Bank of Nova Scotia Increases Stock Position in PepsiCo, Inc. $PEP

Bank of Nova Scotia boosted its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 20.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,859,154 shares of the company’s stock after buying an additional 310,403 shares during the period. Bank of Nova Scotia’s holdings in PepsiCo were worth $261,100,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PEP. JCIC Asset Management Inc. bought a new position in shares of PepsiCo during the third quarter valued at $27,000. Evolution Wealth Management Inc. bought a new stake in PepsiCo in the 2nd quarter worth about $27,000. Imprint Wealth LLC purchased a new position in PepsiCo in the 3rd quarter worth about $31,000. Vermillion & White Wealth Management Group LLC lifted its stake in PepsiCo by 107.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 234 shares of the company’s stock valued at $31,000 after acquiring an additional 121 shares during the period. Finally, Halbert Hargrove Global Advisors LLC boosted its holdings in shares of PepsiCo by 667.7% during the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 238 shares of the company’s stock valued at $33,000 after acquiring an additional 207 shares during the last quarter. Institutional investors own 73.07% of the company’s stock.

PepsiCo Stock Performance

Shares of NASDAQ PEP opened at $159.88 on Friday. PepsiCo, Inc. has a 12-month low of $127.60 and a 12-month high of $171.48. The firm has a market capitalization of $218.50 billion, a price-to-earnings ratio of 26.65, a price-to-earnings-growth ratio of 3.07 and a beta of 0.39. The company has a current ratio of 0.85, a quick ratio of 0.67 and a debt-to-equity ratio of 2.06. The firm has a 50 day moving average of $156.71 and a 200 day moving average of $149.69.

PepsiCo (NASDAQ:PEP) last released its quarterly earnings results on Monday, February 2nd. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.02. PepsiCo had a net margin of 8.77% and a return on equity of 57.92%. The business had revenue of $29.34 billion for the quarter, compared to the consensus estimate of $28.96 billion. During the same period last year, the firm earned $1.96 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, research analysts anticipate that PepsiCo, Inc. will post 8.3 earnings per share for the current year.

PepsiCo declared that its board has approved a stock repurchase program on Tuesday, February 3rd that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

PepsiCo Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be given a dividend of $1.4225 per share. The ex-dividend date is Friday, March 6th. This represents a $5.69 annualized dividend and a yield of 3.6%. PepsiCo’s payout ratio is 94.83%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of PepsiCo from $164.00 to $176.00 and gave the company an “overweight” rating in a report on Wednesday, February 4th. UBS Group reaffirmed a “buy” rating and issued a $190.00 target price on shares of PepsiCo in a research report on Wednesday, February 4th. Evercore boosted their target price on shares of PepsiCo from $152.00 to $165.00 in a research note on Wednesday, February 4th. Jefferies Financial Group increased their price target on PepsiCo from $163.00 to $164.00 and gave the company a “hold” rating in a report on Tuesday, December 9th. Finally, Wells Fargo & Company lifted their price objective on PepsiCo from $154.00 to $165.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 4th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $169.00.

About PepsiCo

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.