Covenant Partners LLC Has $568,000 Stock Position in The Procter & Gamble Company (NYSE:PG)

Posted by Defense World Staff on Jul 3rd, 2023

Covenant Partners LLC reduced its stake in shares of The Procter & Gamble Company (NYSE:PG – Free Report) by 18.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,820 shares of the company’s stock after selling 857 shares during the period. Covenant Partners LLC’s holdings in Procter & Gamble were worth $568,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised 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 valued at $28,351,991,000 after purchasing an additional 2,197,165 shares during the last quarter. State Street Corp raised 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 valued at $13,224,594,000 after purchasing an additional 797,652 shares during the last quarter. Geode Capital Management LLC raised 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 valued at $6,997,559,000 after purchasing an additional 323,292 shares during the last quarter. Morgan Stanley raised 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 valued at $6,717,246,000 after purchasing an additional 4,959,527 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC raised its holdings in shares of Procter & Gamble by 96,526.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 38,535,557 shares of the company’s stock valued at $5,840,449,000 after purchasing an additional 38,495,676 shares during the last quarter. 64.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Procter & Gamble

In other news, insider Susan Street Whaley sold 4,852 shares of the firm’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 transaction of $754,340.44. Following the completion of the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $1,240,184.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Susan Street Whaley sold 4,852 shares of the firm’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 transaction of $754,340.44. Following the completion of the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $1,240,184.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ma. Fatima Francisco sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $156.84, for a total transaction of $1,254,720.00. Following the sale, the chief executive officer now directly owns 9,343 shares of the company’s stock, valued at approximately $1,465,356.12. The disclosure for this sale can be found here. Insiders sold a total of 95,093 shares of company stock valued at $14,821,930 in the last quarter. 0.26% of the stock is currently owned by company insiders.

Procter & Gamble Stock Performance

Procter & Gamble stock opened at $151.74 on Monday. The business has a 50 day moving average of $150.41 and a 200-day moving average of $147.32. The Procter & Gamble Company has a 1 year low of $122.18 and a 1 year high of $158.11. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.59 and a quick ratio of 0.39. The company has a market capitalization of $357.65 billion, a P/E ratio of 26.44, a P/E/G ratio of 4.22 and a beta of 0.42.

Procter & Gamble (NYSE:PG – Free Report) last released its quarterly earnings data on Friday, April 21st. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.05. Procter & Gamble had a return on equity of 32.18% and a net margin of 17.69%. The company had revenue of $20.07 billion during the quarter, compared to the consensus estimate of $19.32 billion. During the same quarter in the prior year, the firm posted $1.33 earnings per share. The firm’s revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts predict that The Procter & Gamble Company will post 5.86 earnings per share for the current year.

Procter & Gamble Increases Dividend

The company also recently announced 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. This represents a $3.76 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Thursday, April 20th. This is an increase from Procter & Gamble’s previous quarterly dividend of $0.91. Procter & Gamble’s dividend payout ratio is currently 65.51%.

Analyst Upgrades and Downgrades

PG has been the subject of several analyst reports. Jefferies Financial Group raised their target price on shares of Procter & Gamble from $171.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, April 24th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Procter & Gamble from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, April 24th. StockNews.com initiated coverage on shares of Procter & Gamble in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Raymond James raised their target price on shares of Procter & Gamble from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Sunday, April 23rd. Finally, Royal Bank of Canada lifted their price objective on shares of Procter & Gamble from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Monday, April 24th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $161.50.

About Procter & Gamble

(Free Report)

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.