Penobscot Investment Management Company Inc. Sells 5,214 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Penobscot Investment Management Company Inc. trimmed its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 8.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,032 shares of the company’s stock after selling 5,214 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in PepsiCo were worth $8,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PEP. Vanguard Group Inc. lifted its holdings in PepsiCo by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 133,371,504 shares of the company’s stock valued at $20,280,471,000 after acquiring an additional 1,376,133 shares during the period. State Street Corp lifted its stake in shares of PepsiCo by 5.1% in the 3rd quarter. State Street Corp now owns 57,268,030 shares of the company’s stock worth $9,738,429,000 after purchasing an additional 2,775,679 shares during the period. Geode Capital Management LLC boosted its holdings in shares of PepsiCo by 1.8% in the third quarter. Geode Capital Management LLC now owns 30,497,268 shares of the company’s stock worth $5,170,529,000 after buying an additional 543,558 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in PepsiCo by 18.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 25,217,043 shares of the company’s stock valued at $3,834,504,000 after buying an additional 3,856,193 shares during the period. Finally, Bank of New York Mellon Corp raised its position in PepsiCo by 5.2% in the fourth quarter. Bank of New York Mellon Corp now owns 14,013,158 shares of the company’s stock worth $2,130,841,000 after acquiring an additional 689,383 shares during the period. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PEP. TD Cowen reduced their price objective on PepsiCo from $183.00 to $160.00 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company decreased their price objective on PepsiCo from $155.00 to $150.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft cut their price objective on PepsiCo from $184.00 to $178.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Piper Sandler initiated coverage on shares of PepsiCo in a report on Tuesday, January 7th. They set an “overweight” rating and a $171.00 price target on the stock. Finally, BNP Paribas reduced their price objective on shares of PepsiCo from $162.00 to $160.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, PepsiCo currently has an average rating of “Hold” and an average target price of $169.88.

PepsiCo Stock Performance

Shares of NASDAQ:PEP opened at $145.54 on Wednesday. The firm has a fifty day simple moving average of $149.09 and a two-hundred day simple moving average of $158.50. PepsiCo, Inc. has a 52 week low of $141.51 and a 52 week high of $183.41. The company has a quick ratio of 0.65, a current ratio of 0.82 and a debt-to-equity ratio of 2.05. The stock has a market capitalization of $199.61 billion, a P/E ratio of 20.94, a PEG ratio of 3.09 and a beta of 0.52.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.02. The company had revenue of $27.78 billion for the quarter, compared to analysts’ expectations of $27.89 billion. PepsiCo had a return on equity of 58.87% and a net margin of 10.43%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.78 earnings per share. On average, analysts expect that PepsiCo, Inc. will post 8.3 earnings per share for the current fiscal year.

PepsiCo Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be paid a dividend of $1.355 per share. This represents a $5.42 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend is Friday, March 7th. PepsiCo’s payout ratio is 77.99%.

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.