Here are the Sustainability Initiatives of PepsiCo (PEP)

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like PepsiCo, Inc. (NASDAQ:PEP) in the third quarter 2023 investor letter. Based in Purchase, New York, PepsiCo, Inc. (NASDAQ:PEP) manufactures, markets and distributes beverages, food, and snacks. On October 25, 2023, PepsiCo, Inc. (NASDAQ:PEP) stock closed at $162.35 per share. One-month return of PepsiCo, Inc. (NASDAQ:PEP) was -4.22%, and its shares lost 9.24% of their value over the last 52 weeks. PepsiCo, Inc. (NASDAQ:PEP) has a market capitalization of $223.209 billion.

Madison Sustainable Equity Fund made the following comment about PepsiCo, Inc. (NASDAQ:PEP) in its Q3 2023 investor letter:

“PepsiCo, Inc. (NASDAQ:PEP) announced that it will eliminate plastic rings on beverage multi-packs across the U.S. and Canada. It will introduce recyclable paper-based designs in a phased regional approach starting later this year. This contributes toward the company’s goals to reduce virgin plastic across its portfolio by 50% by 2030. Pepsi also announced that its SodaStream subsidiary signed an agreement that will enable its production sites in Israel to run on renewable energy.”

PepsiCo, Inc. (NASDAQ:PEP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held PepsiCo, Inc. (NASDAQ:PEP) at the end of second quarter which was 70 in the previous quarter.

We discussed PepsiCo, Inc. (NASDAQ:PEP) in another article and shared the list of best biggest energy drink stocks in the U.S. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.