Covenant Asset Management LLC Sells 200 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Covenant Asset Management LLC reduced its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 5.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,543 shares of the company’s stock after selling 200 shares during the quarter. Covenant Asset Management LLC’s holdings in PepsiCo were worth $539,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. AMF Tjanstepension AB increased its position in shares of PepsiCo by 15.8% during the 3rd quarter. AMF Tjanstepension AB now owns 293,824 shares of the company’s stock valued at $50,016,000 after purchasing an additional 40,031 shares during the last quarter. Swedbank AB increased its position in shares of PepsiCo by 211.4% during the 3rd quarter. Swedbank AB now owns 2,345,467 shares of the company’s stock valued at $398,847,000 after purchasing an additional 1,592,343 shares during the last quarter. SPC Financial Inc. increased its position in shares of PepsiCo by 5.2% during the 3rd quarter. SPC Financial Inc. now owns 3,032 shares of the company’s stock valued at $516,000 after purchasing an additional 151 shares during the last quarter. Bfsg LLC increased its position in shares of PepsiCo by 1.6% during the 3rd quarter. Bfsg LLC now owns 12,863 shares of the company’s stock valued at $2,187,000 after purchasing an additional 201 shares during the last quarter. Finally, Good Life Advisors LLC increased its position in shares of PepsiCo by 74.9% during the 3rd quarter. Good Life Advisors LLC now owns 6,221 shares of the company’s stock valued at $1,058,000 after purchasing an additional 2,664 shares during the last quarter. 73.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PEP has been the topic of several recent research reports. Piper Sandler started coverage on PepsiCo in a research report on Tuesday, January 7th. They set an “overweight” rating and a $171.00 price objective on the stock. StockNews.com cut PepsiCo from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Barclays dropped their target price on PepsiCo from $158.00 to $153.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Evercore ISI dropped their target price on PepsiCo from $180.00 to $160.00 in a report on Tuesday, February 4th. Finally, Morgan Stanley dropped their target price on PepsiCo from $185.00 to $168.00 and set an “equal weight” rating for the company in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $171.47.

PepsiCo Stock Performance

Shares of PEP opened at $143.39 on Friday. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.82 and a quick ratio of 0.70. PepsiCo, Inc. has a one year low of $141.51 and a one year high of $183.41. The firm has a market capitalization of $196.66 billion, a P/E ratio of 20.63, a PEG ratio of 2.89 and a beta of 0.54. The business has a fifty day moving average of $150.09 and a 200 day moving average of $163.41.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.94 by $0.02. PepsiCo had a return on equity of 58.87% and a net margin of 10.43%. The company had revenue of $27.78 billion during the quarter, compared to analyst estimates of $27.89 billion. During the same quarter in the previous year, the company posted $1.78 earnings per share. PepsiCo’s revenue was down .2% compared to the same quarter last year. As a group, sell-side analysts anticipate that PepsiCo, Inc. will post 8.34 EPS for the current year.

PepsiCo Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 7th will be given a dividend of $1.355 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $5.42 annualized dividend and a yield of 3.78%. PepsiCo’s dividend payout ratio (DPR) is presently 77.99%.

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.