PNC Financial Services Group Inc. Cuts Position in PepsiCo, Inc. $PEP

PNC Financial Services Group Inc. lessened its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,065,536 shares of the company’s stock after selling 108,525 shares during the period. PNC Financial Services Group Inc. owned about 0.30% of PepsiCo worth $536,813,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PEP. Kelleher Financial Advisors increased its holdings in PepsiCo by 7.0% in the second quarter. Kelleher Financial Advisors now owns 6,749 shares of the company’s stock valued at $891,000 after buying an additional 443 shares during the last quarter. United Asset Strategies Inc. raised its position in shares of PepsiCo by 2.6% during the 2nd quarter. United Asset Strategies Inc. now owns 21,463 shares of the company’s stock worth $2,834,000 after acquiring an additional 551 shares in the last quarter. Tobam lifted its stake in PepsiCo by 42.8% during the second quarter. Tobam now owns 1,969 shares of the company’s stock worth $260,000 after purchasing an additional 590 shares during the last quarter. Quinn Opportunity Partners LLC acquired a new position in PepsiCo in the second quarter valued at approximately $9,381,000. Finally, KBC Group NV increased its stake in PepsiCo by 4.1% in the second quarter. KBC Group NV now owns 483,313 shares of the company’s stock valued at $63,817,000 after purchasing an additional 18,945 shares during the last quarter. 73.07% of the stock is currently owned by institutional investors and hedge funds.

PepsiCo Trading Up 1.7%

NASDAQ:PEP opened at $145.08 on Wednesday. PepsiCo, Inc. has a 12-month low of $127.60 and a 12-month high of $166.88. The company has a current ratio of 0.91, a quick ratio of 0.72 and a debt-to-equity ratio of 2.26. The stock’s 50 day simple moving average is $145.08 and its 200-day simple moving average is $139.84. The firm has a market cap of $198.37 billion, a P/E ratio of 27.58, a PEG ratio of 3.56 and a beta of 0.45.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings results on Wednesday, October 8th. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.03. The firm had revenue of $23.94 billion during the quarter, compared to the consensus estimate of $23.91 billion. PepsiCo had a return on equity of 57.58% and a net margin of 7.82%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the company earned $2.31 earnings per share. Equities analysts anticipate that PepsiCo, Inc. will post 8.3 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PEP shares. Royal Bank Of Canada lowered their target price on shares of PepsiCo from $146.00 to $145.00 and set a “sector perform” rating for the company in a report on Monday, September 15th. DZ Bank upgraded shares of PepsiCo from a “hold” rating to a “buy” rating and set a $167.00 price objective for the company in a research note on Tuesday, October 21st. JPMorgan Chase & Co. cut their target price on PepsiCo from $157.00 to $151.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. BNP Paribas Exane decreased their target price on PepsiCo from $152.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, October 6th. Finally, Citigroup reduced their price objective on PepsiCo from $168.00 to $165.00 and set a “buy” rating for the company in a research note on Thursday, September 25th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $156.95.

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.