PepsiCo under spotlight as activist target after 13F filings

[Pepsi Cola Truck vehicle, Pepsi is a carbonated soft drink with a cola flavor, manufactured by PepsiCo. As of 2023, Pepsi is the second soft drink brand after Coca-Cola]
Tamer Soliman

PepsiCo (NASDAQ:PEP [https://seekingalpha.com/symbol/PEP]) may be a possible target of activist investors amid some recent 13F filings.

A 13F filing from Japan's Nomura on Thursday indicated that the brokerage had acquired more than 4 million shares during Q2. Nomura is a noteworthy because it's viewed as a counterparty for activist swap positions.

The Nomura position comes after Mizuho showed a new position in PepsiCo (NASDAQ:PEP [https://seekingalpha.com/symbol/PEP]) a couple weeks ago, Gordon Haskett's Don Bilson highlighted in a note on Friday. In addition, Barclays bought a "pretty big slug" in Q2, according to a 13F filing earlier this week, which showed a 3.3 share addition during the quarter.

It's not clear what an activist might be looking to do with PepsiCo (PEP [https://seekingalpha.com/symbol/PEP]), though they may want the company to split up or maybe the board may need an overhaul, Bilson speculated.

Shares of PepsiCo (PEP [https://seekingalpha.com/symbol/PEP]) rose 1.4% on Friday. The stock has dropped 13% over the past year, while Coca-Cola has gained 2.3%.

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