DAVENPORT & Co LLC Acquires 1,260 Shares of The Procter & Gamble Company (NYSE:PG)

Posted by Defense World Staff on Jul 17th, 2023

DAVENPORT & Co LLC lifted its holdings in shares of The Procter & Gamble Company (NYSE:PG – Free Report) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 146,399 shares of the company’s stock after buying an additional 1,260 shares during the period. DAVENPORT & Co LLC’s holdings in Procter & Gamble were worth $21,768,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PG. Axiom Financial Strategies LLC increased its position in Procter & Gamble by 7.0% during the first 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 last quarter. AMI Investment Management Inc. increased its holdings in shares of Procter & Gamble by 7.2% during the 1st quarter. AMI Investment Management Inc. now owns 3,461 shares of the company’s stock worth $529,000 after acquiring an additional 233 shares during the last quarter. LSV Asset Management lifted its holdings in Procter & Gamble by 5.7% during the 1st quarter. LSV Asset Management now owns 18,600 shares of the company’s stock valued at $2,842,000 after purchasing an additional 1,000 shares during the last quarter. Ergoteles LLC bought a new position in Procter & Gamble during the first quarter worth $3,073,000. Finally, Wsfs Capital Management LLC increased its holdings in shares of Procter & Gamble by 12.0% in the first 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 during the last quarter. Institutional investors own 64.65% of the company’s stock.

Procter & Gamble Trading Up 0.7 %

PG opened at $150.05 on Monday. The stock has a market capitalization of $353.66 billion, a price-to-earnings ratio of 26.14, a P/E/G ratio of 3.86 and a beta of 0.42. The company has a quick ratio of 0.39, a current ratio of 0.59 and a debt-to-equity ratio of 0.51. The Procter & Gamble Company has a twelve month low of $122.18 and a twelve month high of $158.11. The company has a 50-day simple moving average of $149.25 and a 200 day simple moving average of $147.21.

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

Procter & Gamble Announces Dividend

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

Insider Transactions at Procter & Gamble

In related news, COO Shailesh Jejurikar sold 31,000 shares of the firm’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 sale, the chief operating officer now directly 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 Securities & Exchange Commission, which is accessible through this link. In related news, 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 transaction of $754,340.44. Following the completion of the transaction, the insider now directly owns 7,977 shares in the company, valued at approximately $1,240,184.19. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Shailesh Jejurikar sold 31,000 shares of the firm’s 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 sale, the chief operating officer now owns 10,014 shares in the company, valued at approximately $1,562,484.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,093 shares of company stock valued at $14,821,930. Corporate insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their target price on shares of Procter & Gamble from $160.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, April 24th. Royal Bank of Canada boosted their price objective on Procter & Gamble from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Monday, April 24th. Evercore ISI upped their target price on Procter & Gamble from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Monday, April 24th. StockNews.com initiated coverage on Procter & Gamble in a report on Thursday, May 18th. They set a “buy” rating for the company. Finally, Raymond James increased their price objective 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 analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.