Sumitomo Mitsui DS Asset Management Company Ltd has increased its holdings in Procter & Gamble Company (NYSE: PG) by 1.2%, bringing its stake to a total value of $86.68 million. The fund now owns 564,105 shares after acquiring an additional 6,687 shares during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission.
Other institutional investors have also adjusted their positions in Procter & Gamble. MOKAN Wealth Management Inc. boosted its stake by 13.7% in the second quarter, now holding 15,319 shares valued at approximately $2.44 million after acquiring 1,846 additional shares. Meanwhile, the Czech National Bank raised its holdings by 3.8% in the third quarter, bringing its total to 594,914 shares worth about $91.41 million.
Institutional Investment Trends
Vega Investment Solutions also increased its position by 1.3% during the second quarter, now owning 638,400 shares valued at $101.71 million. Additionally, Caliber Wealth Management LLC KS increased its stake by 36.2%, owning 17,798 shares worth $2.84 million following the purchase of 4,730 shares. Overall, institutional investors hold approximately 65.77% of Procter & Gamble’s stock.
In light of these changes, analysts have updated their price targets for Procter & Gamble. Jefferies Financial Group upgraded its rating from “hold” to “buy”, raising the price target from $156.00 to $179.00. Other firms, including Piper Sandler and Dbs Bank, have set targets of $150.00 and issued “hold” ratings.
According to MarketBeat, Procter & Gamble has an average rating of “Moderate Buy” among analysts, with a consensus price target of $169.23. Fifteen analysts have rated the stock as a buy, while ten have issued hold ratings.
Insider Trading and Recent Performance
In related news, Matthew W. Janzaruk, the Chief Accounting Officer of Procter & Gamble, sold 725 shares on October 30, 2023, for a total of $108,438.25. Following the sale, Janzaruk holds 979 shares valued at around $146,429.03. This transaction represents a 42.55% decrease in his position and was disclosed in a legal filing with the SEC.
Procter & Gamble shares opened at $141.81 on November 17, 2023, with a market capitalization of $331.37 billion. The company has a debt-to-equity ratio of 0.46 and reported a price-to-earnings ratio of 20.70. The stock has experienced a one-year low of $137.62 and a high of $179.99.
In its most recent earnings report on October 24, 2023, Procter & Gamble exceeded analysts’ expectations with earnings per share (EPS) of $1.99, surpassing the consensus estimate of $1.90. Revenue for the quarter was reported at $22.39 billion, compared to expectations of $22.23 billion, reflecting a 3.0% increase from the same quarter last year.
Additionally, the company recently announced a quarterly dividend of $1.0568 per share, paid to investors of record on October 24, 2023. This represents an annualized dividend of $4.23 with a yield of 3.0%. The dividend payout ratio currently stands at 61.75%.
Founded in 1837 and headquartered in Cincinnati, Ohio, Procter & Gamble is a leading multinational consumer goods company, producing a diverse range of household and personal care products.
