Canandaigua National Bank & Trust Co. Sells 1,455 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Canandaigua National Bank & Trust Co. reduced its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,190 shares of the company’s stock after selling 1,455 shares during the period. PepsiCo comprises 1.0% of Canandaigua National Bank & Trust Co.’s investment portfolio, making the stock its 19th largest holding. Canandaigua National Bank & Trust Co.’s holdings in PepsiCo were worth $9,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in shares of PepsiCo by 12.4% in the fourth quarter. Brighton Jones LLC now owns 59,392 shares of the company’s stock worth $9,031,000 after acquiring an additional 6,574 shares during the period. Bank Pictet & Cie Europe AG lifted its stake in PepsiCo by 2.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 470,387 shares of the company’s stock valued at $71,527,000 after buying an additional 11,538 shares during the period. Noble Wealth Management PBC acquired a new position in PepsiCo in the fourth quarter valued at approximately $40,000. Sherman Asset Management Inc. acquired a new position in PepsiCo in the fourth quarter valued at approximately $185,000. Finally, PCG Asset Management LLC acquired a new position in PepsiCo in the fourth quarter valued at approximately $633,000. 73.07% of the stock is currently owned by institutional investors.

PepsiCo Stock Performance

NASDAQ:PEP opened at $131.04 on Monday. The business’s 50-day moving average price is $131.83 and its two-hundred day moving average price is $142.82. PepsiCo, Inc. has a twelve month low of $127.60 and a twelve month high of $180.91. The stock has a market cap of $179.67 billion, a P/E ratio of 19.27, a PEG ratio of 3.77 and a beta of 0.46. The company has a quick ratio of 0.65, a current ratio of 0.83 and a debt-to-equity ratio of 2.13.

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

PepsiCo Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 6th will be given a dividend of $1.4225 per share. The ex-dividend date is Friday, June 6th. This is a positive change from PepsiCo’s previous quarterly dividend of $1.36. This represents a $5.69 annualized dividend and a dividend yield of 4.34%. PepsiCo’s dividend payout ratio is 83.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup lowered their target price on PepsiCo from $170.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Barclays decreased their price target on PepsiCo from $143.00 to $135.00 and set an “equal weight” rating for the company in a report on Monday, April 28th. Evercore ISI set a $140.00 price target on PepsiCo in a report on Thursday, April 24th. Morgan Stanley decreased their price target on PepsiCo from $168.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, April 25th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $148.00 price target on shares of PepsiCo in a report on Tuesday, June 24th. One research 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $159.75.

About PepsiCo

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.