Assenagon Asset Management S.A. 13F: Cuts PEP Stake by $313M

Assenagon Asset Management S.A. made a notable change to its portfolio by cutting its stake in PepsiCo, Inc. (NasdaqGS: PEP) during the period. According to a Form 13F filing with the Securities and Exchange Commission on October 15, 2026, the fund reduced its holdings by 66.4%. Because 13F filings look backward, these numbers reflect portfolio choices from the reporting period and might not show where the fund stands today.

What Changed in Assenagon Asset Management S.A.'s PepsiCo, Inc. Position

Assenagon Asset Management S.A. sold off 2,467,218 shares of PepsiCo, Inc. during the quarter. The fund previously owned 3,715,812 shares. After the reduction, it held 1,248,594 shares. The remaining stake had a reported value of $158,221,832.

Other Institutional Activity in PepsiCo, Inc.

Other large institutional investors adjusted their positions in PepsiCo, Inc. during the same reporting window. Blackrock Inc. grew its holdings by 2,444,175 shares, ending with 118,281,854 shares worth about $15,552,881,632. Vanguard Capital Management LLC grew its holdings by 452,906 shares, ending with 89,257,968 shares worth about $11,736,530,702. State Street Corporation grew its holdings by 986,381 shares, ending with 60,406,932 shares worth about $7,942,907,820. Invesco Ltd. grew its holdings by 2,371,196 shares, ending with 43,113,398 shares worth about $5,668,980,939. Vanguard Portfolio Management LLC grew its holdings by 703,597 shares, ending with 37,159,425 shares worth about $4,886,092,997.

PepsiCo, Inc. Stock Up 1.4%

PepsiCo, Inc. shares recently traded around $130.15 as of October 16, 2026. The stock is down about 24.1% compared to its 52-week high of $171.48, and sits 5.4% above its 52-week low of $123.47. It trades below both its 50-day moving average of $134.61 and its 200-day moving average of $146.36.

Recent Earnings

PepsiCo, Inc. reported trailing-twelve-month revenue of $98,241,003,520 alongside basic earnings per share of $7.95. The company posted a net profit margin of 11.1% and a return on equity of 52.2%, with year-over-year revenue growth coming in at 5.6%. The company's next earnings report is scheduled for February 2, 2027.

Dividend

PepsiCo, Inc. pays an annual dividend rate of $5.92 per share, translating to a dividend yield of 4.61%. The company's dividend payout ratio sits at 73.0%.

Insider Buying and Selling at PepsiCo, Inc.

Company insiders also made transactions ahead of the filing period. Chief Executive Officer Ramon L. Laguarta sold 27,945 shares on March 2, 2026, at an average price of $167.39 for a total value of $4,677,610. Officer Eugene Willemsen sold 6,500 shares on March 4, 2026, worth $1,068,923. General Counsel David James Flavell sold 2,900 shares on July 27, 2026, at an average price of $139.54 for a total value of $404,674.

Analysts Set New Price Targets

Wall Street analysts have updated their views on PepsiCo, Inc. ahead of the filing. On October 9, 2026, Citigroup maintained its Neutral rating with a price target of $135.00, down from its prior target of $142.00. On the same day, JP Morgan maintained its Neutral rating and moved its price target to $137.00 from $138.00. BNP Paribas maintained an Outperform rating on October 9, 2026, adjusting its price target from $161.00 to $157.00. Piper Sandler maintained an Overweight rating on October 9, 2026, lowering its target to $140.00 from $176.00. Barclays maintained an Equal-Weight rating on October 12, 2026, reducing its target from $133.00 to $126.00. The stock currently holds a consensus recommendation key of hold with a mean price target of $141.59 across 22 analyst opinions.

About PepsiCo, Inc.

PepsiCo, Inc. manufactures, markets, distributes, and sells a wide range of beverages and convenient foods across the world. Operating through multiple business segments in North America and international markets, the company manages popular snack and drink brands familiar to global consumers. Institutional portfolio adjustments like Assenagon's shed light on how large investment firms continually rebalance exposure to defensive consumer stocks.

Bottom Line

Assenagon Asset Management S.A. scaled back its exposure to PepsiCo, Inc. substantially during the period. Investors will look toward the company's next earnings release on February 2, 2027, to see how business fundamentals evolve. Because 13F reports are historical snapshots, watching subsequent filings will reveal whether other funds follow a similar path. Keep in mind that 13F filings are backward-looking: they show holdings as of the end of the reporting quarter and may not represent the fund's current position.