PepsiCo (PEP) Commits $3.3 Million Toward Water Replenishment Projects

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s performance lagged behind the S&P 500 Index, which returned 7.5% in the quarter, with a very narrow market. Both Sector Allocation and Stock Selection affected the performance of the fund in the quarter. 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 first quarter 2023 investor letter. Headquartered in Purchase, New York, PepsiCo, Inc. (NASDAQ:PEP) is a global beverages and convenience foods manufacturer and distributor. On April 20, 2023, PepsiCo, Inc. (NASDAQ:PEP) stock closed at $185.33 per share. One-month return of PepsiCo, Inc. (NASDAQ:PEP) was 3.48%, and its shares gained 7.66% of their value over the last 52 weeks. PepsiCo, Inc. (NASDAQ:PEP) has a market capitalization of $255.257 billion.

Madison Sustainable Equity Fund made the following comment about PepsiCo, Inc. (NASDAQ:PEP) in its Q1 2023 investor letter:

“PepsiCo, Inc. (NASDAQ:PEP) announced that it will commit $3.3 million in funds toward water replenishment projects across North America. These projects aim to reduce absolute water use and replenish back into the local watershed more than 100% of the water used at company-owned and third-part sites in high water-risk areas.”

PepsiCo, Inc. (NYSE: PEP), Bottle, Pepsi, Hand holding, Isolated, Drink, Logo

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PepsiCo, Inc. (NASDAQ:PEP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held PepsiCo, Inc. (NASDAQ:PEP) at the end of the fourth quarter which was 72 in the previous quarter.

We discussed PepsiCo, Inc. (NASDAQ:PEP) in another article and shared the list of best counter cyclical stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.