Pepsico, Inc. (PEP) Shares Bought by FineMark National Bank & Trust
FineMark National Bank & Trust lifted its stake in shares of Pepsico, Inc. (NYSE:PEP) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,488 shares of the company’s stock after purchasing an additional 4,050 shares during the period. Pepsico accounts for 0.9% of FineMark National Bank & Trust’s investment portfolio, making the stock its 15th biggest holding. FineMark National Bank & Trust’s holdings in Pepsico were worth $12,645,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of PEP. Riggs Asset Managment Co. Inc. grew its stake in Pepsico by 14.9% in the 1st quarter. Riggs Asset Managment Co. Inc. now owns 1,270 shares of the company’s stock valued at $142,000 after buying an additional 165 shares in the last quarter. Millie Capital Management LLC purchased a new position in Pepsico in the 1st quarter valued at approximately $202,000. Granite Investment Advisors LLC purchased a new position in Pepsico in the 1st quarter valued at approximately $204,000. Spectrum Management Group Inc. purchased a new position in Pepsico in the 1st quarter valued at approximately $205,000. Finally, Windsor Financial Group LLC purchased a new position in Pepsico in the 1st quarter valued at approximately $205,000. Institutional investors own 70.17% of the company’s stock.
A number of research firms recently weighed in on PEP. BidaskClub upgraded shares of Pepsico from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded shares of Pepsico from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research note on Tuesday, August 22nd. Credit Suisse Group lowered shares of Pepsico from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $126.00 to $124.00 in a research note on Friday, September 8th. Royal Bank Of Canada reiterated a “hold” rating and issued a $115.00 price objective on shares of Pepsico in a research note on Wednesday, September 6th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $120.00 price objective on shares of Pepsico in a research note on Wednesday, September 6th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $121.80.
In other Pepsico news, SVP Marie T. Gallagher sold 41,489 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $116.77, for a total transaction of $4,844,670.53. Following the completion of the transaction, the senior vice president now owns 76,037 shares in the company, valued at $8,878,840.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Indra K. Nooyi sold 340,449 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $116.42, for a total transaction of $39,635,072.58. Following the transaction, the chief executive officer now owns 733,315 shares of the company’s stock, valued at approximately $85,372,532.30. The disclosure for this sale can be found here. Insiders have sold 919,613 shares of company stock valued at $106,956,258 over the last ninety days. 0.26% of the stock is currently owned by corporate insiders.
Pepsico (NYSE:PEP) last posted its earnings results on Wednesday, October 4th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.05. The company had revenue of $16.24 billion during the quarter, compared to analysts’ expectations of $16.35 billion. Pepsico had a net margin of 10.97% and a return on equity of 59.68%. Pepsico’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the company posted $1.40 earnings per share.
PepsiCo, Inc is a global food and beverage company. The Company’s portfolio of brands includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. The Company operates through six segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa (ESSA), and Asia, Middle East and North Africa (AMENA).
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