OneAscent Financial Services LLC Reduces Stake in PepsiCo, Inc. $PEP

OneAscent Financial Services LLC trimmed its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 61.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,495 shares of the company’s stock after selling 3,986 shares during the quarter. OneAscent Financial Services LLC’s holdings in PepsiCo were worth $350,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in PepsiCo in the 2nd quarter worth about $2,330,594,000. Laurel Wealth Advisors LLC grew its position in PepsiCo by 14,420.2% during the second quarter. Laurel Wealth Advisors LLC now owns 3,890,688 shares of the company’s stock valued at $513,726,000 after acquiring an additional 3,863,893 shares during the period. Charles Schwab Investment Management Inc. increased its stake 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 acquiring an additional 2,556,163 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of PepsiCo by 19.5% in the 2nd quarter. Franklin Resources Inc. now owns 15,577,073 shares of the company’s stock worth $2,056,797,000 after purchasing an additional 2,541,455 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of PepsiCo by 112.6% in the 2nd quarter. First Trust Advisors LP now owns 4,040,079 shares of the company’s stock valued at $533,452,000 after purchasing an additional 2,139,847 shares in the last quarter. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

PepsiCo Stock Up 2.0%

Shares of PepsiCo stock opened at $148.78 on Wednesday. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.91 and a quick ratio of 0.72. PepsiCo, Inc. has a 1-year low of $127.60 and a 1-year high of $160.15. The business has a 50-day moving average of $145.71 and a 200-day moving average of $145.28. The company has a market capitalization of $203.43 billion, a PE ratio of 28.29, a P/E/G ratio of 4.78 and a beta of 0.42.

PepsiCo Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 6th. Shareholders of record on Friday, December 5th were issued a $1.4225 dividend. This represents a $5.69 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Friday, December 5th. PepsiCo’s payout ratio is currently 108.17%.

Analysts Set New Price Targets

Several research analysts recently commented on PEP shares. The Goldman Sachs Group raised their price target on shares of PepsiCo from $165.00 to $167.00 and gave the company a “buy” rating in a report on Friday, October 10th. Jefferies Financial Group raised their target price on shares of PepsiCo from $163.00 to $164.00 and gave the company a “hold” rating in a research note on Tuesday, December 9th. HSBC lifted their target price on shares of PepsiCo from $145.00 to $152.00 and gave the company a “hold” rating in a report on Friday, October 10th. Citigroup raised their price objective on PepsiCo from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Finally, Piper Sandler boosted their price objective on PepsiCo from $161.00 to $172.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $159.29.

PepsiCo Company Profile

PepsiCo, Inc (NASDAQ: PEP) is a multinational food and beverage company headquartered in Purchase, New York. The company develops, manufactures, markets and sells a broad portfolio of branded food and beverage products, including carbonated and noncarbonated soft drinks, bottled water, sports drinks, juices, ready-to-drink teas and coffees, salty snacks, cereals, and other convenient foods. Its leading consumer brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Quaker, Lay’s, Doritos and Cheetos, among others.

Formed through the 1965 merger of Pepsi-Cola and Frito-Lay, PepsiCo has grown into a global business with integrated manufacturing, distribution and marketing operations.