Activist hedge fund manager Nelson Peltz has sold his stake in PepsiCo.
Shares in the company were down 1.5% around 3:20 p.m. on Friday.
Peltz took a stake in PepsiCo in late 2012, and later pushed the company to break itself up.
The stock has gone from around $70 in late 2012 to around $105 today.
Trian is also an investor in Mondelez International, and Peltz has previously pushed for that company to buy some of PepsiCo’s businesses.
The exact amount of money made by Trian is unclear. Given that the stock is up by almost 50% since Peltz bought in, however, it looks like it will be a handsome profit.
Here’s the statement from Trian:
In March 2016, Trian sold its stake in PepsiCo, which it held for over three years. Trian believes PepsiCo has addressed many operational issues identified by Trian – management has increased productivity efforts, reduced overhead, increased advertising investment, and delivered consistent earnings growth on a constant currency basis. The market has viewed these developments positively and PepsiCo currently trades at a substantially higher multiple than at the time of Trian’s initial investment in late 2012. Trian wishes PepsiCo’s management every success.