Torch Wealth Management LLC Cuts Stake in Procter & Gamble Co (PG)

Torch Wealth Management LLC decreased its position in shares of Procter & Gamble Co (NYSE:PG) by 2.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 111,950 shares of the company’s stock after selling 2,697 shares during the quarter. Procter & Gamble accounts for approximately 5.5% of Torch Wealth Management LLC’s holdings, making the stock its 2nd largest position. Torch Wealth Management LLC’s holdings in Procter & Gamble were worth $8,739,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PG. Twin Tree Management LP purchased a new stake in Procter & Gamble during the 1st quarter worth about $144,000. Clearwater Capital Advisors LLC purchased a new stake in shares of Procter & Gamble in the 1st quarter valued at about $154,000. Corbyn Investment Management Inc. MD purchased a new stake in shares of Procter & Gamble in the 1st quarter valued at about $157,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Procter & Gamble by 296.5% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,038 shares of the company’s stock valued at $162,000 after acquiring an additional 1,524 shares in the last quarter. Finally, Clarus Wealth Advisors purchased a new stake in shares of Procter & Gamble in the 2nd quarter valued at about $172,000. Institutional investors own 58.36% of the company’s stock.

Several research firms have weighed in on PG. Zacks Investment Research cut Procter & Gamble from a “buy” rating to a “hold” rating in a report on Monday, October 8th. Bank of America raised their price target on Procter & Gamble from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Thursday, October 4th. Atlantic Securities began coverage on Procter & Gamble in a report on Thursday, September 20th. They issued an “overweight” rating and a $94.00 price target on the stock. ValuEngine raised Procter & Gamble from a “sell” rating to a “hold” rating in a report on Friday, August 17th. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $78.00 price target on shares of Procter & Gamble in a report on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Procter & Gamble currently has an average rating of “Hold” and a consensus price target of $84.53.

Shares of NYSE PG opened at $79.06 on Friday. The stock has a market cap of $209.82 billion, a P/E ratio of 18.73, a PEG ratio of 2.68 and a beta of 0.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.66 and a current ratio of 0.83. Procter & Gamble Co has a 1-year low of $70.73 and a 1-year high of $93.51.

Procter & Gamble (NYSE:PG) last announced its quarterly earnings data on Tuesday, July 31st. The company reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.04. The company had revenue of $16.50 billion for the quarter, compared to analysts’ expectations of $16.52 billion. Procter & Gamble had a return on equity of 20.94% and a net margin of 14.59%. Procter & Gamble’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.85 EPS. As a group, equities analysts expect that Procter & Gamble Co will post 4.42 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Friday, October 19th will be issued a dividend of $0.7172 per share. The ex-dividend date is Thursday, October 18th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.63%. Procter & Gamble’s dividend payout ratio is 68.01%.

In related news, Chairman David S. Taylor sold 21,029 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $83.52, for a total transaction of $1,756,342.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Valarie L. Sheppard sold 27,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $80.66, for a total value of $2,177,820.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,186 shares of company stock worth $12,080,849. 1.84% of the stock is currently owned by insiders.

Procter & Gamble Company Profile

The Procter & Gamble Company provides branded consumer packaged goods to consumers in North America, Europe, the Asia Pacific, Greater China, Latin America, India, the Middle East, and Africa. The company operates in five segments: Beauty; Grooming; health Care; fabric & Home Care; and Baby, Feminine & Family Care.

Featured Story: What is a Fiduciary?

Want to see what other hedge funds are holding PG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procter & Gamble Co (NYSE:PG).

Institutional Ownership by Quarter for Procter & Gamble (NYSE:PG)

Receive News & Ratings for Procter & Gamble Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Procter & Gamble and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply