Renaissance Investment Group LLC Lowers Stock Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Renaissance Investment Group LLC trimmed its stake in PepsiCo, Inc. (NASDAQ:PEP) by 82.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,175 shares of the company’s stock after selling 41,693 shares during the period. Renaissance Investment Group LLC’s holdings in PepsiCo were worth $1,376,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. N.E.W. Advisory Services LLC boosted its position in PepsiCo by 20.7% in the 1st quarter. N.E.W. Advisory Services LLC now owns 2,755 shares of the company’s stock valued at $413,000 after buying an additional 473 shares during the period. Morningstar Investment Management LLC boosted its position in PepsiCo by 312.3% in the 1st quarter. Morningstar Investment Management LLC now owns 14,547 shares of the company’s stock valued at $2,181,000 after buying an additional 11,019 shares during the period. TCTC Holdings LLC boosted its position in PepsiCo by 5.2% in the 1st quarter. TCTC Holdings LLC now owns 202,808 shares of the company’s stock valued at $30,409,000 after buying an additional 9,996 shares during the period. Kirtland Hills Capital Management LLC boosted its position in PepsiCo by 44.7% in the 1st quarter. Kirtland Hills Capital Management LLC now owns 8,552 shares of the company’s stock valued at $1,222,000 after buying an additional 2,642 shares during the period. Finally, Ramirez Asset Management Inc. lifted its position in shares of PepsiCo by 5.5% in the 1st quarter. Ramirez Asset Management Inc. now owns 7,139 shares of the company’s stock worth $1,070,000 after purchasing an additional 370 shares during the period. 73.07% of the stock is owned by hedge funds and other institutional investors.

PepsiCo Trading Down 1.3%

Shares of PepsiCo stock opened at $141.57 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.60 and a debt-to-equity ratio of 2.12. PepsiCo, Inc. has a 12-month low of $127.60 and a 12-month high of $180.91. The firm has a market capitalization of $193.82 billion, a price-to-earnings ratio of 25.79, a PEG ratio of 3.82 and a beta of 0.45. The firm’s 50 day simple moving average is $133.77 and its two-hundred day simple moving average is $140.94.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings results on Thursday, July 17th. The company reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.09. PepsiCo had a net margin of 8.23% and a return on equity of 57.81%. The business had revenue of $22.73 billion for the quarter, compared to analyst estimates of $22.28 billion. During the same quarter in the prior year, the business posted $2.28 EPS. PepsiCo’s revenue for the quarter was up 1.0% compared to the same quarter last year. Analysts predict that PepsiCo, Inc. will post 8.3 EPS for the current year.

PepsiCo Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be paid a dividend of $1.4225 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $5.69 dividend on an annualized basis and a yield of 4.02%. PepsiCo’s payout ratio is 103.64%.

Analyst Ratings Changes

PEP has been the subject of several research reports. Bank of America lowered their price target on shares of PepsiCo from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, July 11th. Evercore ISI set a $140.00 price target on shares of PepsiCo in a research report on Thursday, April 24th. Wells Fargo & Company upped their price target on shares of PepsiCo from $140.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. UBS Group lowered their price target on shares of PepsiCo from $175.00 to $169.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Finally, Citigroup upped their price target on shares of PepsiCo from $160.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, PepsiCo presently has an average rating of “Hold” and a consensus target price of $158.73.

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.