Pitcairn Co. has decreased its holdings in the Procter & Gamble Company (NYSE: PG) by 4.9% during the third quarter of 2023, according to a report from HoldingsChannel. The firm now owns 99,494 shares of the consumer goods giant after selling 5,147 shares in this period. Procter & Gamble now represents 1.2% of Pitcairn Co.’s overall portfolio, making it the company’s 14th largest holding. As of the latest reporting period, these shares were valued at approximately $15,287,000.
Several institutional investors and hedge funds have also made adjustments to their Procter & Gamble holdings. For instance, Smith Moore & Co. increased its stake by 3.4%, acquiring an additional 1,256 shares, which brings its total to 37,988 shares valued at $5,837,000. Similarly, Crossmark Global Holdings Inc. expanded its position by an impressive 68.4%, now owning 213,928 shares worth $32,870,000 after adding 86,888 shares during the quarter.
Winch Advisory Services LLC increased its stake by 4.2%, bringing its total to 7,664 shares, valued at $1,178,000. Meanwhile, NFC Investments LLC established a new position in Procter & Gamble worth approximately $206,000. Advisory Alpha LLC also raised its stake by 22.0%, now holding 18,533 shares valued at $2,818,000. Currently, institutional investors and hedge funds collectively own 65.77% of Procter & Gamble’s stock.
Recent Developments Impacting Procter & Gamble
Several key developments have influenced market sentiment surrounding Procter & Gamble this week. The company has recently revived its Mr. Clean brand, launching a new product innovation targeted at boosting sales in the cleaning category. This marketing initiative is expected to enhance product momentum and support near-term sales amid positive market sentiment.
Analysts have also highlighted Procter & Gamble as a strong performer among consumer staples, noting potential benefits from resilient demand, digital expansion, and effective portfolio optimization. Such factors contribute to the company’s steady cash flow and margin stability, creating a favorable environment for earnings.
Additionally, Procter & Gamble has been recognized among long-term dividend growers, reinforcing its appeal for income-focused investors. The company’s recent quarterly dividend was paid on February 17, 2024, to stockholders of record as of January 23, 2024. This dividend was set at $1.0568, translating to an annualized payout of $4.23 and a yield of 2.7%. Its current dividend payout ratio stands at 62.67%.
Stock Performance and Analyst Ratings
Procter & Gamble released its quarterly earnings data on January 22, 2024, reporting earnings per share of $1.88, slightly exceeding the consensus estimate of $1.86. The company achieved a net margin of 19.30% and a return on equity of 32.21%. Revenue for the quarter was $22.21 billion, falling short of analyst expectations of $22.36 billion but reflecting a 1.5% year-over-year increase.
For fiscal year 2026, Procter & Gamble has guided earnings expectations between $6.830 and $7.090 per share. Analysts anticipate an average EPS of $6.91 for the current year.
Recent analyst reports have provided various perspectives on Procter & Gamble’s stock. Barclays set a price target of $155.00, while Wells Fargo & Company maintained an “overweight” rating with a target of $177.00. Erste Group Bank upgraded its rating from “hold” to “buy,” and Dbs Bank followed suit with a similar upgrade. Currently, the stock holds a consensus rating of “Moderate Buy,” with an average price target of $168.33.
In terms of insider activity, Balaji Purushothaman sold 12,827 shares on February 11, 2024, at an average price of $160.31, amounting to a total transaction of approximately $2,056,296. Following this sale, Purushothaman directly owned 12,639 shares valued at around $2,026,158. Furthermore, insider Marc S. Pritchard sold 95,903 shares on January 23, 2024, totaling about $14,495,738. In total, insiders sold 348,618 shares worth around $55,462,643 over the past three months.
As Procter & Gamble navigates the complexities of the market, ongoing developments and investor actions will be critical to watch as they unfold.
