10 Defensive Stocks Billionaire Ken Fisher Is Betting On

6. PepsiCo, Inc. (NASDAQ:PEP)

Beta Value: 0.46

Dividend Yield: 3.70%

Fisher Asset Management’s Q4 Stake: $1.23 billion

Number of Hedge Fund Holders: 69

One of the most well-known names in the world, PepsiCo, Inc. (NASDAQ:PEP) is an American multinational company involved in the food, snack, and beverage sectors. Known for its robust financial foundation, the company has grown dividends for 51 years in a row. It currently pays a quarterly dividend of $1.36 per share, representing a yield of 3.32%.

On March 20, Jefferies analyst Kaumil Gajrawala lowered the price target on PepsiCo, Inc. (NASDAQ:PEP) shares to $165 from $170, while maintaining its Hold rating on the stock.  Gajrawala’s evaluation highlighted recent issues experienced by the company’s Frito-Lay segment, which had a 5% reduction over a few weeks ending March 8. Despite maintaining attractive gross profit margins of 54.89%, the analyst expressed worry that Pepsico’s cost savings may not be realized for at least a few months. Gajrawala also added that PepsiCo, Inc. (NASDAQ:PEP) is expected to present a new productivity strategy later this year. The expected expenses for this proposal have been raised significantly, from $3.7 billion to $6.2 billion by 2030.