Rhumbline Advisers has decreased its holdings in PepsiCo, Inc. (NASDAQ: PEP) by 6.6% during the second quarter of 2023. According to HoldingsChannel.com, the firm now owns 2,627,841 shares of PepsiCo after selling 186,480 shares in that period. The value of Rhumbline Advisers’ stake stands at approximately $346.98 million as of the latest reporting period.
In addition to Rhumbline Advisers, several other institutional investors have also adjusted their positions in PepsiCo. Claris Advisors LLC increased its stake by 14.1%, acquiring an additional 308 shares, bringing its total to 2,490 shares valued at $329,000. Similarly, Foster Group Inc. raised its holdings by 4.6%, now owning 5,169 shares worth $683,000 after purchasing 229 shares.
Merit Financial Group LLC saw a significant increase of 46.4% in its stake, now holding 114,344 shares valued at $15.1 million after acquiring 36,239 shares during the quarter. Further, Fulton Bank N.A. expanded its holdings by 2.5%, bringing its total to 25,309 shares valued at $3.34 million. Naples Global Advisors LLC also increased its stake by 2.3%, now owning 26,270 shares worth $3.47 million.
Overall, institutional investors currently hold 73.07% of PepsiCo’s shares, reflecting strong institutional confidence in the company’s performance.
Current Market Position of PepsiCo
On Friday, PepsiCo shares opened at $146.33. The company has experienced a 12-month low of $127.60 and a high of $165.13. With a market capitalization of $200.08 billion, PepsiCo has a price-to-earnings (P/E) ratio of 27.82 and a price-to-earnings-growth (PEG) ratio of 3.56. The company’s beta stands at 0.45, indicating lower volatility compared to the broader market.
PepsiCo’s liquidity is reflected in its quick ratio of 0.72 and current ratio of 0.91, while its debt-to-equity ratio is 2.26. The company’s 50-day moving average is currently $145.37, with the 200-day average at $140.46.
Dividend Announcement and Analyst Ratings
PepsiCo has also announced a quarterly dividend of $1.4225 per share, set to be paid on January 6, 2024. Shareholders on record as of December 5, 2023 will receive this dividend, which translates to an annualized amount of $5.69 and a yield of 3.9%. The company’s dividend payout ratio is notably high at 108.17%.
Recent analyst reports reflect a mix of optimism and caution regarding PepsiCo’s stock. Evercore ISI increased its price target from $150.00 to $152.00, while BNP Paribas Exane reduced its target from $152.00 to $150.00, maintaining a “neutral” rating. UBS Group lowered its target from $175.00 to $170.00 with a “buy” rating, and Wells Fargo & Company adjusted its target from $150.00 to $154.00 while giving a “positive” rating.
The consensus among analysts indicates that seven have rated the stock as a “buy,” fourteen as “hold,” and one as a “sell.” According to MarketBeat, PepsiCo maintains a consensus target price of $156.90, reflecting a balanced outlook from the investment community.
PepsiCo, Inc. engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods globally. The company operates across seven segments, including Frito-Lay North America, Quaker Foods North America, and PepsiCo Beverages North America, among others.
