MML Investors Services LLC grew its stake in PepsiCo, Inc. (NASDAQ:PEP) by 44.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,724 shares of the company’s stock after purchasing an additional 26,034 shares during the quarter. MML Investors Services LLC’s holdings in PepsiCo were worth $9,472,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of PEP. Mainstay Capital Management LLC ADV boosted its holdings in shares of PepsiCo by 10,787.0% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 10,887 shares of the company’s stock valued at $100,000 after acquiring an additional 10,787 shares during the last quarter. WealthTrust Arizona LLC boosted its holdings in shares of PepsiCo by 268.7% during the 3rd quarter. WealthTrust Arizona LLC now owns 1,106 shares of the company’s stock valued at $124,000 after acquiring an additional 806 shares during the last quarter. Fort L.P. purchased a new stake in shares of PepsiCo during the 2nd quarter valued at about $125,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of PepsiCo by 196.0% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,119 shares of the company’s stock valued at $125,000 after acquiring an additional 741 shares during the last quarter. Finally, Canton Hathaway LLC purchased a new stake in shares of PepsiCo during the 3rd quarter valued at about $127,000. Institutional investors and hedge funds own 70.05% of the company’s stock.
A number of research firms recently issued reports on PEP. JPMorgan Chase & Co. set a $124.00 price objective on shares of PepsiCo and gave the stock a “buy” rating in a report on Wednesday, October 3rd. Morgan Stanley dropped their price objective on shares of PepsiCo from $127.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, October 4th. BidaskClub raised shares of PepsiCo from a “hold” rating to a “buy” rating in a report on Friday, October 26th. ValuEngine raised shares of PepsiCo from a “hold” rating to a “buy” rating in a report on Saturday, December 1st. Finally, Zacks Investment Research downgraded shares of PepsiCo from a “buy” rating to a “hold” rating in a report on Friday, September 28th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $117.50.
The company also recently announced a quarterly dividend, which was paid on Monday, January 7th. Shareholders of record on Friday, December 7th were paid a dividend of $0.9275 per share. This represents a $3.71 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Thursday, December 6th. PepsiCo’s payout ratio is 70.94%.
In other news, EVP Mehmood Khan sold 168,295 shares of PepsiCo stock in a transaction that occurred on Tuesday, October 23rd. The shares were sold at an average price of $110.12, for a total transaction of $18,532,645.40. Following the sale, the executive vice president now owns 173,702 shares in the company, valued at $19,128,064.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mike Spanos sold 20,074 shares of PepsiCo stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $112.42, for a total transaction of $2,256,719.08. Following the sale, the chief executive officer now owns 35,520 shares in the company, valued at approximately $3,993,158.40. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.
PepsiCo, Inc operates as a food and beverage company worldwide. Its Frito-Lay North America segment offers Lay's and Ruffles potato chips; Doritos, Tostitos, and Santitas tortilla chips; and Cheetos snacks, branded dips, and Fritos corn chips. The company's Quaker Foods North America segment provides cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes under the brands Quaker, Aunt Jemima, Cap'n crunch, life, Quaker Chewy, and Rice-A-Roni.
Further Reading: How mutual funds make money
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