Granite Group Advisors LLC Decreases Position in PepsiCo, Inc. (NASDAQ:PEP)

Granite Group Advisors LLC reduced its stake in PepsiCo, Inc. (NASDAQ:PEP) by 5.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,853 shares of the company’s stock after selling 340 shares during the period. PepsiCo makes up about 0.6% of Granite Group Advisors LLC’s holdings, making the stock its 29th largest holding. Granite Group Advisors LLC’s holdings in PepsiCo were worth $995,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. International Assets Investment Management LLC increased its position in shares of PepsiCo by 17,113.0% in the 3rd quarter. International Assets Investment Management LLC now owns 3,220,385 shares of the company’s stock valued at $547,626,000 after purchasing an additional 3,201,676 shares during the last quarter. Swedbank AB increased its holdings in PepsiCo by 211.4% in the third quarter. Swedbank AB now owns 2,345,467 shares of the company’s stock valued at $398,847,000 after buying an additional 1,592,343 shares during the last quarter. PineStone Asset Management Inc. raised its stake in PepsiCo by 125.2% in the second quarter. PineStone Asset Management Inc. now owns 2,740,573 shares of the company’s stock valued at $452,003,000 after buying an additional 1,523,631 shares in the last quarter. Legal & General Group Plc lifted its holdings in 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 last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in shares of PepsiCo during the 3rd quarter worth about $151,749,000. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

PepsiCo Stock Performance

NASDAQ:PEP traded up $0.40 during midday trading on Friday, reaching $164.40. The stock had a trading volume of 268,457 shares, compared to its average volume of 5,443,749. The company has a quick ratio of 0.70, a current ratio of 0.89 and a debt-to-equity ratio of 1.96. The stock has a market cap of $225.56 billion, a P/E ratio of 24.19, a P/E/G ratio of 3.10 and a beta of 0.53. The firm has a fifty day simple moving average of $172.50 and a two-hundred day simple moving average of $172.11. PepsiCo, Inc. has a 12-month low of $158.03 and a 12-month high of $183.41.

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. StockNews.com upgraded PepsiCo from a “hold” rating to a “buy” rating in a research note on Tuesday. Royal Bank of Canada lowered their target price 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. Morgan Stanley lowered shares of PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 price target on the stock. in a research note on Friday, September 20th. Hsbc Global Res upgraded shares of PepsiCo to a “hold” rating in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. dropped their price objective on PepsiCo from $185.00 to $183.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $183.92.

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.