Sawgrass Asset Management LLC Sells 22,753 Shares of PepsiCo, Inc. (NASDAQ:PEP)

by · The Cerbat Gem

Sawgrass Asset Management LLC lowered its stake in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 18.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 99,283 shares of the company’s stock after selling 22,753 shares during the quarter. PepsiCo accounts for 1.8% of Sawgrass Asset Management LLC’s portfolio, making the stock its 13th biggest position. Sawgrass Asset Management LLC’s holdings in PepsiCo were worth $16,883,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Legal & General Group Plc increased its stake in shares of PepsiCo by 7.2% during the second quarter. Legal & General Group Plc now owns 13,547,547 shares of the company’s stock valued at $2,234,400,000 after buying an additional 905,468 shares during the period. Massachusetts Financial Services Co. MA raised its stake in PepsiCo by 7.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 10,147,530 shares of the company’s stock valued at $1,673,632,000 after buying an additional 700,092 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in PepsiCo by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 7,403,398 shares of the company’s stock worth $1,221,089,000 after acquiring an additional 561,465 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of PepsiCo by 1.1% during the second quarter. Ameriprise Financial Inc. now owns 5,130,517 shares of the company’s stock valued at $846,030,000 after acquiring an additional 57,322 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of PepsiCo by 14.6% in the 2nd quarter. Bank of Montreal Can now owns 3,876,354 shares of the company’s stock worth $676,036,000 after purchasing an additional 492,888 shares during the last quarter. Institutional investors own 73.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. StockNews.com raised shares of PepsiCo from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. TD Cowen downgraded shares of PepsiCo from a “buy” rating to a “hold” rating and reduced their price target for the company from $190.00 to $183.00 in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lowered their price objective on PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a research report on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on PepsiCo from $185.00 to $183.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, Morgan Stanley lowered PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 target price for the company. in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $183.92.

View Our Latest Stock Analysis on PEP

PepsiCo Trading Down 4.0 %

NASDAQ:PEP opened at $158.62 on Friday. PepsiCo, Inc. has a one year low of $158.03 and a one year high of $183.41. The business has a fifty day moving average price of $170.82 and a 200-day moving average price of $171.53. The firm has a market capitalization of $217.63 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 2.96 and a beta of 0.53. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70.

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

About PepsiCo

(Free Report)

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.

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