Chemung Canal Trust Co. Sells 22,192 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Chemung Canal Trust Co. lowered its position in PepsiCo, Inc. (NASDAQ:PEP) by 34.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 42,505 shares of the company’s stock after selling 22,192 shares during the period. PepsiCo accounts for about 1.3% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 24th largest holding. Chemung Canal Trust Co.’s holdings in PepsiCo were worth $6,463,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Global Wealth Strategies & Associates boosted its stake in PepsiCo by 59.0% in 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 in the last quarter. Highline Wealth Partners LLC bought a new stake in shares of PepsiCo during the third quarter valued at approximately $28,000. Legacy Investment Solutions LLC bought a new stake in shares of PepsiCo in the 3rd quarter worth $31,000. Rakuten Securities Inc. lifted its holdings in shares of PepsiCo by 93.2% during the third quarter. Rakuten Securities Inc. now owns 199 shares of the company’s stock valued at $34,000 after purchasing an additional 96 shares in the last quarter. Finally, Mattson Financial Services LLC purchased a new stake in shares of PepsiCo during the second quarter valued at $34,000. 73.07% of the stock is currently owned by institutional investors.

PepsiCo Stock Performance

Shares of PEP stock opened at $149.12 on Friday. The company’s 50 day moving average is $154.07 and its 200 day moving average is $165.40. The company has a quick ratio of 0.70, a current ratio of 0.89 and a debt-to-equity ratio of 1.96. The firm has a market cap of $204.59 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.86 and a beta of 0.54. PepsiCo, Inc. has a 52-week low of $141.51 and a 52-week high of $183.41.

PepsiCo Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Friday, December 6th were paid a $1.355 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $5.42 annualized dividend and a yield of 3.63%. PepsiCo’s dividend payout ratio (DPR) is 79.94%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PEP shares. Deutsche Bank Aktiengesellschaft dropped their price target on shares of PepsiCo from $184.00 to $178.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada cut their target price on shares of PepsiCo from $177.00 to $176.00 and set a “sector perform” rating for the company in a research report on Friday, October 4th. JPMorgan Chase & Co. lowered their price target on PepsiCo from $183.00 to $165.00 and set a “neutral” rating on the stock in a report on Friday. Redburn Atlantic raised PepsiCo to a “strong sell” rating in a report on Thursday, October 10th. Finally, StockNews.com raised PepsiCo from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $177.00.

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.