Evergreen Capital Increases Stake in PepsiCo by 9.1% in Q3

Evergreen Capital Management LLC has increased its holdings in PepsiCo, Inc. by 9.1% during the third quarter, as reported in its latest filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 61,427 shares of the beverage giant after acquiring an additional 5,143 shares during this period, bringing the total value of its PepsiCo holdings to approximately $8,627,000.

Several other institutional investors have also adjusted their investments in PepsiCo. Three Bridge Wealth Advisors LLC raised its stake by 1.8%, now holding 3,870 shares valued at $544,000. Similarly, JSF Financial LLC increased its holdings by 3.8%, owning 1,897 shares worth $250,000. Hudock Inc. grew its investment by 1.0%, bringing its total to 7,079 shares valued at $994,000. Additionally, Binnacle Investments Inc. raised its stake by an impressive 33.2% during the second quarter, now holding 285 shares worth $38,000.

Hedge funds and institutional investors collectively own 73.07% of PepsiCo’s stock, indicating significant institutional interest in the company.

Analysts Respond with Upgrades and Price Target Changes

Recent activity among analysts reflects a growing confidence in PepsiCo’s stock. On December 10, 2023, JPMorgan Chase & Co. upgraded PepsiCo from a “neutral” rating to “overweight,” increasing the target price from $151.00 to $164.00. Other notable changes include HSBC‘s adjustment of their price objective from $145.00 to $152.00, maintaining a “hold” rating.

The Goldman Sachs Group also raised its target from $165.00 to $167.00, giving the stock a “buy” rating. Meanwhile, Wells Fargo & Company increased its target from $150.00 to $154.00, providing a “positive” outlook on the stock.

In total, ten investment analysts have rated PepsiCo with a “buy” rating, while another ten have given it a “hold” rating, and one has issued a “sell” rating. The average target price based on data from MarketBeat stands at $161.32, with a consensus rating of “hold.”

Current Financial Performance and Dividend Announcement

As of the market opening on a recent Friday, PepsiCo shares traded at $146.32. The company boasts a market capitalization of $200.07 billion, a price-to-earnings (P/E) ratio of 27.82, and a beta of 0.42. PepsiCo’s stock has fluctuated between a low of $127.60 and a high of $160.15 over the past twelve months.

In addition to its strong stock performance, PepsiCo recently declared a quarterly dividend of $1.4225, which was paid out on January 6, 2024. Shareholders who were on record as of December 5, 2023, received this dividend, which translates to an annualized payout of $5.69 and a yield of 3.9%. Notably, the company’s dividend payout ratio currently stands at 108.17%, indicating a commitment to returning value to shareholders despite its high ratio.

PepsiCo, Inc. is a multinational food and beverage corporation headquartered in Purchase, New York. The company produces a wide range of products, including beverages, snacks, and packaged foods. Its popular brands include Pepsi, Mountain Dew, Gatorade, Tropicana, and Lay’s, among others. Formed through the merger of Pepsi-Cola and Frito-Lay in 1965, PepsiCo has evolved into a significant player in the global market, with comprehensive manufacturing, distribution, and marketing operations.