Concord Wealth Partners Purchases 2,727 Shares of The Procter & Gamble Company (NYSE:PG)

Posted by Defense World Staff on Jul 16th, 2023

Concord Wealth Partners boosted its position in shares of The Procter & Gamble Company (NYSE:PG – Free Report) by 31.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,268 shares of the company’s stock after purchasing an additional 2,727 shares during the period. Concord Wealth Partners’ holdings in Procter & Gamble were worth $1,675,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PG. Axiom Financial Strategies LLC increased its stake in Procter & Gamble by 7.0% in the 1st quarter. Axiom Financial Strategies LLC now owns 1,728 shares of the company’s stock worth $276,000 after buying an additional 113 shares during the period. AMI Investment Management Inc. boosted its holdings in shares of Procter & Gamble by 7.2% in the first quarter. AMI Investment Management Inc. now owns 3,461 shares of the company’s stock valued at $529,000 after purchasing an additional 233 shares during the period. LSV Asset Management grew its stake in Procter & Gamble by 5.7% in the first quarter. LSV Asset Management now owns 18,600 shares of the company’s stock worth $2,842,000 after purchasing an additional 1,000 shares in the last quarter. Ergoteles LLC purchased a new position in Procter & Gamble during the 1st quarter worth $3,073,000. Finally, Wsfs Capital Management LLC raised its position in Procter & Gamble by 12.0% during the 1st quarter. Wsfs Capital Management LLC now owns 4,256 shares of the company’s stock valued at $650,000 after purchasing an additional 455 shares in the last quarter. 64.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on PG. Royal Bank of Canada raised their price target on Procter & Gamble from $160.00 to $165.00 and gave the company a “sector perform” rating in a research note on Monday, April 24th. Evercore ISI boosted their price target on shares of Procter & Gamble from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Monday, April 24th. Truist Financial lowered shares of Procter & Gamble from a “buy” rating to a “hold” rating and cut their price objective for the company from $165.00 to $155.00 in a report on Thursday, May 18th. Morgan Stanley increased their target price on Procter & Gamble from $160.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, April 24th. Finally, Raymond James boosted their price target on Procter & Gamble from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Sunday, April 23rd. Five research 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 has an average rating of “Moderate Buy” and an average target price of $161.50.

Procter & Gamble Stock Performance

Shares of NYSE PG opened at $150.05 on Friday. The company has a 50 day simple moving average of $149.25 and a two-hundred day simple moving average of $147.25. The stock has a market cap of $353.66 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 3.83 and a beta of 0.42. 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 Procter & Gamble Company has a 12 month low of $122.18 and a 12 month high of $158.11.

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

Procter & Gamble Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 21st will be issued a $0.9407 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, July 20th. Procter & Gamble’s payout ratio is presently 65.51%.

Insiders Place Their Bets

In other news, COO Shailesh Jejurikar sold 31,000 shares of Procter & Gamble stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $156.03, for a total transaction of $4,836,930.00. Following the completion of the transaction, the chief operating officer now directly owns 10,014 shares of the company’s stock, valued at approximately $1,562,484.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Shailesh Jejurikar sold 31,000 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $156.03, for a total value of $4,836,930.00. Following the completion of the transaction, the chief operating officer now owns 10,014 shares of the company’s stock, valued at approximately $1,562,484.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andre Schulten sold 25,244 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $155.27, for a total value of $3,919,635.88. Following the completion of the sale, the chief financial officer now directly owns 27,118 shares in the company, valued at $4,210,611.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,093 shares of company stock worth $14,821,930. Corporate insiders own 0.26% of the company’s stock.

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.