Oppenheimer Asset Management Inc. Reduces Stock Position in PepsiCo, Inc. (NASDAQ:PEP)

Oppenheimer Asset Management Inc. cut its stake in PepsiCo, Inc. (NASDAQ:PEP) by 7.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,340 shares of the company’s stock after selling 5,478 shares during the period. Oppenheimer Asset Management Inc.’s holdings in PepsiCo were worth $12,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. GHE LLC grew its position in PepsiCo by 6.7% in the third quarter. GHE LLC now owns 12,117 shares of the company’s stock worth $1,931,000 after acquiring an additional 762 shares during the period. OLD Second National Bank of Aurora grew its position in PepsiCo by 24.3% in the third quarter. OLD Second National Bank of Aurora now owns 28,630 shares of the company’s stock worth $4,869,000 after acquiring an additional 5,606 shares during the period. Pinnacle Financial Partners Inc grew its position in PepsiCo by 3.5% in the third quarter. Pinnacle Financial Partners Inc now owns 135,331 shares of the company’s stock worth $23,013,000 after acquiring an additional 4,547 shares during the period. Rossmore Private Capital grew its position in PepsiCo by 2.0% in the third quarter. Rossmore Private Capital now owns 29,285 shares of the company’s stock worth $4,980,000 after acquiring an additional 561 shares during the period. Finally, MQS Management LLC grew its position in PepsiCo by 45.2% in the third quarter. MQS Management LLC now owns 6,075 shares of the company’s stock worth $1,033,000 after acquiring an additional 1,892 shares during the period. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PEP. Royal Bank of Canada decreased their price target on PepsiCo from $177.00 to $176.00 and set a “sector perform” rating on the stock in a research note on Friday, October 4th. Barclays decreased their price target on PepsiCo from $186.00 to $183.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. StockNews.com upgraded PepsiCo from a “hold” rating to a “buy” rating in a research note on Tuesday, November 5th. Hsbc Global Res upgraded PepsiCo to a “hold” rating in a research note on Thursday, October 10th. Finally, Bank of America reduced their price objective on PepsiCo from $190.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. One 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $183.92.

PepsiCo Stock Performance

NASDAQ:PEP opened at $164.74 on Thursday. The firm has a market capitalization of $226.02 billion, a PE ratio of 24.30, a price-to-earnings-growth ratio of 3.06 and a beta of 0.53. The business’s fifty day moving average price is $171.75 and its 200 day moving average price is $171.77. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70. PepsiCo, Inc. has a 12 month low of $158.03 and a 12 month high of $183.41.

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

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.