A recent 13F filing with the SEC has revealed that Parallel Advisors LLC has purchased 12,700 new stocks of PepsiCo (NYSE:PEP) in the fourth quarter. These stocks have an approximate value of $1,329,000. Parallel Advisors is a leading wealth management firm that is based out of San Francisco.
Hedge Funds and Institutional Investors Pick Up Stake in PepsiCo
But they are not alone. Many other institutional investors and hedge funds have modified their holdings of PepsiCo as well. For instance, InterOcean Capital LLC has increased their position by 99.2 percent in the fourth quarter. They presently have 42,409 stocks of the business, with a value of $4,437,000. Folger Hill Asset Management has also increased their position. Their fourth quarter holding has a value of $493,000. Baillie Gifford & Co. picked up 3.4 percent more shares of PepsiCo and presently holds 198,459 stocks, with a valuation of $20,765,000.
Cpcm LLC too has a new position in the company. Marietta Wealth Management LLC purchased stocks of the New York-based snack and beverage maker. Their valuation of PepsiCo’s stock in the fourth quarter is $1,544,000.
Currently, 70.43 percent of PepsiCo’s stock is owned by institutional investors and hedge funds. Rival Coca-Cola (NYSE:KO) released their earnings report on Tuesday, revealing a sorry story. Sales are down by 11 percent overall from a year back. The profits have come down by 20 percent sharply. PepsiCo, though, is doing better as they don’t rely that much on artificially sweetened beverages. Many customers are now moving away from these drinks to healthier alternatives.
Analysts are saying this trend will intensify in the future. As things stand at this time, the PepsiCo stock certainly seems more lucrative than Coca-Cola.
PepsiCo Positions of Research Firms
Many research firms have come up with their positions on the business. Susquehanna Bancshares Inc has maintained their “hold” rating with a price objective of $120. BMO Capital Markets has issued a “buy” rating in their research paper with a price of $115. CLSA has reissued an “outperform” rating. However, Vetr has changed their rating from “sell” to “strong sell”.
The PepsiCo (NYSE:PEP) stock has a consensus rating of “buy” and the consensus target price is $117.12. On Thursday, just before after-hours, the stock was trading at $113.33, down by 0.73 percent. It reached a historic high of $114.16.