Riggs Asset Managment Co. Inc. Decreases Stock Position in The Procter & Gamble Company (NYSE:PG)

Posted by Defense World Staff on Apr 13th, 2023

Riggs Asset Managment Co. Inc. reduced its position in The Procter & Gamble Company (NYSE:PG – Get Rating) by 8.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,803 shares of the company’s stock after selling 536 shares during the period. Riggs Asset Managment Co. Inc.’s holdings in Procter & Gamble were worth $880,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Ledyard National Bank increased its position in shares of Procter & Gamble by 1.2% in the 3rd quarter. Ledyard National Bank now owns 81,058 shares of the company’s stock worth $10,233,000 after purchasing an additional 961 shares during the last quarter. Autumn Glory Partners LLC lifted its holdings in Procter & Gamble by 38.9% during the 3rd quarter. Autumn Glory Partners LLC now owns 10,954 shares of the company’s stock worth $1,383,000 after buying an additional 3,070 shares during the last quarter. Private Wealth Partners LLC increased its holdings in shares of Procter & Gamble by 9.4% in the 3rd quarter. Private Wealth Partners LLC now owns 28,407 shares of the company’s stock valued at $3,586,000 after acquiring an additional 2,445 shares during the last quarter. Oak Harbor Wealth Partners LLC boosted its holdings in Procter & Gamble by 11.1% in the fourth quarter. Oak Harbor Wealth Partners LLC now owns 30,891 shares of the company’s stock worth $4,682,000 after purchasing an additional 3,089 shares during the period. Finally, Udine Wealth Management Inc. bought a new position in shares of Procter & Gamble in the 3rd quarter worth about $752,000. 62.13% of the stock is currently owned by institutional investors and hedge funds.

Procter & Gamble Trading Up 0.3 %

NYSE:PG opened at $151.07 on Thursday. The stock has a fifty day simple moving average of $142.49 and a 200 day simple moving average of $141.89. The company has a quick ratio of 0.37, a current ratio of 0.56 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $356.40 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 4.21 and a beta of 0.41. The Procter & Gamble Company has a 1-year low of $122.18 and a 1-year high of $164.90.

Procter & Gamble (NYSE:PG – Get Rating) last released its earnings results on Thursday, January 19th. The company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.01. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $20.75 billion. Procter & Gamble had a net margin of 17.79% and a return on equity of 32.03%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.66 earnings per share. Sell-side analysts forecast that The Procter & Gamble Company will post 5.84 earnings per share for the current year.

Procter & Gamble Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Friday, April 21st will be issued a $0.9407 dividend. The ex-dividend date of this dividend is Thursday, April 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.49%. This is a positive change from Procter & Gamble’s previous quarterly dividend of $0.91. Procter & Gamble’s dividend payout ratio is presently 64.04%.

Insider Transactions at Procter & Gamble

In related news, insider Susan Street Whaley sold 435 shares of the stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $141.82, for a total value of $61,691.70. Following the completion of the sale, the insider now directly owns 10,840 shares of the company’s stock, valued at approximately $1,537,328.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Procter & Gamble news, CFO Andre Schulten sold 1,311 shares of Procter & Gamble stock in a transaction on 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 of the company’s stock, valued at approximately $4,826,402.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Susan Street Whaley sold 435 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $141.82, for a total transaction of $61,691.70. Following the completion of the transaction, the insider now directly owns 10,840 shares in the company, valued at $1,537,328.80. The disclosure for this sale can be found here. Insiders sold a total of 4,766 shares of company stock valued at $656,511 over the last quarter. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

PG has been the topic of several recent research reports. Stifel Nicolaus raised their price target on Procter & Gamble from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, January 20th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Procter & Gamble from $156.00 to $160.00 in a research note on Monday. JPMorgan Chase & Co. raised Procter & Gamble from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $150.00 to $155.00 in a research note on Friday, March 3rd. Raymond James upped their price objective on shares of Procter & Gamble from $165.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, January 13th. Finally, UBS Group upped their price target on shares of Procter & Gamble from $163.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, April 6th. Four 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 has a consensus rating of “Moderate Buy” and a consensus price target of $156.00.

Procter & Gamble Company Profile

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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.