Johnson Financial Group Inc. has increased its holdings in the Procter & Gamble Company (NYSE: PG) by 7.7% during the second quarter of 2023. According to a recent disclosure filed with the Securities and Exchange Commission, Johnson Financial now owns a total of 82,564 shares after acquiring an additional 5,880 shares in the quarter. This investment represents approximately 0.6% of the group’s portfolio, making Procter & Gamble its 26th largest holding, valued at approximately $13.15 million.
Several other hedge funds have also adjusted their positions in Procter & Gamble. Vanguard Group Inc. raised its stake by 1.4%, now holding 233,211,283 shares, valued at around $37.16 billion following the purchase of an additional 3,189,111 shares. Kingstone Capital Partners Texas LLC made a significant move, increasing its holdings by a staggering 655,209.0%, now owning 76,028,952 shares worth $11.83 billion after an acquisition of over 76 million shares.
Geode Capital Management LLC and Northern Trust Corp also expanded their positions in the company during the same quarter. Geode added 1,060,713 shares, bringing its total to 59,415,933 shares valued at $9.44 billion, while Northern Trust increased its holdings by 0.8%, now owning 29,644,000 shares worth $5.05 billion.
Insider transactions have also been notable, with Chief Operating Officer Shailesh Jejurikar selling 3,986 shares at an average price of $152.23, resulting in a total value of approximately $606,788.78. Following this sale, Jejurikar retains 46,899 shares valued at around $7.14 million. Similarly, Chief Financial Officer Andre Schulten sold 4,252 shares for around $647,281.96.
The company’s stock opened at $148.36 on Thursday. Procter & Gamble maintains a market capitalization of $346.68 billion. The stock has a price-to-earnings ratio of 21.66 and a PEG ratio of 3.87. Over the past year, the stock has fluctuated between a low of $144.09 and a high of $180.43.
In recent developments, Procter & Gamble announced a quarterly dividend, which was paid on November 17, 2023. Shareholders of record as of October 24, 2023 received a dividend of $1.0568 per share, translating to an annualized dividend of $4.23 and a yield of 2.8%. The company’s payout ratio stands at 61.61%.
Analysts have also been active in assessing Procter & Gamble’s stock. BNP Paribas Exane recently adjusted its price target from $177.00 to $172.00, maintaining an “outperform” rating. Similarly, Wells Fargo & Company revised its price objective down to $170.00, while Bank of America lowered its target from $180.00 to $174.00. Currently, 12 analysts rate the stock as a Buy, while nine suggest holding, leading to a consensus rating of “Moderate Buy” with an average price target of $171.53.
Procter & Gamble continues to be a major player in the consumer goods sector, operating across various segments including Beauty, Grooming, Health Care, Fabric and Home Care, and Baby, Feminine and Family Care. The company remains a significant investment choice for both institutional and individual investors amidst a competitive marketplace.
