.’s portfolio, making the stock its 12th biggest position. Cullinan Associates Inc.’s holdings in PepsiCo were worth $15,909,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Prudential Financial Inc. lifted its position in PepsiCo by 26.1% during the third quarter. Prudential Financial Inc. now owns 4,354,014 shares of the company’s stock valued at $485,168,000 after buying an additional 899,911 shares during the period. First National Bank of Mount Dora Trust Investment Services purchased a new position in PepsiCo during the fourth quarter valued at $201,000. Confluence Investment Management LLC lifted its position in PepsiCo by 2.0% during the fourth quarter. Confluence Investment Management LLC now owns 1,154,250 shares of the company’s stock valued at $138,418,000 after buying an additional 22,364 shares during the period. Gillespie Robinson & Grimm Inc. lifted its position in PepsiCo by 2.8% during the fourth quarter. Gillespie Robinson & Grimm Inc. now owns 209,803 shares of the company’s stock valued at $25,160,000 after buying an additional 5,738 shares during the period. Finally, Chesley Taft & Associates LLC lifted its position in PepsiCo by 0.3% during the fourth quarter. Chesley Taft & Associates LLC now owns 250,366 shares of the company’s stock valued at $30,024,000 after buying an additional 686 shares during the period. 69.98% of the stock is owned by institutional investors.
Several brokerages have commented on PEP. Stifel Nicolaus reissued a “hold” rating and set a $120.00 price objective on shares of PepsiCo in a research report on Friday, December 22nd. TheStreet lowered PepsiCo from a “b-” rating to a “c+” rating in a research report on Thursday, March 1st. BidaskClub lowered PepsiCo from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. SunTrust Banks lowered their price objective on PepsiCo from $125.00 to $115.00 and set a “hold” rating for the company in a research report on Wednesday, February 14th. Finally, Jefferies Group reissued a “hold” rating and set a $113.00 price objective on shares of PepsiCo in a research report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $123.04.
PepsiCo (NASDAQ:PEP) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.01. PepsiCo had a return on equity of 61.14% and a net margin of 7.65%. The firm had revenue of $19.53 billion during the quarter, compared to the consensus estimate of $19.40 billion. During the same period last year, the company earned $1.20 earnings per share. The company’s revenue was up .1% on a year-over-year basis. sell-side analysts anticipate that PepsiCo, Inc. will post 5.7 EPS for the current fiscal year.
PepsiCo announced that its board has approved a stock repurchase program on Tuesday, February 13th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a dividend of $0.805 per share. The ex-dividend date is Thursday, March 1st. This represents a $3.22 annualized dividend and a dividend yield of 2.86%. PepsiCo’s payout ratio is presently 63.26%.
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PepsiCo, Inc is a global food and beverage company. The Company’s portfolio of brands includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. The Company operates through six segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa (ESSA), and Asia, Middle East and North Africa (AMENA).
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