PepsiCo, Inc. (NASDAQ:PEP) Stake Boosted by Bank of Nova Scotia

Bank of Nova Scotia grew its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 31.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,806,616 shares of the company’s stock after acquiring an additional 427,183 shares during the period. Bank of Nova Scotia’s holdings in PepsiCo were worth $267,686,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Paragon Wealth Strategies LLC bought a new stake in PepsiCo in the second quarter worth $30,000. Cowen Prime Advisors LLC bought a new stake in PepsiCo in the second quarter worth $34,000. Financial Insights Inc. bought a new stake in PepsiCo in the second quarter worth $36,000. Twin Lakes Capital Management LLC bought a new stake in PepsiCo in the second quarter worth $48,000. Finally, Baldrige Asset Management LLC bought a new stake in PepsiCo in the second quarter worth $55,000. Institutional investors and hedge funds own 70.55% of the company’s stock.

In related news, SVP Marie T. Gallagher sold 7,409 shares of PepsiCo stock in a transaction dated Monday, July 19th. The shares were sold at an average price of $155.70, for a total transaction of $1,153,581.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

PEP traded down $0.34 during mid-day trading on Monday, hitting $153.86. The stock had a trading volume of 42,246 shares, compared to its average volume of 4,926,834. PepsiCo, Inc. has a 1-year low of $128.32 and a 1-year high of $159.63. The company has a debt-to-equity ratio of 2.47, a current ratio of 0.91 and a quick ratio of 0.70. The stock’s fifty day simple moving average is $155.87 and its 200-day simple moving average is $148.84. The firm has a market capitalization of $212.65 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 2.96 and a beta of 0.60.

PepsiCo (NASDAQ:PEP) last announced its quarterly earnings data on Monday, July 12th. The company reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.19. PepsiCo had a net margin of 11.01% and a return on equity of 59.56%. The company had revenue of $19.22 billion during the quarter, compared to the consensus estimate of $17.95 billion. During the same quarter last year, the firm posted $1.32 EPS. The company’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, research analysts expect that PepsiCo, Inc. will post 6.24 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Friday, September 3rd will be issued a dividend of $1.075 per share. This represents a $4.30 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Thursday, September 2nd. PepsiCo’s payout ratio is 77.90%.

A number of research firms have issued reports on PEP. Royal Bank of Canada upped their price target on shares of PepsiCo from $153.00 to $155.00 and gave the company a “sector perform” rating in a report on Wednesday, July 14th. Wells Fargo & Company upped their price target on shares of PepsiCo from $147.00 to $160.00 and gave the company an “equal weight” rating in a report on Wednesday, July 14th. Truist upped their price target on shares of PepsiCo from $135.00 to $160.00 and gave the company a “hold” rating in a report on Wednesday, July 14th. Guggenheim upped their price target on shares of PepsiCo from $171.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, September 21st. Finally, Citigroup upped their price target on shares of PepsiCo from $162.00 to $176.00 and gave the company a “buy” rating in a report on Wednesday, July 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $161.08.

About PepsiCo

PepsiCo, Inc engages in the manufacture, marketing, distribution and sale of beverages, food, and snacks. It is a food and beverage company with a complementary portfolio of brands, including Frito-Lay, Gatorade, Pepsi-Cola, Quaker, and Tropicana. It operates through the following business segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America; Latin America; Europe; and Africa, Middle East and South Asia The Frito-Lay North America segment markets, distributes, and sells snack foods under the Lay’s, Doritos, Cheetos, Tostitos, Fritos, Ruffles, and Santitas brands.

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Institutional Ownership by Quarter for PepsiCo (NASDAQ:PEP)

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