The State of Michigan Retirement System has enhanced its investment in Procter & Gamble Company (NYSE: PG), acquiring an additional 2,400 shares during the second quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission (SEC), the retirement system now holds a total of 661,137 shares, representing a 0.4% increase in its stake. This investment amounts to approximately $105,332,000, making Procter & Gamble the 27th largest holding in its portfolio.
The State of Michigan Retirement System’s investment in Procter & Gamble constitutes around 0.5% of its total investment portfolio. Other institutional investors have also adjusted their positions in the company. Notably, B & T Capital Management DBA Alpha Capital Management increased its stake by 2.3% in the first quarter, now owning 2,795 shares valued at $476,000. Similarly, Private Management Group Inc. expanded its holdings by 4.8%, owning 1,384 shares worth $236,000.
Recent Analyst Ratings and Market Performance
Procter & Gamble has garnered attention from various analysts recently. BNP Paribas reaffirmed an “outperform” rating with a price target of $177.00. However, other reports indicate a slight downward adjustment; BNP Paribas Exane reduced its price target from $177.00 to $172.00. In another report, JPMorgan Chase & Co. adjusted its price objective upward from $163.00 to $165.00, maintaining a “neutral” rating.
Currently, twelve analysts have rated the stock with a “Buy” rating, while nine have assigned it a “Hold” rating. According to MarketBeat.com, Procter & Gamble holds an average rating of “Moderate Buy” with an average target price of $171.53.
On the trading front, Procter & Gamble shares opened at $150.70 on the latest trading day, marking a 0.7% increase. The company’s 50-day moving average stands at $153.89, while the 200-day moving average is at $157.83. Over the past year, the stock has seen a low of $146.96 and a high of $180.43.
Insider Transactions and Dividend Announcements
In addition to institutional investments, insider trading activity has been notable. On October 2, 2023, CEO Jon R. Moeller sold 11,684 shares at an average price of $152.23, totaling approximately $1,778,655.32. This sale resulted in a 3.52% decrease in his ownership, leaving him with 319,932 shares valued at about $48,703,248.36.
Furthermore, on October 30, 2023, Chief Accounting Officer Matthew W. Janzaruk sold 725 shares at an average price of $149.57, amounting to $108,438.25. Following this transaction, Janzaruk owned 979 shares, valued at approximately $146,429.03. In total, insiders sold 150,488 shares worth $23,529,718 in the last quarter.
On the dividend front, Procter & Gamble has declared a quarterly dividend of $1.0568, scheduled for payment on November 17, 2023. Shareholders of record on October 24, 2023 will receive this dividend, reflecting an annualized dividend of $4.23 and a yield of 2.8%. The company’s dividend payout ratio currently stands at 61.75%.
Procter & Gamble operates in various segments, including Beauty, Grooming, Health Care, and Fabric and Home Care, providing a wide range of branded consumer packaged goods. As the company navigates market dynamics, its recent financial activities and stock performance will continue to draw attention from investors and analysts alike.
