Summit Asset Management LLC Purchases New Holdings in Procter & Gamble Company (The) $PG

Summit Asset Management LLC acquired a new position in Procter & Gamble Company (The) (NYSE:PG) during the 2nd quarter, HoldingsChannel reports. The fund acquired 19,891 shares of the company’s stock, valued at approximately $2,917,000. Procter & Gamble makes up about 0.4% of Summit Asset Management LLC’s portfolio, making the stock its 29th biggest holding.

A number of other hedge funds have also made changes to their positions in PG. Cibc World Market Inc. grew its holdings in shares of Procter & Gamble by 40.6% during the fourth quarter. Cibc World Market Inc. now owns 511,833 shares of the company’s stock worth $73,351,000 after buying an additional 147,701 shares in the last quarter. World Investment Advisors lifted its stake in shares of Procter & Gamble by 15.9% in the fourth quarter. World Investment Advisors now owns 105,915 shares of the company’s stock worth $15,179,000 after buying an additional 14,492 shares in the last quarter. Resources Management Corp CT ADV boosted its position in Procter & Gamble by 41.8% during the fourth quarter. Resources Management Corp CT ADV now owns 81,511 shares of the company’s stock worth $11,681,000 after acquiring an additional 24,010 shares during the last quarter. Indivisible Partners acquired a new position in Procter & Gamble during the fourth quarter worth about $2,120,000. Finally, Rokos Capital Management LLP purchased a new stake in Procter & Gamble during the 1st quarter valued at about $29,914,000. Institutional investors and hedge funds own 65.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PG. Jefferies Financial Group boosted their target price on Procter & Gamble from $177.00 to $179.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Sanford C. Bernstein started coverage on Procter & Gamble in a research note on Thursday, June 11th. They set a “market perform” rating and a $156.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Procter & Gamble in a research note on Wednesday, June 24th. TD Cowen lifted their price target on Procter & Gamble from $142.00 to $150.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Finally, Citigroup lowered their price target on shares of Procter & Gamble from $181.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.52.

Procter & Gamble Trading Down 1.0%

Shares of Procter & Gamble stock opened at $143.00 on Friday. The stock has a 50 day moving average of $147.83 and a 200 day moving average of $148.72. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.47 and a current ratio of 0.68. The firm has a market capitalization of $332.39 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 4.45 and a beta of 0.39. Procter & Gamble Company has a fifty-two week low of $137.62 and a fifty-two week high of $167.25.

Procter & Gamble (NYSE:PG) last posted its earnings results on Wednesday, July 29th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. Procter & Gamble had a return on equity of 31.36% and a net margin of 18.44%.The company had revenue of $21.20 billion for the quarter, compared to the consensus estimate of $21.38 billion. During the same quarter in the previous year, the business earned $1.48 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Procter & Gamble has set its FY 2027 guidance at 6.890-7.110 EPS. As a group, research analysts predict that Procter & Gamble Company will post 6.98 earnings per share for the current year.

Procter & Gamble Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 24th were issued a $1.0885 dividend. This represents a $4.35 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, July 24th. Procter & Gamble’s payout ratio is 65.71%.

Procter & Gamble Profile

Procter & Gamble (NYSE: PG) is a multinational consumer goods company headquartered in Cincinnati, Ohio. Founded in 1837 by William Procter and James Gamble, P&G has grown into one of the world’s largest producers of branded consumer packaged goods. The company focuses on developing, manufacturing and marketing a broad portfolio of household and personal care products sold to consumers and retailers worldwide.

P&G’s product offering spans several core business categories, including Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care.