Contravisory Investment Management Inc. Increases Stock Position in PepsiCo, Inc. (NASDAQ:PEP)

Contravisory Investment Management Inc. increased its position in PepsiCo, Inc. (NASDAQ:PEP) by 8.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,393 shares of the company’s stock after acquiring an additional 2,933 shares during the period. PepsiCo comprises approximately 1.8% of Contravisory Investment Management Inc.’s holdings, making the stock its 23rd largest position. Contravisory Investment Management Inc.’s holdings in PepsiCo were worth $6,926,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PEP. Buckley Wealth Management LLC raised its stake in PepsiCo by 19.2% during the 2nd quarter. Buckley Wealth Management LLC now owns 7,439 shares of the company’s stock valued at $1,378,000 after buying an additional 1,200 shares during the last quarter. Thrive Wealth Management LLC raised its stake in PepsiCo by 3.7% during the 2nd quarter. Thrive Wealth Management LLC now owns 4,592 shares of the company’s stock valued at $850,000 after buying an additional 164 shares during the last quarter. LifePro Asset Management raised its stake in PepsiCo by 22.5% during the 2nd quarter. LifePro Asset Management now owns 3,608 shares of the company’s stock valued at $668,000 after buying an additional 662 shares during the last quarter. Legacy Bridge LLC raised its stake in PepsiCo by 4.3% during the 2nd quarter. Legacy Bridge LLC now owns 5,306 shares of the company’s stock valued at $983,000 after buying an additional 219 shares during the last quarter. Finally, Selective Wealth Management Inc. purchased a new stake in PepsiCo during the 2nd quarter valued at $246,000. 71.40% of the stock is currently owned by hedge funds and other institutional investors.

PepsiCo Stock Down 0.3 %

PEP opened at $179.38 on Tuesday. The firm has a 50-day simple moving average of $182.67 and a two-hundred day simple moving average of $184.61. PepsiCo, Inc. has a 52 week low of $160.98 and a 52 week high of $196.88. The company has a market capitalization of $246.93 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 2.95 and a beta of 0.54. The company has a quick ratio of 0.64, a current ratio of 0.84 and a debt-to-equity ratio of 2.02.

PepsiCo (NASDAQ:PEP) last released its quarterly earnings data on Thursday, July 13th. The company reported $2.09 EPS for the quarter, beating the consensus estimate of $1.96 by $0.13. PepsiCo had a net margin of 8.76% and a return on equity of 56.05%. The business had revenue of $22.32 billion during the quarter, compared to the consensus estimate of $21.73 billion. During the same quarter in the prior year, the firm earned $1.86 EPS. The business’s revenue was up 10.4% on a year-over-year basis. Analysts forecast that PepsiCo, Inc. will post 7.48 earnings per share for the current fiscal year.

PepsiCo Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $1.265 per share. This represents a $5.06 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Thursday, August 31st. PepsiCo’s dividend payout ratio is 88.62%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PEP. Wedbush boosted their target price on shares of PepsiCo from $200.00 to $206.00 and gave the company an “outperform” rating in a research note on Friday, July 14th. Evercore ISI upped their price objective on PepsiCo from $190.00 to $195.00 in a research note on Friday, July 14th. Deutsche Bank Aktiengesellschaft upped their price objective on PepsiCo from $193.00 to $195.00 in a research note on Friday, July 14th. Morgan Stanley lowered PepsiCo from an “overweight” rating to an “equal weight” rating and set a $210.00 price objective for the company. in a research note on Monday, July 17th. Finally, Barclays reduced their price objective on PepsiCo from $206.00 to $198.00 in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $192.00.

PepsiCo Profile

PepsiCo, Inc manufactures, markets, distributes, and sells 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.