10 Safe Stocks To Invest In For The Long Term in 2024

8. PepsiCo, Inc. (NASDAQ:PEP)

10 Year Revenue Growth: 3.30%

Number of Hedge Fund Holders: 65

PepsiCo, Inc. (NASDAQ:PEP) is one of the largest food companies in the world. The company is home to some of the most consumed products in the world including Lays, Doritos, Cheetos, Gatorade, Pepsi-Cola, and Mountain Dew.

During the year, the company went through major partnerships and acquisitions in the food industry and improved its stance on technology. Last week, PepsiCo announced the acquisition of Siete Foods for $1.2 billion, complementing the company’s multicultural portfolio with authentic Mexican-American food options. In addition to that, PepsiCo, Inc. (NASDAQ:PEP) partnered with Intuitive AI to launch Oscar Sort AI, a recycling and sortation system that will be deployed at several locations in the United States.

The company has more than 500 brands at its disposal making it one of the safest stocks to invest in for the long term in 2024. It has grown its revenue by 30% between 2020 and 2023. While declining prices across the globe may be a cause of concern, the company’s diversified business and solid growth trajectory minimize the risk attached to macroeconomic changes.

PepsiCo, Inc. (NASDAQ:PEP) plans to advance its productivity initiatives and commercial investments to manage growth. By the fiscal year ending 2024, the company expects to increase organic revenue by 4%, return $8.2 billion to shareholders, and log an 8% increase in earnings per share.

Analysts are bullish on PEP and their 12-month median price target of $185 points to a 10% upside from current levels. By the end of Q1 2024, 62 hedge funds included PepsiCo, Inc. (NASDAQ:PEP) in their portfolios with total stakes amounting to $4.35 billion. Fisher Asset Management emerged as the largest stakeholder, with a position worth $1.21 billion.

Artisan Partners mentioned PepsiCo, Inc. (NASDAQ:PEP) in its Q1 2024 investor letter. Here is what the firm said:

“In the demographics/consumer trends theme, slowing sales volumes led us to focus more on services versus goods. As an example, we sold our position in food and beverage leader PepsiCo given slowing growth in its underperforming core beverage business, one which generates about 60% of revenues. Adding to the uncertainty of growth prospects beverages, PepsiCo was forced by local lawmakers and industry wholesalers to shift to a new distribution model during the rollout of Hard Mtn Dew, a new line of drinks that combines Mountain Dew with malt liquor.”