Allworth Financial LP Cuts Stake in PepsiCo, Inc. (NASDAQ:PEP)

Allworth Financial LP lowered its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 3.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,771 shares of the company’s stock after selling 1,860 shares during the period. Allworth Financial LP’s holdings in PepsiCo were worth $8,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of PEP. Global Wealth Strategies & Associates increased its stake in 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 acquiring an additional 59 shares during the last quarter. Valued Wealth Advisors LLC increased its position in PepsiCo by 77.5% in the first quarter. Valued Wealth Advisors LLC now owns 158 shares of the company’s stock worth $28,000 after purchasing an additional 69 shares during the last quarter. POM Investment Strategies LLC raised its stake in PepsiCo by 141.3% during the second quarter. POM Investment Strategies LLC now owns 181 shares of the company’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of PepsiCo in the 2nd quarter worth $30,000. Finally, Mattson Financial Services LLC bought a new stake in shares of PepsiCo in the 2nd quarter worth about $34,000. Hedge funds and other institutional investors own 73.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PEP shares. Morgan Stanley lowered PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 price target for the company. in a research report on Friday, September 20th. Redburn Atlantic raised PepsiCo to a “strong sell” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price target on PepsiCo from $185.00 to $183.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a research report on Wednesday, October 9th. Finally, TD Cowen lowered shares of PepsiCo from a “buy” rating to a “hold” rating and lowered their target price for the stock from $190.00 to $183.00 in a report on Thursday, October 10th. One 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $183.92.

PepsiCo Price Performance

Shares of PEP stock opened at $171.79 on Friday. The company’s 50-day simple moving average is $173.86 and its two-hundred day simple moving average is $172.25. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70. PepsiCo, Inc. has a one year low of $158.03 and a one year high of $183.41. The company has a market capitalization of $236.17 billion, a P/E ratio of 24.93, a P/E/G ratio of 3.25 and a beta of 0.53.

PepsiCo (NASDAQ:PEP) last released its quarterly earnings data on Tuesday, October 8th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.30 by $0.01. PepsiCo had a return on equity of 57.32% and a net margin of 10.18%. The company had revenue of $23.32 billion for the quarter, compared to the consensus estimate of $23.86 billion. During the same period last year, the business posted $2.25 EPS. PepsiCo’s quarterly revenue was down .6% on a year-over-year basis. As a group, equities analysts anticipate that PepsiCo, Inc. will post 8.15 EPS for the current year.

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.