Chemung Canal Trust Co. Has $6.46 Million Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Chemung Canal Trust Co. trimmed its holdings in PepsiCo, Inc. (NASDAQ:PEP) by 34.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,505 shares of the company’s stock after selling 22,192 shares during the period. PepsiCo accounts for about 1.3% of Chemung Canal Trust Co.’s portfolio, making the stock its 24th biggest holding. Chemung Canal Trust Co.’s holdings in PepsiCo were worth $6,463,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State Street Corp increased its holdings in shares of PepsiCo by 5.1% during the third quarter. State Street Corp now owns 57,268,030 shares of the company’s stock worth $9,738,429,000 after buying an additional 2,775,679 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of PepsiCo by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 30,497,268 shares of the company’s stock valued at $5,170,529,000 after purchasing an additional 543,558 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in PepsiCo by 5.6% in 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 buying an additional 1,125,059 shares during the period. Legal & General Group Plc grew its position in shares of PepsiCo by 7.2% during the 2nd quarter. Legal & General Group Plc now owns 13,547,547 shares of the company’s stock worth $2,234,400,000 after buying an additional 905,468 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of PepsiCo by 21.1% during the third quarter. Franklin Resources Inc. now owns 13,021,316 shares of the company’s stock valued at $2,293,049,000 after purchasing an additional 2,264,445 shares during the period. 73.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of PepsiCo from $183.00 to $165.00 and set a “neutral” rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of PepsiCo from $184.00 to $178.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays reduced their price objective on shares of PepsiCo from $183.00 to $158.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Royal Bank of Canada cut their price target on shares of PepsiCo from $177.00 to $176.00 and set a “sector perform” rating on the stock in a report on Friday, October 4th. Finally, Wells Fargo & Company decreased their target price on PepsiCo from $170.00 to $155.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, PepsiCo has an average rating of “Hold” and an average price target of $177.00.

PepsiCo Stock Up 0.3 %

PEP opened at $149.12 on Friday. The stock has a market cap of $204.59 billion, a PE ratio of 21.99, a P/E/G ratio of 2.86 and a beta of 0.54. The company has a quick ratio of 0.70, a current ratio of 0.89 and a debt-to-equity ratio of 1.96. PepsiCo, Inc. has a 52 week low of $141.51 and a 52 week high of $183.41. The business’s fifty day simple moving average is $154.07 and its 200 day simple moving average is $165.40.

PepsiCo Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Friday, December 6th were issued a dividend of $1.355 per share. The ex-dividend date was Friday, December 6th. This represents a $5.42 dividend on an annualized basis and a yield of 3.63%. PepsiCo’s dividend payout ratio is currently 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.