Merit Financial Group LLC has significantly expanded its investment in Procter & Gamble Company (NYSE: PG), increasing its stock position by 63.1% during the third quarter of 2023. According to the firm’s recent 13F filing with the Securities and Exchange Commission (SEC), Merit Financial now holds 221,319 shares of Procter & Gamble, which are valued at approximately $34 million.
This noteworthy acquisition comes amidst a trend of increased investments in Procter & Gamble by several other hedge funds and institutional investors. For instance, Kingstone Capital Partners Texas LLC made a remarkable adjustment to its holdings, increasing its position by an astounding 655,209% in the second quarter. Following this surge, Kingstone now owns 76,028,952 shares valued at $11.83 billion after purchasing an additional 76,017,350 shares in the last quarter.
Additionally, Norges Bank acquired a new stake in Procter & Gamble worth around $5.1 billion during the second quarter. Laurel Wealth Advisors LLC also made headlines by growing its stake by 15,971.7%, now owning 7,012,744 shares valued at $1.12 billion. Vanguard Group Inc. increased its shareholdings by 1.4%, bringing its total to 233,211,283 shares valued at approximately $37.16 billion. Invesco Ltd. similarly lifted its holdings by 21.4%, now owning 16,374,499 shares valued at about $2.61 billion. Collectively, institutional investors and hedge funds own around 65.77% of Procter & Gamble’s stock.
In other corporate news, Procter & Gamble’s Chief Accounting Officer, Matthew W. Janzaruk, sold 725 shares of the company’s stock on October 30, 2023, at an average price of $149.57. This transaction amounted to approximately $108,438.25. Following the sale, Janzaruk retained 979 shares, valued at about $146,429.03, indicating a 42.55% reduction in his position. The details of this transaction were disclosed in a filing with the SEC.
Procter & Gamble’s stock performance has been strong, with the company reporting its quarterly earnings on October 24, 2023. The financial results exceeded analysts’ expectations, showing an earnings per share (EPS) of $1.99, surpassing the consensus estimate of $1.90 by $0.09. The company recorded revenue of $22.39 billion, exceeding the forecast of $22.23 billion. Procter & Gamble’s net margin stands at 19.74%, with a return on equity of 32.63%. Compared to the same quarter last year, revenue increased by 3.0%.
For the upcoming fiscal year, Procter & Gamble has set its EPS guidance between $6.830 and $7.100. Analysts predict that the company will achieve an average EPS of $6.91 for the current year.
The company also announced a quarterly dividend, which was paid on November 17, 2023. Shareholders of record on October 24, 2023, received a dividend of $1.0568 per share, with an annualized dividend yield of 3.0%. Currently, Procter & Gamble’s dividend payout ratio is 61.75%.
Recent analyst ratings have varied, with several research firms providing new price targets. Dbs Bank upgraded its rating to “hold,” while UBS Group and Barclays adjusted their price targets to $176.00 and $151.00, respectively. Wells Fargo & Company lowered its price objective to $170.00, maintaining an “overweight” rating. Conversely, Jefferies Financial Group upgraded Procter & Gamble from “hold” to “buy,” raising its price target to $179.00. Overall, thirteen analysts have rated the stock as a “buy,” while ten have issued a “hold” rating, yielding a consensus rating of “Moderate Buy” with an average price target of $171.38.
Procter & Gamble, headquartered in Cincinnati, Ohio, is a multinational consumer goods company founded in 1837 by William Procter and James Gamble. It is recognized as one of the largest producers of branded consumer packaged goods globally, focusing on household and personal care products across various categories, including Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care.
For the latest updates on Procter & Gamble and other similar companies, visit reputable financial news platforms and stock market analysis websites.
