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State of Michigan Retirement System Has $52.55 Million Stake in PepsiCo, Inc. $PEP
The State of Michigan Retirement System modestly reduced its stake in PepsiCo (NASDAQ:PEP) by 4.5% in the fourth quarter, now owning 366,122 shares valued at approximately $52.55 million. This comes as PepsiCo reported a strong Q1 earnings beat, exceeding EPS and revenue expectations, and announced a $10 billion share repurchase program alongside a quarterly dividend. The article also highlights positive sentiment reinforced by reports of PepsiCo’s partnership with Google Cloud for AI integration, expansion of its Gatorade and Quaker lines, and its defensive stock appeal amidst geopolitical uncertainty.