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Pepsi is a lot bigger than just its namesake cola brand. The firm owns beverage labels like Gatorade and Mountain Dew, as well as a massive set of snack food names that includes Lay's, Doritos and Quaker. All told, Pepsi is the biggest snack food company in the world, a status that more than makes up for PEP's No. 2 status in the carbonated beverage business. North American snack sales alone accounted for more than 40% of Pepsi's operating profits last year, thanks in large part to established scale and hefty margins. Investors shouldn't underestimate the performance that PEP can churn out in muted economic conditions.

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The firm drastically changed its business in 2010, when it acquired its North American bottlers. While that move ramped up the firm's debt load, the move is also throwing off mountains of cash savings, which PEP is using to shovel cash to shareholders (and eventually pay down that debt load).

That yield, by the way, rings in at 3.13%, making Pepsi a strong choice for income investors looking for food stock exposure.

I also featured Pepsi in "7 Dividend Stocks You Can't Ignore Right Now." Target