Covington Investment Advisors Inc. Purchases 281 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Covington Investment Advisors Inc. lifted its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 1.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 25,638 shares of the company’s stock after acquiring an additional 281 shares during the period. Covington Investment Advisors Inc.’s holdings in PepsiCo were worth $4,360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. International Assets Investment Management LLC lifted its stake in PepsiCo by 17,113.0% in the third quarter. International Assets Investment Management LLC now owns 3,220,385 shares of the company’s stock valued at $547,626,000 after buying an additional 3,201,676 shares during the period. Swedbank AB raised its position in shares of PepsiCo by 211.4% in the 3rd quarter. Swedbank AB now owns 2,345,467 shares of the company’s stock valued at $398,847,000 after acquiring an additional 1,592,343 shares during the period. PineStone Asset Management Inc. boosted its stake in PepsiCo by 125.2% during the 2nd quarter. PineStone Asset Management Inc. now owns 2,740,573 shares of the company’s stock worth $452,003,000 after acquiring an additional 1,523,631 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in PepsiCo by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 21,360,850 shares of the company’s stock valued at $3,632,413,000 after purchasing an additional 1,125,059 shares during the period. Finally, Legal & General Group Plc raised its holdings in PepsiCo by 7.2% in the second quarter. Legal & General Group Plc now owns 13,547,547 shares of the company’s stock worth $2,234,400,000 after purchasing an additional 905,468 shares during the period. 73.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on PEP. Royal Bank of Canada decreased their price target on shares of PepsiCo from $177.00 to $176.00 and set a “sector perform” rating for the company in a report on Friday, October 4th. Deutsche Bank Aktiengesellschaft dropped their price target on PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a research report on Wednesday, October 9th. 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 research report on Wednesday, October 9th. TD Cowen downgraded shares of PepsiCo from a “buy” rating to a “hold” rating and dropped their target price for the stock from $190.00 to $183.00 in a report on Thursday, October 10th. Finally, Redburn Atlantic raised shares of PepsiCo to a “strong sell” rating in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $183.92.

PepsiCo Trading Up 0.6 %

PepsiCo stock opened at $163.05 on Tuesday. 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 firm has a 50-day moving average of $168.73 and a 200-day moving average of $170.78. The company has a market cap of $223.70 billion, a price-to-earnings ratio of 24.05, a P/E/G ratio of 3.02 and a beta of 0.53. PepsiCo, Inc. has a one year low of $155.85 and a one year high of $183.41.

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

PepsiCo Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 6th will be issued a $1.355 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.32%. PepsiCo’s payout ratio is 79.94%.

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.