PepsiCo (NASDAQ:PEP) Updates FY24 Earnings Guidance

PepsiCo (NASDAQ:PEP) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of at least $8.15 for the period, compared to the consensus estimate of $8.16. PepsiCo also updated its FY 2024 guidance to 8.150- EPS.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PEP shares. Wedbush reissued an outperform rating and issued a $195.00 price target on shares of PepsiCo in a research note on Tuesday, April 23rd. Argus lowered shares of PepsiCo from a buy rating to a hold rating in a research note on Wednesday, April 3rd. TD Cowen cut their price target on shares of PepsiCo from $200.00 to $190.00 and set a buy rating on the stock in a report on Wednesday, July 3rd. Jefferies Financial Group lowered their target price on shares of PepsiCo from $210.00 to $200.00 and set a buy rating on the stock in a research report on Tuesday. Finally, Wells Fargo & Company reduced their price target on PepsiCo from $175.00 to $170.00 and set an equal weight rating for the company in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $186.00.

PepsiCo Stock Performance

Shares of PEP traded up $0.36 during mid-day trading on Thursday, hitting $163.95. The company’s stock had a trading volume of 10,258,744 shares, compared to its average volume of 5,524,253. PepsiCo has a one year low of $155.83 and a one year high of $192.38. The stock’s 50-day moving average is $171.36 and its two-hundred day moving average is $170.03. The firm has a market capitalization of $225.40 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 2.67 and a beta of 0.52. 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) last posted its quarterly earnings results on Thursday, July 11th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.12. The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $22.59 billion. PepsiCo had a net margin of 10.00% and a return on equity of 57.37%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $2.09 EPS. As a group, sell-side analysts anticipate that PepsiCo will post 8.15 EPS for the current year.

PepsiCo Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $1.355 dividend. The ex-dividend date was Friday, June 7th. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.31%. This is an increase from PepsiCo’s previous quarterly dividend of $1.27. PepsiCo’s dividend payout ratio (DPR) is currently 81.50%.

Insider Activity

In other news, CEO Ramkumar Krishnan sold 5,620 shares of the 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 completion of the transaction, the chief executive officer now owns 53,953 shares in the company, valued at approximately $9,603,634. The sale was disclosed in a filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by company insiders.

PepsiCo Company Profile

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.