Assenagon Asset Management S.A. Buys 1,809,391 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Assenagon Asset Management S.A. raised its stake in shares of PepsiCo, Inc. (NASDAQ:PEP) by 106.1% during the 1st quarter, HoldingsChannel reports. The firm owned 3,514,965 shares of the company’s stock after purchasing an additional 1,809,391 shares during the quarter. PepsiCo comprises 0.9% of Assenagon Asset Management S.A.’s holdings, making the stock its 17th biggest position. Assenagon Asset Management S.A.’s holdings in PepsiCo were worth $527,034,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PEP. Collier Financial acquired a new stake in PepsiCo during the fourth quarter valued at approximately $28,000. WealthTrak Capital Management LLC bought a new stake in shares of PepsiCo during the fourth quarter valued at approximately $28,000. Creative Capital Management Investments LLC acquired a new stake in shares of PepsiCo in the 4th quarter valued at $30,000. Prudent Man Investment Management Inc. acquired a new stake in PepsiCo in the fourth quarter worth about $30,000. Finally, Measured Risk Portfolios Inc. bought a new stake in shares of PepsiCo during the fourth quarter worth approximately $31,000. 73.07% of the stock is owned by institutional investors and hedge funds.

PepsiCo Stock Performance

NASDAQ:PEP opened at $131.83 on Wednesday. PepsiCo, Inc. has a 1-year low of $127.75 and a 1-year high of $180.91. The stock has a market cap of $180.75 billion, a P/E ratio of 18.97, a PEG ratio of 3.09 and a beta of 0.45. The stock has a 50 day simple moving average of $135.37 and a 200 day simple moving average of $145.74. The company has a current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 2.05.

PepsiCo (NASDAQ:PEP) last released its earnings results on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.01). The company had revenue of $17.92 billion for the quarter, compared to the consensus estimate of $17.81 billion. PepsiCo had a net margin of 10.43% and a return on equity of 58.87%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.61 earnings per share. Research analysts anticipate that PepsiCo, Inc. will post 8.3 earnings per share for the current year.

PepsiCo Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 6th will be issued a dividend of $1.4225 per share. The ex-dividend date is Friday, June 6th. This is an increase from PepsiCo’s previous quarterly dividend of $1.36. This represents a $5.69 annualized dividend and a dividend yield of 4.32%. PepsiCo’s dividend payout ratio is 83.68%.

Wall Street Analysts Forecast Growth

PEP has been the topic of a number of analyst reports. Barclays cut their price target on shares of PepsiCo from $143.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. boosted their price target on shares of PepsiCo from $158.00 to $159.00 and gave the company a “neutral” rating in a report on Monday, April 21st. Dbs Bank cut PepsiCo from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 9th. Bank of America lowered their price objective on shares of PepsiCo from $155.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, April 25th. Finally, Citigroup reduced their target price on shares of PepsiCo from $170.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $160.69.

About PepsiCo

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.