Sawgrass Asset Management LLC Trims Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Sawgrass Asset Management LLC reduced its position in PepsiCo, Inc. (NASDAQ:PEP) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,308 shares of the company’s stock after selling 3,548 shares during the quarter. PepsiCo makes up about 1.7% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 12th largest holding. Sawgrass Asset Management LLC’s holdings in PepsiCo were worth $13,541,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in PepsiCo in the 4th quarter worth $2,729,565,000. GAMMA Investing LLC lifted its position in shares of PepsiCo by 19,106.5% in the first quarter. GAMMA Investing LLC now owns 4,588,614 shares of the company’s stock valued at $688,017,000 after acquiring an additional 4,564,723 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of PepsiCo in the fourth quarter worth about $589,307,000. Charles Schwab Investment Management Inc. grew its position in shares of PepsiCo by 18.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 25,217,043 shares of the company’s stock worth $3,834,504,000 after purchasing an additional 3,856,193 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in PepsiCo by 106.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 3,514,965 shares of the company’s stock valued at $527,034,000 after purchasing an additional 1,809,391 shares during the period. 73.07% of the stock is owned by hedge funds and other institutional investors.

PepsiCo Price Performance

NASDAQ:PEP opened at $129.07 on Monday. The stock has a fifty day simple moving average of $133.19 and a 200-day simple moving average of $143.83. The company has a current ratio of 0.83, a quick ratio of 0.65 and a debt-to-equity ratio of 2.13. The company has a market cap of $176.97 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 3.71 and a beta of 0.45. PepsiCo, Inc. has a twelve month low of $127.75 and a twelve month high of $180.91.

PepsiCo (NASDAQ:PEP) last released its quarterly earnings data on Thursday, April 24th. The company reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.01). The company had revenue of $17.92 billion during the quarter, compared to analysts’ expectations of $17.81 billion. PepsiCo had a net margin of 10.24% and a return on equity of 58.28%. PepsiCo’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $1.61 earnings per share. Analysts anticipate that PepsiCo, Inc. will post 8.3 EPS for the current year.

PepsiCo Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be issued a $1.4225 dividend. This represents a $5.69 annualized dividend and a dividend yield of 4.41%. This is a boost from PepsiCo’s previous quarterly dividend of $1.36. The ex-dividend date is Friday, June 6th. PepsiCo’s dividend payout ratio is currently 83.68%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PEP shares. Dbs Bank downgraded PepsiCo from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 9th. Citigroup dropped their target price on shares of PepsiCo from $170.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Jefferies Financial Group downgraded shares of PepsiCo from a “buy” rating to a “hold” rating and reduced their price target for the company from $171.00 to $170.00 in a report on Wednesday, March 12th. Evercore ISI set a $140.00 price objective on shares of PepsiCo in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. boosted their target price on PepsiCo from $158.00 to $159.00 and gave the stock a “neutral” rating in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $160.69.

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.