Shares of the beverages, food, and snacks company Tuesday hit an all-time intraday high of $177.69.
If PepsiCo closes at that level,or eventually exceeds the threshold of 178, it would be the first record settlement since April 28 when it climbed to $177.62, according to Dow Jones Market Data.
*Tweet on Pepsi share reaching an all time high
Shares of the beverages, food and snacks company Tuesday hit an all-time intraday high of $177.69.
— The_Journalbiz (@the_journalbiz) August 2, 2022
The gains come a day after PepsiCo bet big on the energy drinks market, investing $550 million for a stake in the company behind the Celsius energy drink.
Investors have piled into consumer staples this year,
boosted by their pricing power and the idea that consumers will prioritize spending on food and other household products over discretionary purchases in a recession
- Another reason why investors love PepsiCo is that The stock has increased dividends for 50 years.
( *dividend – a sum of money paid regularly typically quarterly, by a company to its shareholders out of its profits (or reserves).
Worries about an economic slowdown and inflationary pressures have fueled a run into shares of dividend payers, which promise to deliver a steady stream of cash in the near term.
PepsiCo has gained 1.5% this year, compared to a 14% decline in the benchmark S&P 500 index.