Pepsi Rewards Shareholders with 5.4% Dividend Hike
Global beverages and food processing major PepsiCo, Inc. (PEP) has announced a quarterly dividend of $1.075 per share, an increase of about 5.4% from the previous dividend of $1.021 per share.
Following the news, shares of the company rose marginally to close at $163.54 in Thursday’s extended trading session.
Dividend Payment Date
The dividend will be paid on January 7, 2022, to shareholders of record as of December 3, 2021.
The company’s annual dividend of $4.3 per share now reflects a dividend yield of 2.6% based on Thursday’s closing price.
Notably, the company has been raising its quarterly dividend consistently over the past two decades, making it an attractive choice for investors.
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Last month, Barclays analyst Lauren Lieberman reiterated a Buy rating on the stock. The analyst, however, raised the price target from $165 to $168, which implies upside potential of 2.8% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 4 Buys and 3 Holds. The average PepsiCo price target of $165.57 implies that the stock has upside potential of 1.32% from current levels.
PepsiCo scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market expectations. Shares have gained 14% over the past year.
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