Jennison Associates LLC Decreases Stake in PepsiCo, Inc. (NASDAQ:PEP)

Jennison Associates LLC reduced its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 4.6% in the third quarter, HoldingsChannel.com reports. The firm owned 1,044,411 shares of the company’s stock after selling 49,816 shares during the period. Jennison Associates LLC’s holdings in PepsiCo were worth $177,602,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PEP. Prospera Private Wealth LLC purchased a new position in shares of PepsiCo during the 3rd quarter worth approximately $4,838,000. Avior Wealth Management LLC increased its stake in shares of PepsiCo by 4.0% during the third quarter. Avior Wealth Management LLC now owns 18,313 shares of the company’s stock valued at $3,114,000 after purchasing an additional 703 shares in the last quarter. Counterweight Ventures LLC boosted its position in shares of PepsiCo by 50.6% in the 3rd quarter. Counterweight Ventures LLC now owns 2,084 shares of the company’s stock worth $354,000 after purchasing an additional 700 shares in the last quarter. New Millennium Group LLC increased its position in PepsiCo by 2,738.5% during the 3rd quarter. New Millennium Group LLC now owns 7,295 shares of the company’s stock valued at $1,241,000 after buying an additional 7,038 shares in the last quarter. Finally, West Family Investments Inc. boosted its holdings in PepsiCo by 2.5% in the third quarter. West Family Investments Inc. now owns 9,669 shares of the company’s stock worth $1,644,000 after acquiring an additional 232 shares in the last quarter. 73.07% of the stock is currently owned by institutional investors.

PepsiCo Stock Down 1.0 %

Shares of PEP stock opened at $156.72 on Wednesday. The company has a 50 day simple moving average of $170.00 and a two-hundred day simple moving average of $171.24. The stock has a market cap of $215.02 billion, a P/E ratio of 23.12, a P/E/G ratio of 2.96 and a beta of 0.53. PepsiCo, Inc. has a 12 month low of $155.85 and a 12 month high of $183.41. The company has a current ratio of 0.89, a quick ratio of 0.70 and a debt-to-equity ratio of 1.96.

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

PepsiCo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Friday, December 6th will be issued a dividend of $1.355 per share. This represents a $5.42 dividend on an annualized basis and a yield of 3.46%. PepsiCo’s dividend payout ratio (DPR) is currently 79.94%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PEP. Royal Bank of Canada cut their price objective on shares of PepsiCo from $177.00 to $176.00 and set a “sector perform” rating on the stock in a research report on Friday, October 4th. TD Cowen lowered shares of PepsiCo from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $190.00 to $183.00 in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft cut their target price on PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a research note on Wednesday, October 9th. Bank of America decreased their price target on PepsiCo from $190.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, StockNews.com raised PepsiCo from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $183.92.

PepsiCo Company Profile

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.