PepsiCo, Inc. $PEP Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,065,536 shares of the company’s stock after selling 108,525 shares during the quarter. PNC Financial Services Group Inc.’s holdings in PepsiCo were worth $536,813,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Claris Advisors LLC MO lifted its holdings in shares of PepsiCo by 14.1% in the second quarter. Claris Advisors LLC MO now owns 2,490 shares of the company’s stock valued at $329,000 after purchasing an additional 308 shares in the last quarter. Foster Group Inc. raised its position in shares of PepsiCo by 4.6% during the 2nd quarter. Foster Group Inc. now owns 5,169 shares of the company’s stock worth $683,000 after purchasing an additional 229 shares during the last quarter. Ignite Planners LLC lifted its stake in PepsiCo by 4.2% in the 1st quarter. Ignite Planners LLC now owns 3,773 shares of the company’s stock valued at $566,000 after buying an additional 151 shares in the last quarter. Merit Financial Group LLC grew its holdings in PepsiCo by 46.4% during the 2nd quarter. Merit Financial Group LLC now owns 114,344 shares of the company’s stock valued at $15,098,000 after buying an additional 36,239 shares during the last quarter. Finally, Fulton Bank N.A. increased its position in PepsiCo by 2.5% during the second quarter. Fulton Bank N.A. now owns 25,309 shares of the company’s stock worth $3,342,000 after buying an additional 620 shares in the last quarter. Institutional investors and hedge funds own 73.07% of the company’s stock.

PepsiCo Stock Performance

Shares of NASDAQ:PEP opened at $145.08 on Wednesday. The company 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. 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, Inc. has a one year low of $127.60 and a one year high of $166.88. The business’s 50-day simple moving average is $145.08 and its 200 day simple moving average is $139.84.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings data on Wednesday, October 8th. The company reported $2.29 earnings per share (EPS) 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 company had revenue of $23.94 billion during the quarter, compared to the consensus estimate of $23.91 billion. During the same quarter last year, the company earned $2.31 earnings per share. PepsiCo’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that PepsiCo, Inc. will post 8.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PEP has been the subject of a number of recent research reports. Bank of America lifted their price objective on PepsiCo from $150.00 to $155.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. Citigroup cut their price objective on shares of PepsiCo from $168.00 to $165.00 and set a “buy” rating for the company in a research report on Thursday, September 25th. The Goldman Sachs Group raised their target price on shares of PepsiCo from $165.00 to $167.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. HSBC increased their price target on PepsiCo from $145.00 to $152.00 and gave the stock a “hold” rating in a research note on Friday, October 10th. Finally, Piper Sandler lifted their price objective on PepsiCo from $160.00 to $162.00 and gave the company an “overweight” 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 company presently has an average rating of “Hold” and an average target price 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.