Lord & Richards Wealth Management LLC has taken a significant step by investing approximately $280,000 in the Procter & Gamble Company (NYSE: PG) during the second quarter of 2023. The institutional investor acquired 1,758 shares of the consumer goods giant, reflecting a growing interest among hedge funds in the company’s stock.
Other hedge funds have also adjusted their positions in Procter & Gamble recently. Notably, Nova Wealth Management Inc. purchased shares worth about $26,000 in the first quarter, while Signature Resources Capital Management LLC increased its holdings by 67.9% during the same period. After acquiring an additional 72 shares, Signature Resources now owns 178 shares, valued at approximately $28,000. Additional new positions were established by Quarry LP and Mid American Wealth Advisory Group Inc., worth $33,000 and $34,000, respectively. Overall, institutional investors and hedge funds own 65.77% of Procter & Gamble’s stock.
Analyst Ratings and Stock Performance
Recent evaluations from equity research analysts indicate varied sentiments towards Procter & Gamble’s stock. Evercore ISI revised its rating to “in-line,” setting a target price of $170.00, down from $190.00. Conversely, BNP Paribas maintained an “outperform” rating with a target price of $177.00. Following a series of adjustments, the average target price from analysts stands at $171.53, with twelve analysts recommending a Buy rating and nine suggesting a Hold.
Procter & Gamble’s stock performance has been closely monitored. As of October 24, 2023, shares opened at $147.90. The stock currently has a 50-day simple moving average of $153.72 and a 200-day simple moving average of $157.61. Over the past twelve months, shares have seen a low of $146.96 and a high of $180.43. The company boasts a market capitalization of $345.61 billion and a price-to-earnings ratio of 21.59.
Recent Transactions and Insider Activity
In related news, Procter & Gamble’s Chief Operating Officer, Shailesh Jejurikar, sold 3,986 shares on October 2, 2023, at an average price of $152.23, totaling approximately $606,788.78. Following this transaction, he retains 46,899 shares, valued at around $7,139,434.77. This sale represents a 7.83% decrease in his holdings.
Additionally, Chief Accounting Officer Matthew W. Janzaruk sold 725 shares on October 30, 2023, at an average price of $149.57, amounting to around $108,438.25. After this transaction, Janzaruk holds 979 shares, valued at $146,429.03, marking a 42.55% reduction in his ownership.
In the past three months, insiders have sold a total of 150,488 shares worth approximately $23,529,718. Corporate insiders currently own 0.20% of Procter & Gamble’s stock.
Procter & Gamble is also preparing to distribute a quarterly dividend. Shareholders of record as of October 24, 2023, will receive a dividend of $1.0568 per share, scheduled for payment on November 17, 2023. This results in an annualized dividend of $4.23, yielding 2.9%. The company’s payout ratio stands at 61.61%.
With a strong portfolio that includes various consumer goods segments, Procter & Gamble continues to be a focus for both investors and analysts alike. The company operates across several key areas including beauty, grooming, health care, and home care, positioning itself as a leading player in the global market.
