Cigna Investments Inc. New Reduces Position in PepsiCo, Inc. (NASDAQ:PEP)

Cigna Investments Inc. New cut its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,146 shares of the company’s stock after selling 183 shares during the period. Cigna Investments Inc. New’s holdings in PepsiCo were worth $2,405,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PEP. Global Wealth Strategies & Associates lifted its holdings in shares of PepsiCo by 59.0% during the third quarter. Global Wealth Strategies & Associates now owns 159 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares during the period. Highline Wealth Partners LLC acquired a new position in shares of PepsiCo during the third quarter worth about $28,000. POM Investment Strategies LLC lifted its position in PepsiCo by 141.3% in the second quarter. POM Investment Strategies LLC now owns 181 shares of the company’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Summit Securities Group LLC acquired a new position in PepsiCo during the 2nd quarter worth approximately $30,000. Finally, Mattson Financial Services LLC acquired a new stake in shares of PepsiCo in the 2nd quarter valued at approximately $34,000. 73.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PEP shares. Redburn Atlantic upgraded PepsiCo to a “strong sell” rating in a research report on Thursday, October 10th. Morgan Stanley downgraded shares of PepsiCo from an “overweight” rating to an “equal weight” rating and set a $185.00 price target for the company. in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of PepsiCo from $180.00 to $179.00 and set a “hold” rating on the stock in a research report on Wednesday, October 9th. StockNews.com upgraded shares of PepsiCo from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, DZ Bank downgraded PepsiCo from a “buy” rating to a “hold” rating and set a $183.00 price objective for the company. in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $183.92.

PepsiCo Stock Performance

Shares of PEP stock opened at $166.08 on Friday. The company’s 50-day simple moving average is $173.24 and its 200-day simple moving average is $172.20. PepsiCo, Inc. has a one year low of $158.03 and a one year high of $183.41. The stock has a market capitalization of $227.86 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 3.10 and a beta of 0.53. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.70 and a current ratio of 0.89.

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

PepsiCo 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.