Cornerstone Advisors LLC reduced its stake in shares of Procter & Gamble Company (The) (NYSE:PG – Free Report) by 24.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 107,457 shares of the company’s stock after selling 34,794 shares during the period. Cornerstone Advisors LLC’s holdings in Procter & Gamble were worth $15,611,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Financial Freedom LLC grew its holdings in Procter & Gamble by 17.9% in the third quarter. Financial Freedom LLC now owns 44,757 shares of the company’s stock valued at $6,502,000 after purchasing an additional 6,786 shares during the period. Moors & Cabot Inc. increased its position in Procter & Gamble by 1.9% during the third quarter. Moors & Cabot Inc. now owns 109,901 shares of the company’s stock worth $15,966,000 after purchasing an additional 2,045 shares during the last quarter. Valmark Advisers Inc. increased its position in Procter & Gamble by 1.3% during the third quarter. Valmark Advisers Inc. now owns 66,570 shares of the company’s stock worth $9,671,000 after purchasing an additional 846 shares during the last quarter. Money Concepts Capital Corp raised its stake in Procter & Gamble by 5.6% during the third quarter. Money Concepts Capital Corp now owns 64,802 shares of the company’s stock worth $9,415,000 after purchasing an additional 3,418 shares during the period. Finally, Allworth Financial LP raised its stake in Procter & Gamble by 10.5% during the third quarter. Allworth Financial LP now owns 434,448 shares of the company’s stock worth $63,707,000 after purchasing an additional 41,411 shares during the period. 65.77% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the stock. BNP Paribas Exane lifted their price target on shares of Procter & Gamble from $177.00 to $189.00 and gave the company an “outperform” rating in a report on Friday, October 23rd. Barclays upped their price objective on Procter & Gamble from $152.00 to $165.00 and gave the stock an “equal weight” rating in a report on Monday, October 26th. HSBC lowered Procter & Gamble from a “buy” rating to a “hold” rating and cut their target price for the stock from $182.00 to $149.00 in a research report on Thursday, July 30th. Piper Sandler lifted their target price on Procter & Gamble from $145.00 to $167.00 and gave the company a “neutral” rating in a report on Monday, October 26th. Finally, DZ Bank downgraded Procter & Gamble from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 27th. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $170.57.
Get Our Latest Stock Analysis on Procter & Gamble
Procter & Gamble Trading Up 1.1%
NYSE PG opened at $169.84 on Friday. The firm has a market capitalization of $393.65 billion, a price-to-earnings ratio of 25.58, a PEG ratio of 4.13 and a beta of 0.36. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.53 and a current ratio of 0.72. Procter & Gamble Company has a one year low of $137.62 and a one year high of $170.73. The company’s 50 day moving average price is $154.26 and its 200 day moving average price is $149.93.
Procter & Gamble (NYSE:PG – Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.11. Procter & Gamble had a net margin of 18.23% and a return on equity of 31.02%. The company had revenue of $23.28 billion during the quarter, compared to the consensus estimate of $22.80 billion. During the same period in the previous year, the firm earned $1.99 earnings per share. Procter & Gamble’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, sell-side analysts predict that Procter & Gamble Company will post 6.99 EPS for the current year.
Procter & Gamble Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Friday, October 23rd will be issued a dividend of $1.0885 per share. The ex-dividend date is Friday, October 23rd. This represents a $4.35 annualized dividend and a dividend yield of 2.6%. Procter & Gamble’s payout ratio is presently 65.51%.
Insider Buying and Selling at Procter & Gamble
In other Procter & Gamble news, CEO Shailesh Jejurikar sold 35,000 shares of the firm’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $163.09, for a total value of $5,708,150.00. Following the transaction, the chief executive officer directly owned 55,391 shares of the company’s stock, valued at $9,033,718.19. This trade represents a 38.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Victor Aguilar sold 18,812 shares of the business’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $164.43, for a total value of $3,093,257.16. Following the transaction, the insider owned 55,243 shares in the company, valued at approximately $9,083,606.49. This represents a 25.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 200,006 shares of company stock worth $32,715,058. Corporate insiders own 0.23% of the company’s stock.
Key Procter & Gamble News
Here’s some of the latest news about PG:
- Neutral Sentiment: Recent valuation coverage asks whether P&G’s current market value is justified by its expected cash flows and how its valuation compares with rivals. This may make valuation more salient after the stock’s recent gains, but the available article summaries do not provide a specific fair-value estimate. Article: Is Procter & Gamble Stock Worth More Than Its Rivals?
- Negative Sentiment: Higher oil prices and shrinking margins are cited as risks to the rally, potentially offsetting volume-led growth. Investors will look for management’s strategy and outlook at its upcoming Investor Day. Article: P&G Dividend and Price Target
- Negative Sentiment: CEO El Hak Hesham Abd sold 2,250 shares for about $379,000, reducing his direct ownership by 20.06% to 8,968 shares. The sale may draw attention, although a single transaction does not establish a change in the company’s outlook. SEC Form 4 filing
Procter & Gamble Company Profile
The Procter & Gamble Company is a consumer goods company that develops, manufactures and markets products for everyday use. Founded in 1837 by William Procter and James Gamble, the company is headquartered in Cincinnati, Ohio. Its products span beauty, grooming, health care, fabric and home care, and baby, feminine and family care. Well-known brands include Tide, Pampers, Gillette, Pantene, Olay, Oral-B, Crest, Dawn, Charmin and Bounty. Procter & Gamble sells its products in markets around the world through retail stores, e-commerce platforms and other distribution channels.
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