Procter & Gamble Company (NYSE: PG) experienced a decline of 1.2% during trading on Monday, with shares hitting a low of $142.42 before closing at $142.70. The trading volume surged to approximately 11.5 million shares, a significant increase of 39% compared to the average daily volume of 8.3 million shares. The previous closing price stood at $144.46, indicating a notable shift in investor sentiment.
Analyst Ratings Adjustments
Multiple research firms recently adjusted their ratings for Procter & Gamble. Dbs Bank upgraded the company to a “hold” rating on December 5, 2023. Conversely, Barclays reduced its price target from $153.00 to $151.00 and assigned an “equal weight” rating on December 8. That same day, Deutsche Bank Aktiengesellschaft lowered its target from $176.00 to $171.00 while maintaining a “buy” rating.
Weiss Ratings affirmed a “hold (c)” rating on December 15, and JPMorgan Chase & Co. decreased their price target from $165.00 to $157.00, giving the stock a “neutral” rating in a research report released on Thursday. Currently, thirteen analysts have rated Procter & Gamble with a “buy” recommendation, while ten have given it a “hold” rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $171.38.
Quarterly Earnings Report
Procter & Gamble released its quarterly earnings data on October 24, 2023. The company reported earnings per share (EPS) of $1.99, exceeding analysts’ consensus estimates of $1.90 by $0.09. Revenue for the quarter reached $22.39 billion, surpassing expectations of $22.23 billion. This marked a 3.0% increase in revenue compared to the same quarter in the previous year, when the company reported an EPS of $1.93. For fiscal year 2026, Procter & Gamble has set its EPS guidance at between $6.830 and $7.100. Analysts project an average EPS of $6.91 for the current fiscal year.
In addition, Procter & Gamble announced a quarterly dividend of $1.0568 per share, paid on November 17, 2023, to investors of record as of October 24. This dividend translates to an annualized distribution of $4.23, yielding approximately 3.0%. The ex-dividend date was also October 24, with the company maintaining a payout ratio of 61.75%.
Insider Transactions
In recent insider transactions, Chief Financial Officer Andre Schulten sold 4,252 shares on October 2 at an average price of $152.23, totaling approximately $647,282. Following this transaction, Schulten retains 53,992 shares valued at about $8.22 million, representing a 7.30% decrease in ownership. Chief Operating Officer Shailesh Jejurikar also sold 3,986 shares on the same day for approximately $606,789, leaving him with 46,899 shares valued at around $7.14 million, a decrease of 7.83% in his stake. Over the past ninety days, insiders have sold a total of 30,308 shares valued at approximately $4.61 million, with insiders holding 0.20% of the company’s stock.
Institutional Investor Activity
Recent movements among institutional investors indicate a varied approach to Procter & Gamble’s stock. Halbert Hargrove Global Advisors LLC established a new stake valued at about $25,000 in the third quarter. Similarly, Nova Wealth Management Inc. acquired a stake worth approximately $26,000 in the first quarter. Signature Resources Capital Management LLC increased its stake by 67.9% during the second quarter, now owning 178 shares valued at $28,000 after purchasing an additional 72 shares. Other notable additions include Saranac Partners Ltd and Corundum Trust Company INC, acquiring stakes worth approximately $30,000 and $32,000, respectively. Currently, approximately 65.77% of Procter & Gamble’s stock is held by institutional investors.
Procter & Gamble, headquartered in Cincinnati, Ohio, is a renowned multinational consumer goods company established in 1837. It focuses on developing, manufacturing, and marketing a variety of household and personal care products. The company’s extensive portfolio includes categories such as Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care.
