PepsiCo (NASDAQ:PEP) Shares Down 0.7% After Analyst Downgrade

Posted by ABMN Staff on Jul 16th, 2024

PepsiCo, Inc. (NASDAQ:PEP – Get Free Report)’s stock price traded down 0.7% on Monday after Morgan Stanley lowered their price target on the stock from $190.00 to $185.00. Morgan Stanley currently has an overweight rating on the stock. PepsiCo traded as low as $164.57 and last traded at $165.17. 865,580 shares were traded during trading, a decline of 84% from the average session volume of 5,497,000 shares. The stock had previously closed at $166.38.

A number of other research firms also recently commented on PEP. Royal Bank of Canada dropped their price objective on PepsiCo from $180.00 to $177.00 and set a “sector perform” rating for the company in a report on Friday. BNP Paribas began coverage on shares of PepsiCo in a research report on Monday, June 24th. They issued a “neutral” rating and a $174.00 price target on the stock. Wedbush reissued an “outperform” rating and set a $195.00 price objective on shares of PepsiCo in a research note on Tuesday, April 23rd. Jefferies Financial Group lowered their target price on shares of PepsiCo from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Finally, Argus cut shares of PepsiCo from a “buy” rating to a “hold” rating in a research report on Wednesday, April 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $185.27.

Read Our Latest Stock Report on PEP

Insider Transactions at PepsiCo

In other PepsiCo news, CEO Ramkumar Krishnan sold 5,620 shares of PepsiCo stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $178.00, for a total value of $1,000,360.00. Following the sale, the chief executive officer now directly owns 53,953 shares in the company, valued at approximately $9,603,634. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PepsiCo

Several large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of PepsiCo during the 4th quarter worth approximately $2,686,139,000. International Assets Investment Management LLC increased its holdings in shares of PepsiCo by 9,623.6% in the fourth quarter. International Assets Investment Management LLC now owns 3,058,061 shares of the company’s stock valued at $519,381,000 after purchasing an additional 3,026,611 shares during the last quarter. Flossbach Von Storch AG raised its position in shares of PepsiCo by 67.2% in the first quarter. Flossbach Von Storch AG now owns 4,560,007 shares of the company’s stock valued at $798,047,000 after purchasing an additional 1,832,385 shares during the period. California Public Employees Retirement System boosted its holdings in shares of PepsiCo by 17.9% during the 4th quarter. California Public Employees Retirement System now owns 9,664,323 shares of the company’s stock worth $1,641,389,000 after buying an additional 1,470,064 shares during the period. Finally, Franklin Resources Inc. grew its stake in PepsiCo by 17.7% in the 4th quarter. Franklin Resources Inc. now owns 8,954,951 shares of the company’s stock valued at $1,520,909,000 after buying an additional 1,345,065 shares during the last quarter. Institutional investors and hedge funds own 73.07% of the company’s stock.

PepsiCo Stock Performance

The stock has a market capitalization of $225.07 billion, a P/E ratio of 23.78, a PEG ratio of 2.89 and a beta of 0.52. The company’s fifty day simple moving average is $170.69 and its two-hundred day simple moving average is $169.95. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.68 and a current ratio of 0.86.

PepsiCo (NASDAQ:PEP – Get Free Report) last released its quarterly earnings results on Thursday, July 11th. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.12. PepsiCo had a return on equity of 57.86% and a net margin of 10.34%. The business had revenue of $22.50 billion during the quarter, compared to analysts’ expectations of $22.59 billion. During the same period last year, the firm posted $2.09 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts forecast that PepsiCo, Inc. will post 8.15 EPS for the current year.

PepsiCo Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $1.355 dividend. This is a boost from PepsiCo’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Friday, June 7th. This represents a $5.42 annualized dividend and a yield of 3.31%. PepsiCo’s payout ratio is 78.66%.

PepsiCo Company Profile

(Get Free Report)

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.

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