BCS Wealth Management significantly reduced its position in Procter & Gamble Company (NYSE: PG) by 89.3% during the third quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the firm now holds 10,323 shares after offloading 86,530 shares during the quarter. The value of BCS Wealth Management’s holdings in Procter & Gamble is reported at $1,586,000.
A number of other institutional investors have also adjusted their stakes in Procter & Gamble. For instance, Nova Wealth Management Inc. acquired a new position in the company valued at $26,000 during the first quarter. Similarly, Halbert Hargrove Global Advisors LLC purchased shares worth $25,000 in the third quarter, while Signature Resources Capital Management LLC increased its stake by 67.9% during the second quarter, bringing its total to 178 shares valued at $28,000.
Insider transactions also reflect activity at the company. On October 30, 2023, Chief Accounting Officer Matthew W. Janzaruk sold 725 shares at an average price of $149.57, resulting in a total transaction of $108,438.25. Following this sale, Janzaruk retains 979 shares in the company, valued at approximately $146,429.03.
Recent Performance and Market Sentiment
Recent earnings reports indicate a mixed outlook for Procter & Gamble. The company achieved an earnings per share (EPS) of $1.99 for the quarter ending October 24, 2023, surpassing analysts’ expectations of $1.90 by $0.09. Procter & Gamble’s revenue for the quarter stood at $22.39 billion, exceeding forecasts of $22.23 billion, and marking a year-over-year increase of 3.0%.
Despite these positive earnings, analysts have expressed concerns regarding volume growth, particularly in North America. Observations from various analysts indicate that the consumer staples sector has underperformed compared to the broader market, raising alarms about Procter & Gamble’s premium valuation in relation to its peers.
In light of these factors, Wells Fargo recently adjusted its price target for Procter & Gamble from $170 to $158, maintaining an overweight rating. This downgrade has led to increased caution among investors, as it narrows the perceived upside for the stock.
Dividend and Analyst Ratings
Procter & Gamble announced a quarterly dividend of $1.0568, which was paid on November 17, 2023. Stockholders on record as of October 24, 2023 received this dividend, representing an annualized rate of $4.23 and a dividend yield of 3.0%. The company’s payout ratio currently stands at 61.75%.
Investment analysts continue to evaluate Procter & Gamble’s stock. Recent ratings include a price target increase from $152 to $154 by Berenberg Bank, while UBS Group has decreased its target from $180 to $176, maintaining a buy rating. Overall, analysts have given Procter & Gamble an average rating of “Moderate Buy” with a consensus price target of $170.81.
Procter & Gamble, headquartered in Cincinnati, Ohio, remains one of the largest producers of branded consumer packaged goods globally. The company’s extensive portfolio spans various categories, including beauty, grooming, health care, and home care products.
As market conditions evolve, the actions of large investors and the responses to recent earnings will be pivotal in shaping the future trajectory of Procter & Gamble.
