Renaissance Investment Group LLC Has $7.74 Million Position in PepsiCo, Inc. (NASDAQ:PEP)

Renaissance Investment Group LLC cut its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 0.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 50,868 shares of the company’s stock after selling 402 shares during the quarter. PepsiCo comprises about 1.6% of Renaissance Investment Group LLC’s holdings, making the stock its 29th largest position. Renaissance Investment Group LLC’s holdings in PepsiCo were worth $7,735,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PEP. Global Wealth Strategies & Associates raised its holdings in PepsiCo by 59.0% during the 3rd 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 last quarter. Highline Wealth Partners LLC bought a new position in PepsiCo during the 3rd quarter worth approximately $28,000. Legacy Investment Solutions LLC bought a new position in PepsiCo during the 3rd quarter worth approximately $31,000. Rakuten Securities Inc. raised its holdings in PepsiCo by 93.2% during the 3rd quarter. Rakuten Securities Inc. now owns 199 shares of the company’s stock worth $34,000 after purchasing an additional 96 shares during the last quarter. Finally, Mattson Financial Services LLC bought a new position in PepsiCo during the 2nd quarter worth approximately $34,000. 73.07% of the stock is currently owned by institutional investors and hedge funds.

PepsiCo Price Performance

PEP opened at $148.25 on Monday. The stock has a 50-day moving average price of $155.37 and a 200-day moving average price of $165.86. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.89 and a quick ratio of 0.70. The firm has a market cap of $203.40 billion, a PE ratio of 21.87, a P/E/G ratio of 2.57 and a beta of 0.54. PepsiCo, Inc. has a 1 year low of $141.51 and a 1 year high of $183.41.

PepsiCo Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Friday, December 6th were given a $1.355 dividend. This represents a $5.42 annualized dividend and a dividend yield of 3.66%. The ex-dividend date was Friday, December 6th. PepsiCo’s dividend payout ratio is presently 79.94%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PEP. TD Cowen lowered their price target on shares of PepsiCo from $183.00 to $160.00 and set a “hold” rating for the company in a report on Wednesday, January 8th. StockNews.com upgraded shares of PepsiCo from a “hold” rating to a “buy” rating in a research note on Tuesday, November 5th. Wells Fargo & Company lowered their price objective on shares of PepsiCo from $170.00 to $155.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price target on shares of PepsiCo from $185.00 to $183.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada decreased their price target on shares of PepsiCo from $177.00 to $176.00 and set a “sector perform” rating for the company in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $178.60.

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.