Meridian Investment Counsel Inc. Sells 1,554 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Meridian Investment Counsel Inc. lowered its stake in PepsiCo, Inc. (NASDAQ:PEP) by 25.8% in the third quarter, Holdings Channel reports. The fund owned 4,465 shares of the company’s stock after selling 1,554 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in PepsiCo were worth $759,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PEP. Global Wealth Strategies & Associates raised its position in PepsiCo by 59.0% in the third quarter. Global Wealth Strategies & Associates now owns 159 shares of the company’s stock valued at $27,000 after purchasing an additional 59 shares during the last quarter. Highline Wealth Partners LLC bought a new position in PepsiCo in the 3rd quarter valued at approximately $28,000. POM Investment Strategies LLC boosted its position in PepsiCo by 141.3% during the 2nd quarter. POM Investment Strategies LLC now owns 181 shares of the company’s stock worth $30,000 after buying an additional 106 shares during the period. Summit Securities Group LLC acquired a new position in PepsiCo in the 2nd quarter valued at approximately $30,000. Finally, Mattson Financial Services LLC bought a new position in shares of PepsiCo during the second quarter valued at $34,000. 73.07% of the stock is owned by institutional investors.

PepsiCo Price Performance

PEP stock opened at $158.62 on Friday. The company’s 50-day moving average is $170.82 and its 200-day moving average is $171.56. 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 capitalization of $217.63 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 3.07 and a beta of 0.53.

PepsiCo (NASDAQ:PEP) last posted its quarterly earnings results 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. PepsiCo had a net margin of 10.18% and a return on equity of 57.32%. The business had revenue of $23.32 billion during the quarter, compared to the consensus estimate of $23.86 billion. During the same quarter last year, the firm posted $2.25 EPS. PepsiCo’s revenue was down .6% compared to the same quarter last year. Equities research analysts expect that PepsiCo, Inc. will post 8.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PEP shares. TD Cowen downgraded PepsiCo from a “buy” rating to a “hold” rating and decreased their price objective for the company from $190.00 to $183.00 in a report on Thursday, October 10th. Bank of America lowered their price objective on PepsiCo from $190.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Hsbc Global Res upgraded PepsiCo to a “hold” rating in a report on Thursday, October 10th. DZ Bank lowered shares of PepsiCo from a “buy” rating to a “hold” rating and set a $183.00 price target for the company. in a report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a research note on Wednesday, October 9th. 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 stock. According to data from MarketBeat, the stock currently 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.