SouthState Corp Reduces Stock Position in PepsiCo, Inc. (NASDAQ:PEP)

SouthState Corp reduced its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,682 shares of the company’s stock after selling 1,218 shares during the period. SouthState Corp’s holdings in PepsiCo were worth $8,618,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PEP. Global Wealth Strategies & Associates boosted its stake in PepsiCo by 59.0% in the 3rd quarter. Global Wealth Strategies & Associates now owns 159 shares of the company’s stock worth $27,000 after buying an additional 59 shares during the last quarter. Highline Wealth Partners LLC acquired a new stake in shares of PepsiCo in the third quarter worth approximately $28,000. POM Investment Strategies LLC grew its holdings in PepsiCo by 141.3% in the second quarter. POM Investment Strategies LLC now owns 181 shares of the company’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Summit Securities Group LLC purchased a new position in PepsiCo during the second quarter worth approximately $30,000. Finally, Rakuten Securities Inc. grew its stake in shares of PepsiCo by 93.2% during the 3rd quarter. Rakuten Securities Inc. now owns 199 shares of the company’s stock valued at $34,000 after buying an additional 96 shares during the period. Institutional investors and hedge funds own 73.07% of the company’s stock.

Analyst Upgrades and Downgrades

PEP has been the topic of a number of research analyst reports. Redburn Atlantic upgraded PepsiCo to a “strong sell” rating in a report on Thursday, October 10th. Hsbc Global Res upgraded PepsiCo to a “hold” rating in a report on Thursday, October 10th. Morgan Stanley cut shares of PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 price target on the stock. in a research report on Friday, September 20th. Barclays dropped their price objective on shares of PepsiCo from $186.00 to $183.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Finally, Royal Bank of Canada lowered their price target on PepsiCo from $177.00 to $176.00 and set a “sector perform” rating for the company in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $183.92.

PepsiCo Price Performance

PEP opened at $158.33 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.89 and a debt-to-equity ratio of 1.96. The company’s 50-day moving average price is $170.42 and its 200 day moving average price is $171.38. PepsiCo, Inc. has a fifty-two week low of $157.76 and a fifty-two week high of $183.41. The firm has a market cap of $217.23 billion, a price-to-earnings ratio of 23.35, a price-to-earnings-growth ratio of 2.96 and a beta of 0.53.

PepsiCo (NASDAQ:PEP) last announced its quarterly earnings results on Tuesday, October 8th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.01. The business had revenue of $23.32 billion for the quarter, compared to the consensus estimate of $23.86 billion. PepsiCo had a return on equity of 57.32% and a net margin of 10.18%. The business’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the business posted $2.25 EPS. As a group, sell-side analysts expect that PepsiCo, Inc. will post 8.15 earnings per share for the current year.

PepsiCo Company Profile

PepsiCo, Inc engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. 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 and China Region.