Diamond Hill Capital Management Inc. Sells 1,001,780 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Diamond Hill Capital Management Inc. decreased its position in PepsiCo, Inc. (NASDAQ:PEP) by 30.6% in the third quarter, Holdings Channel reports. The firm owned 2,277,310 shares of the company’s stock after selling 1,001,780 shares during the period. PepsiCo accounts for 1.6% of Diamond Hill Capital Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Diamond Hill Capital Management Inc.’s holdings in PepsiCo were worth $387,257,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Global Wealth Strategies & Associates lifted its position in shares of PepsiCo by 59.0% in the 3rd quarter. Global Wealth Strategies & Associates now owns 159 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares during the period. Highline Wealth Partners LLC purchased a new stake in PepsiCo during the third quarter worth $28,000. POM Investment Strategies LLC increased its holdings in shares of PepsiCo by 141.3% in the 2nd quarter. POM Investment Strategies LLC now owns 181 shares of the company’s stock valued at $30,000 after acquiring an additional 106 shares during the period. Summit Securities Group LLC bought a new position in shares of PepsiCo in the 2nd quarter worth $30,000. Finally, Mattson Financial Services LLC purchased a new stake in shares of PepsiCo during the 2nd quarter worth $34,000. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

PepsiCo Trading Up 0.7 %

Shares of PepsiCo stock opened at $165.11 on Monday. PepsiCo, Inc. has a 1 year low of $158.03 and a 1 year high of $183.41. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70. The stock has a market cap of $226.53 billion, a PE ratio of 24.35, a price-to-earnings-growth ratio of 3.08 and a beta of 0.53. The firm has a fifty day moving average price of $172.19 and a 200 day moving average price of $171.98.

PepsiCo (NASDAQ:PEP) last issued its quarterly earnings data on Tuesday, October 8th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.01. The business had revenue of $23.32 billion during the quarter, compared to analysts’ expectations of $23.86 billion. PepsiCo had a return on equity of 57.32% and a net margin of 10.18%. The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.25 EPS. Equities research analysts predict that PepsiCo, Inc. will post 8.15 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Morgan Stanley downgraded shares of PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 target price for the company. in a report on Friday, September 20th. Bank of America lowered their target price on shares of PepsiCo from $190.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, September 30th. JPMorgan Chase & Co. decreased their price objective on PepsiCo from $185.00 to $183.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. DZ Bank downgraded PepsiCo from a “buy” rating to a “hold” rating and set a $183.00 target price on the stock. in a research note on Friday, July 19th. Finally, TD Cowen cut PepsiCo from a “buy” rating to a “hold” rating and decreased their price target for the company from $190.00 to $183.00 in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $183.92.

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.