Chronos Wealth Management LLC Boosts Stake in The Procter & Gamble Company (NYSE:PG)

Posted by Defense World Staff on Jun 20th, 2023

Chronos Wealth Management LLC lifted its holdings in The Procter & Gamble Company (NYSE:PG – Get Rating) by 2.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,520 shares of the company’s stock after purchasing an additional 898 shares during the quarter. Procter & Gamble accounts for about 3.7% of Chronos Wealth Management LLC’s investment portfolio, making the stock its 16th biggest holding. Chronos Wealth Management LLC’s holdings in Procter & Gamble were worth $4,984,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Procter & Gamble by 1.0% in the third 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 holdings in shares of Procter & Gamble by 1.1% in the third 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 holdings in shares of Procter & Gamble by 0.8% in the third 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. Geode Capital Management LLC grew its holdings in shares of Procter & Gamble by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 46,243,572 shares of the company’s stock worth $6,997,559,000 after acquiring an additional 323,292 shares during the period. Finally, Morgan Stanley grew its holdings in shares of Procter & Gamble by 12.6% in the fourth quarter. Morgan Stanley now owns 44,320,700 shares of the company’s stock worth $6,717,246,000 after acquiring an additional 4,959,527 shares during the period. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. StockNews.com assumed coverage on Procter & Gamble in a report on Thursday, May 18th. They issued a “buy” rating for the company. Truist Financial lowered Procter & Gamble from a “buy” rating to a “hold” rating and cut their price target for the company from $165.00 to $155.00 in a report on Thursday, May 18th. Jefferies Financial Group boosted their price target on Procter & Gamble from $171.00 to $175.00 and gave the company a “buy” rating in a report on Monday, April 24th. UBS Group boosted their price target on Procter & Gamble from $170.00 to $180.00 and gave the company a “buy” rating in a report on Monday, April 24th. Finally, Evercore ISI boosted their price target on Procter & Gamble from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Monday, April 24th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.50.

Insider Buying and Selling at Procter & Gamble

In other Procter & Gamble news, insider Susan Street Whaley sold 4,852 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $155.47, for a total transaction of $754,340.44. Following the sale, the insider now directly owns 7,977 shares in the company, valued at $1,240,184.19. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Shailesh Jejurikar sold 31,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $156.03, for a total transaction of $4,836,930.00. Following the transaction, the chief operating officer now owns 10,014 shares of the company’s stock, valued at $1,562,484.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Susan Street Whaley sold 4,852 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $155.47, for a total value of $754,340.44. Following the transaction, the insider now directly owns 7,977 shares in the company, valued at approximately $1,240,184.19. The disclosure for this sale can be found here. Insiders have sold a total of 95,093 shares of company stock worth $14,821,930 over the last ninety days. Company insiders own 0.26% of the company’s stock.

Procter & Gamble Price Performance

NYSE:PG opened at $149.54 on Tuesday. The company has a current ratio of 0.59, a quick ratio of 0.39 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $352.46 billion, a P/E ratio of 26.05, a P/E/G ratio of 4.16 and a beta of 0.41. The Procter & Gamble Company has a 12 month low of $122.18 and a 12 month high of $158.11. The business’s 50-day moving average is $150.80 and its 200 day moving average is $147.41.

Procter & Gamble (NYSE:PG – Get Rating) last posted its earnings results on Friday, April 21st. The company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. The company had revenue of $20.07 billion for the quarter, compared to the consensus estimate of $19.32 billion. Procter & Gamble had a return on equity of 32.18% and a net margin of 17.69%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 earnings per share. On average, equities research analysts forecast that The Procter & Gamble Company will post 5.86 earnings per share for the current fiscal year.

Procter & Gamble Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, April 21st were given a dividend of $0.9407 per share. The ex-dividend date was Thursday, April 20th. This is an increase from Procter & Gamble’s previous quarterly dividend of $0.91. This represents a $3.76 dividend on an annualized basis and a yield of 2.52%. Procter & Gamble’s dividend payout ratio is 65.51%.

About Procter & Gamble

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The Procter & Gamble Company provides branded consumer packaged goods worldwide. It operates through five segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers conditioners, shampoos, styling aids, and treatments under the Head & Shoulders, Herbal Essences, Pantene, and Rejoice brands; and antiperspirants and deodorants, personal cleansing, and skin care products under the Olay, Old Spice, Safeguard, Secret, and SK-II brands.