Nexus Investment Management ULC Buys 700 Shares of PepsiCo, Inc. (NASDAQ:PEP)
Nexus Investment Management ULC boosted its stake in PepsiCo, Inc. (NASDAQ:PEP) by 26.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,375 shares of the company’s stock after acquiring an additional 700 shares during the period. Nexus Investment Management ULC’s holdings in PepsiCo were worth $446,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Rezny Wealth Management Inc. acquired a new stake in PepsiCo in the first quarter worth about $12,868,000. PSI Advisors LLC acquired a new stake in PepsiCo in the fourth quarter worth about $25,000. Beutel Goodman & Co Ltd. acquired a new stake in PepsiCo in the fourth quarter worth about $27,000. Permanens Capital L.P. boosted its holdings in PepsiCo by 511.4% in the fourth quarter. Permanens Capital L.P. now owns 269 shares of the company’s stock worth $37,000 after acquiring an additional 225 shares in the last quarter. Finally, Capital Wealth Alliance LLC acquired a new stake in PepsiCo in the fourth quarter worth about $48,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
Several brokerages have weighed in on PEP. Cowen raised their price target on PepsiCo from $135.00 to $156.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Cfra raised their price objective on PepsiCo from $145.00 to $150.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, April 28th. Goldman Sachs Group initiated coverage on PepsiCo in a research note on Wednesday, April 1st. They issued a “conviction-buy” rating for the company. Royal Bank of Canada restated a “buy” rating and issued a $153.00 price objective on shares of PepsiCo in a research note on Tuesday, April 14th. Finally, Credit Suisse Group upgraded PepsiCo from an “underperform” rating to an “outperform” rating and raised their price objective for the stock from $138.00 to $144.00 in a research note on Friday, March 27th. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $142.00.
PepsiCo (NASDAQ:PEP) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.04. The company had revenue of $13.88 billion for the quarter, compared to analyst estimates of $13.20 billion. PepsiCo had a return on equity of 55.74% and a net margin of 10.62%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. Sell-side analysts expect that PepsiCo, Inc. will post 5.31 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th were paid a dividend of $1.0225 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $4.09 dividend on an annualized basis and a yield of 3.05%. This is a positive change from PepsiCo’s previous quarterly dividend of $0.96. PepsiCo’s payout ratio is 73.96%.
PepsiCo Company Profile
PepsiCo, Inc operates as a food and beverage company worldwide. The company's Frito-Lay North America segment offers branded dips; Cheetos cheese-flavored snacks; and Doritos tortilla, Fritos corn, Lay's potato, Ruffles potato, and Tostitos tortilla chips. Its Quaker Foods North America segment provides cereals, rice, pasta, mixes and syrups, granola bars, grits, oat squares, oatmeal, rice cakes, simply granola, and side dishes under the Aunt Jemima, Cap'n crunch, Life, Quaker Chewy, Quaker, and Rice-A-Roni brands.
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