Benin Management CORP reduced its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 103,225 shares of the company’s stock after selling 7,735 shares during the quarter. PepsiCo comprises 5.0% of Benin Management CORP’s investment portfolio, making the stock its 4th largest position. Benin Management CORP’s holdings in PepsiCo were worth $12,379,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Rockland Trust Co. boosted its position in shares of PepsiCo by 2.7% during the fourth quarter. Rockland Trust Co. now owns 145,893 shares of the company’s stock valued at $17,495,000 after purchasing an additional 3,876 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of 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 purchasing an additional 899,911 shares in the last quarter. LGT Capital Partners LTD. boosted its position in shares of PepsiCo by 2.2% during the fourth quarter. LGT Capital Partners LTD. now owns 177,753 shares of the company’s stock valued at $21,316,000 after purchasing an additional 3,780 shares in the last quarter. Indiana Trust & Investment Management CO boosted its position in shares of PepsiCo by 11.8% during the fourth quarter. Indiana Trust & Investment Management CO now owns 28,309 shares of the company’s stock valued at $3,395,000 after purchasing an additional 2,998 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. boosted its position in shares of PepsiCo by 19.2% during the fourth quarter. Montrusco Bolton Investments Inc. now owns 76,008 shares of the company’s stock valued at $9,115,000 after purchasing an additional 12,217 shares in the last quarter. Hedge funds and other institutional investors own 69.98% of the company’s stock.
Several research firms recently weighed in on PEP. TheStreet lowered PepsiCo from a “b-” rating to a “c+” rating in a research report on Thursday, March 1st. SunTrust Banks dropped their price target on PepsiCo from $125.00 to $115.00 and set a “hold” rating on the stock in a research report on Wednesday, February 14th. JPMorgan Chase & Co. dropped their price target on PepsiCo from $127.00 to $124.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Jefferies Group restated a “hold” rating and set a $113.00 price target on shares of PepsiCo in a research report on Tuesday, February 13th. Finally, Susquehanna Bancshares lifted their price target on PepsiCo from $137.00 to $140.00 and gave the company a “positive” rating in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $123.04.
PepsiCo (NASDAQ:PEP) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.01. The business had revenue of $19.53 billion during the quarter, compared to analysts’ expectations of $19.40 billion. PepsiCo had a return on equity of 61.14% and a net margin of 7.65%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.20 earnings per share. equities research analysts forecast that PepsiCo, Inc. will post 5.7 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.805 per share. This represents a $3.22 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, March 1st. PepsiCo’s payout ratio is 63.26%.
PepsiCo declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 13th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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PepsiCo Company Profile
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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