Frame rate stuttering and drops on the PS4

As the title says, the game stutters for like a quarter of a second then goes back to normal when turning direction sharply. It is almost as if a couple of frames are just skipped. I have tried factory resetting my PS4 and have even changed the resolution to 720p. The game runs much smoother on 720p but I still experience the frame rate stuttering. Anyone else experience the same?

Here is an example: https://www.youtube.com/watch?v=xpUC47yI7uI (not my video)