California Public Employees Retirement System Sells 1,664,276 Shares of PepsiCo, Inc. $PEP

California Public Employees Retirement System reduced its stake in PepsiCo, Inc. (NASDAQ:PEP) by 23.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,490,959 shares of the company’s stock after selling 1,664,276 shares during the quarter. California Public Employees Retirement System’s holdings in PepsiCo were worth $725,026,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of PepsiCo during the second quarter worth about $2,330,594,000. Nuveen LLC bought a new stake in PepsiCo in the 1st quarter valued at approximately $946,978,000. Laurel Wealth Advisors LLC boosted its position in PepsiCo by 14,420.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,890,688 shares of the company’s stock worth $513,726,000 after acquiring an additional 3,863,893 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of PepsiCo in the second quarter valued at approximately $460,110,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in PepsiCo by 9.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 29,031,404 shares of the company’s stock worth $3,833,406,000 after purchasing an additional 2,556,163 shares during the last quarter. Institutional investors own 73.07% of the company’s stock.

PepsiCo Stock Performance

NASDAQ PEP opened at $145.02 on Friday. PepsiCo, Inc. has a 52-week low of $127.60 and a 52-week high of $161.50. The stock has a market cap of $198.29 billion, a PE ratio of 27.57, a P/E/G ratio of 4.97 and a beta of 0.42. The firm has a 50-day moving average of $146.66 and a 200-day moving average of $141.67. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.72 and a current ratio of 0.91.

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

PepsiCo Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Friday, December 5th will be issued a dividend of $1.4225 per share. This represents a $5.69 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, December 5th. PepsiCo’s dividend payout ratio (DPR) is presently 108.17%.

Analysts Set New Price Targets

PEP has been the topic of several recent research reports. Piper Sandler lowered their price target on shares of PepsiCo from $162.00 to $161.00 and set an “overweight” rating on the stock in a research note on Friday, November 21st. HSBC raised their price objective on PepsiCo from $145.00 to $152.00 and gave the company a “hold” rating in a report on Friday, October 10th. Wells Fargo & Company upped their target price on PepsiCo from $150.00 to $154.00 and gave the stock a “positive” rating in a report on Friday, October 10th. Rothschild & Co Redburn raised their price target on PepsiCo from $115.00 to $117.00 and gave the company a “sell” rating in a research note on Monday, October 13th. Finally, Jefferies Financial Group boosted their price target on PepsiCo from $161.00 to $163.00 and gave the stock a “hold” rating in a research report on Friday, October 10th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $156.90.

PepsiCo 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.