Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in PepsiCo, Inc. (NASDAQ:PEP)

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of PepsiCo, Inc. (NASDAQ:PEP) by 83.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,636 shares of the company’s stock after selling 167,830 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in PepsiCo were worth $5,720,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PEP. Meixler Investment Management Ltd. raised its holdings in PepsiCo by 4.4% in the second quarter. Meixler Investment Management Ltd. now owns 1,383 shares of the company’s stock valued at $228,000 after acquiring an additional 58 shares in the last quarter. Opes Wealth Management LLC raised its stake in shares of PepsiCo by 2.2% in the 2nd quarter. Opes Wealth Management LLC now owns 2,748 shares of the company’s stock valued at $453,000 after purchasing an additional 59 shares in the last quarter. Global Wealth Strategies & Associates lifted its position 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 last quarter. Bank of Stockton grew its stake in PepsiCo by 2.3% in the second quarter. Bank of Stockton now owns 2,716 shares of the company’s stock worth $448,000 after purchasing an additional 60 shares in the last quarter. Finally, Oxbow Advisors LLC raised its stake in PepsiCo by 0.7% during the second quarter. Oxbow Advisors LLC now owns 8,982 shares of the company’s stock valued at $1,481,000 after buying an additional 60 shares in the last quarter. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on PEP. StockNews.com upgraded PepsiCo from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. TD Cowen lowered shares of PepsiCo from a “buy” rating to a “hold” rating and lowered their target price for the company from $190.00 to $183.00 in a research note on Thursday, October 10th. Bank of America reduced their price target on shares of PepsiCo from $190.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Hsbc Global Res raised shares of PepsiCo to a “hold” rating in a research report on Thursday, October 10th. Finally, Barclays decreased their target price on PepsiCo from $186.00 to $183.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $183.92.

PepsiCo Price Performance

Shares of PEP opened at $162.00 on Friday. PepsiCo, Inc. has a one year low of $155.85 and a one year high of $183.41. The stock’s fifty day moving average is $169.01 and its 200-day moving average is $170.98. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.70 and a current ratio of 0.89. The firm has a market capitalization of $222.26 billion, a price-to-earnings ratio of 23.89, a price-to-earnings-growth ratio of 2.92 and a beta of 0.53.

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

PepsiCo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 6th will be paid a $1.355 dividend. This represents a $5.42 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, December 6th. PepsiCo’s dividend payout ratio is presently 79.94%.

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.