PepsiCo, Inc. (PEP) Position Trimmed by Essex Financial Services Inc.

Essex Financial Services Inc. trimmed its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,084 shares of the company’s stock after selling 751 shares during the period. Essex Financial Services Inc.’s holdings in PepsiCo were worth $3,275,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Stevens First Principles Investment Advisors acquired a new stake in PepsiCo during the 2nd quarter valued at $348,000. Greenwood Capital Associates LLC increased its holdings in PepsiCo by 16.0% during the 2nd quarter. Greenwood Capital Associates LLC now owns 57,155 shares of the company’s stock valued at $6,222,000 after purchasing an additional 7,897 shares in the last quarter. Roffman Miller Associates Inc. PA increased its holdings in PepsiCo by 4.9% during the 2nd quarter. Roffman Miller Associates Inc. PA now owns 196,935 shares of the company’s stock valued at $21,440,000 after purchasing an additional 9,163 shares in the last quarter. United Asset Strategies Inc. increased its holdings in PepsiCo by 182.4% during the 2nd quarter. United Asset Strategies Inc. now owns 9,699 shares of the company’s stock valued at $1,056,000 after purchasing an additional 6,264 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in PepsiCo by 10.5% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,338,901 shares of the company’s stock valued at $254,636,000 after purchasing an additional 222,402 shares in the last quarter. 70.45% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO Laxman Narasimhan sold 5,500 shares of the firm’s stock in a transaction on Thursday, October 4th. The stock was sold at an average price of $106.79, for a total value of $587,345.00. Following the transaction, the chief executive officer now directly owns 130,135 shares in the company, valued at approximately $13,897,116.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is owned by company insiders.

Shares of PEP opened at $105.28 on Friday. The firm has a market capitalization of $158.12 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 2.63 and a beta of 0.67. The company has a debt-to-equity ratio of 3.00, a quick ratio of 1.09 and a current ratio of 1.24. PepsiCo, Inc. has a 52 week low of $95.94 and a 52 week high of $122.51.

PepsiCo (NASDAQ:PEP) last announced its quarterly earnings data on Tuesday, October 2nd. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.02. PepsiCo had a return on equity of 67.06% and a net margin of 7.14%. The firm had revenue of $16.49 billion for the quarter, compared to analyst estimates of $16.38 billion. During the same period last year, the company earned $1.48 EPS. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. Analysts forecast that PepsiCo, Inc. will post 5.69 EPS for the current year.

PEP has been the subject of a number of recent analyst reports. BidaskClub cut PepsiCo from a “hold” rating to a “sell” rating in a report on Friday, August 31st. Zacks Investment Research upgraded PepsiCo from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a research report on Tuesday, September 11th. Goldman Sachs Group reiterated a “sell” rating and issued a $108.00 price objective on shares of PepsiCo in a research report on Monday, August 20th. Guggenheim started coverage on PepsiCo in a research report on Thursday, September 13th. They issued a “neutral” rating and a $117.00 price objective on the stock. Finally, Susquehanna Bancshares decreased their price objective on PepsiCo from $136.00 to $135.00 and set a “positive” rating on the stock in a research report on Friday, September 28th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company. PepsiCo has an average rating of “Hold” and a consensus price target of $117.89.

About PepsiCo

PepsiCo, Inc operates as a food and beverage company worldwide. Its Frito-Lay North America segment offers Lay's and Ruffles potato chips; Doritos, Tostitos, and Santitas tortilla chips; and Cheetos snacks, branded dips, and Fritos corn chips. The company's Quaker Foods North America segment provides cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes under the brands Quaker, Aunt Jemima, Cap'n crunch, life, Quaker Chewy, and Rice-A-Roni.

Further Reading: Technical Analysis

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Institutional Ownership by Quarter for PepsiCo (NASDAQ:PEP)

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