BNP Paribas has increased its holdings in Procter & Gamble Company (NYSE: PG) by 6.5% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The investment firm now owns 78,474 shares of Procter & Gamble after acquiring an additional 4,823 shares during this period. The total value of BNP Paribas’ stake in the consumer goods giant is estimated at approximately $12.1 million.
Several other institutional investors have also adjusted their positions in Procter & Gamble. Among them, Halbert Hargrove Global Advisors LLC purchased shares worth $25,000, while Corundum Trust Company Inc. and Caitlin John LLC acquired stakes valued at $32,000 and $34,000, respectively. Marquette Asset Management LLC and Redmont Wealth Advisors LLC also made new investments, with stakes worth $37,000 and $40,000. Currently, institutional investors own approximately 65.77% of the company’s stock.
Insider Transactions Highlighted
In other developments, notable insider transactions have taken place. On February 12, 2024, Chairman Jon R. Moeller sold 162,232 shares at an average price of $162.45, amounting to around $26.4 million. This transaction reduced his ownership in the company by 33.68%, leaving him with 319,385 shares valued at approximately $51.9 million.
Additionally, CEO Gary A. Coombe sold 36,093 shares on the same day, with an average sale price of $162.33, resulting in a transaction valued at $5.9 million. This sale represented a significant 50.77% decrease in his holdings, leaving him with 34,994 shares worth about $5.7 million. In total, insiders have sold 348,618 shares valued at $55.5 million in the last three months, with insiders currently holding only 0.20% of the stock.
Company Performance and Analyst Ratings
Procter & Gamble’s latest quarterly earnings report, released on January 23, 2024, revealed an earnings per share (EPS) of $1.88, exceeding analysts’ expectations of $1.86 by $0.02. The company recorded a return on equity of 32.21% and a net margin of 19.30%. Revenue for the quarter was reported at $22.21 billion, slightly below the anticipated $22.36 billion, but still reflecting a 1.5% increase compared to the same period last year.
Looking forward, analysts predict that Procter & Gamble will achieve an EPS of $6.91 for the current fiscal year. Furthermore, the company recently announced a quarterly dividend of $1.0568 per share, paid on February 17, 2024, to investors who were on record as of January 23, 2024. This dividend translates to an annualized figure of $4.23 and a yield of 2.8%. The company currently maintains a payout ratio of 62.67%.
Analyst ratings have shown some fluctuations lately. On January 27, 2024, TD Cowen downgraded Procter & Gamble from a “buy” to a “hold” rating while raising its price target from $150.00 to $156.00. Deutsche Bank Aktiengesellschaft adjusted its price target from $176.00 to $171.00, maintaining a “buy” rating. In contrast, Piper Sandler initiated coverage with a “neutral” rating and a target price of $150.00. Overall, Procter & Gamble has received fourteen “buy” ratings and seven “hold” ratings, resulting in a consensus rating of “Moderate Buy” and an average price target of $168.33 according to MarketBeat.com.
Procter & Gamble, headquartered in Cincinnati, Ohio, is a leading multinational consumer goods company, focusing on a diverse portfolio that includes beauty, grooming, health care, and household products. Founded in 1837, the company has established itself as one of the largest producers of branded consumer packaged goods, catering to consumers and retailers globally.
