Cardinal Capital Management Reduces Holdings in The Procter & Gamble Company (NYSE:PG)

Posted by Defense World Staff on Apr 2nd, 2023

Cardinal Capital Management trimmed its holdings in shares of The Procter & Gamble Company (NYSE:PG – Get Rating) by 0.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,735 shares of the company’s stock after selling 207 shares during the period. Procter & Gamble comprises approximately 1.5% of Cardinal Capital Management’s holdings, making the stock its 17th biggest holding. Cardinal Capital Management’s holdings in Procter & Gamble were worth $7,235,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Procter & Gamble by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 224,570,227 shares of the company’s stock worth $28,351,991,000 after acquiring an additional 2,197,165 shares during the period. BlackRock Inc. grew its stake in Procter & Gamble by 1.1% in the 3rd quarter. BlackRock Inc. now owns 161,904,833 shares of the company’s stock worth $20,440,487,000 after acquiring an additional 1,811,085 shares during the period. State Street Corp grew its stake in Procter & Gamble by 0.8% in the 3rd quarter. State Street Corp now owns 104,749,256 shares of the company’s stock worth $13,224,594,000 after acquiring an additional 797,652 shares during the period. Legal & General Group Plc grew its stake in Procter & Gamble by 3.6% in the 2nd quarter. Legal & General Group Plc now owns 18,536,142 shares of the company’s stock worth $2,665,327,000 after acquiring an additional 637,095 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Procter & Gamble by 22.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 16,567,690 shares of the company’s stock worth $2,382,268,000 after acquiring an additional 3,054,844 shares during the period. 62.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PG has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Procter & Gamble from $162.00 to $156.00 in a research note on Monday, March 20th. Citigroup started coverage on shares of Procter & Gamble in a report on Thursday, February 16th. They issued a “buy” rating and a $160.00 price target on the stock. JPMorgan Chase & Co. upgraded shares of Procter & Gamble from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $150.00 to $155.00 in a report on Friday, March 3rd. Raymond James lifted their price target on shares of Procter & Gamble from $165.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, January 13th. Finally, Stifel Nicolaus lifted their price target on shares of Procter & Gamble from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, January 20th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Procter & Gamble presently has an average rating of “Moderate Buy” and an average price target of $155.27.

Procter & Gamble Stock Performance

NYSE:PG opened at $148.69 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.37 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $350.78 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 4.12 and a beta of 0.40. The firm’s fifty day simple moving average is $141.15 and its 200 day simple moving average is $141.17. The Procter & Gamble Company has a twelve month low of $122.18 and a twelve month high of $164.90.

Procter & Gamble (NYSE:PG – Get Rating) last posted its quarterly earnings data on Thursday, January 19th. The company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.01. The company had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $20.75 billion. Procter & Gamble had a net margin of 17.79% and a return on equity of 32.03%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the company posted $1.66 EPS. As a group, equities research analysts expect that The Procter & Gamble Company will post 5.84 earnings per share for the current fiscal year.

Procter & Gamble Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Shareholders of record on Friday, January 20th were given a $0.9133 dividend. The ex-dividend date was Thursday, January 19th. This represents a $3.65 dividend on an annualized basis and a yield of 2.46%. Procter & Gamble’s payout ratio is currently 64.04%.

Insider Buying and Selling at Procter & Gamble

In other Procter & Gamble news, insider Susan Street Whaley sold 709 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $137.34, for a total value of $97,374.06. Following the completion of the transaction, the insider now directly owns 10,198 shares of the company’s stock, valued at approximately $1,400,593.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Procter & Gamble news, insider Susan Street Whaley sold 709 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $137.34, for a total value of $97,374.06. Following the completion of the transaction, the insider now directly owns 10,198 shares of the company’s stock, valued at approximately $1,400,593.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Andre Schulten sold 1,311 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $137.34, for a total transaction of $180,052.74. Following the completion of the sale, the chief financial officer now owns 35,142 shares in the company, valued at approximately $4,826,402.28. The disclosure for this sale can be found here. Insiders sold a total of 4,766 shares of company stock valued at $656,511 in the last ninety days. Insiders own 0.26% of the company’s stock.

Procter & Gamble Company Profile

(Get Rating)

Procter & Gamble Co engages in the provision of branded consumer packaged goods. It operates through the following segments: Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care. The Beauty segment offers hair, skin, and personal care. The Grooming segment consists of shave care like female and male blades and razors, pre and post shave products, and appliances.