Jessup Wealth Management Inc has adjusted its holdings in Procter & Gamble Company, reducing its position by 3.0% during the second quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Jessup now owns 31,538 shares of the consumer goods giant, following the sale of 973 shares during this period. The value of Jessup’s stake in Procter & Gamble is approximately $5.03 million, making it the firm’s 14th largest investment.
Several institutional investors have also made significant changes to their stakes in Procter & Gamble. Notably, Kingstone Capital Partners Texas LLC dramatically increased its stake by an astonishing 655,209% in the second quarter, acquiring an additional 76,017,350 shares. This brings their total holdings to 76,028,952 shares, valued at approximately $11.83 billion.
Nuveen LLC established a new position worth around $1.95 billion in the first quarter, while Price T Rowe Associates Inc. MD boosted its holdings by 13.0%, now owning 21,480,670 shares valued at around $3.66 billion. Invesco Ltd. increased its position by 19.8%, owning 13,493,604 shares valued at $2.30 billion after purchasing an additional 2,228,151 shares. Additionally, Valeo Financial Advisors LLC raised its holdings by 1,875.5% in the second quarter, acquiring 1,763,404 shares valued at approximately $280.95 million. Currently, institutional investors own 65.77% of Procter & Gamble’s stock.
In related news, Procter & Gamble’s CEO, Gary A. Coombe, sold 10,194 shares on August 21, 2023, at an average price of $158.16, totaling $1,612,283.04. Following this transaction, Coombe holds 34,978 shares, valued at around $5.53 million, reflecting a 22.57% decrease in his position. Chief Operating Officer Shailesh Jejurikar also sold 13,039 shares on August 19, 2023, for a total of $2,050,643.53, reducing his ownership by 31.74% to 28,036 shares. Over the last 90 days, insiders have sold a total of 150,488 shares valued at approximately $23.53 million. Insiders currently own 0.20% of the company.
Procter & Gamble’s stock recently saw a slight increase, trading up by 0.7%. The company announced its quarterly earnings on October 24, 2023, reporting earnings per share of $1.99, surpassing analyst expectations of $1.90 by $0.09. Revenue for the quarter was $22.39 billion, exceeding the consensus estimate of $22.23 billion. Year-over-year, revenue increased by 3.0%, with the company reporting a return on equity of 32.63% and a net margin of 19.74%. Procter & Gamble has projected earnings per share for fiscal year 2026 to be between $6.83 and $7.10.
Additionally, Procter & Gamble has declared a quarterly dividend of $1.0568 per share, set to be paid on November 17, 2023. Shareholders on record as of October 24, 2023 will receive this dividend, translating to an annualized payout of $4.23 with a yield of 2.8%. The company’s current payout ratio stands at 61.75%.
Wall Street analysts remain optimistic about Procter & Gamble’s prospects. Recent reports indicate that Bank of America has revised its price target from $180.00 to $174.00 while maintaining a “buy” rating. Evercore ISI reaffirmed an “in-line” rating with a revised price target of $170.00. Other firms, including BNP Paribas Exane, have also adjusted their price targets and ratings, with twelve analysts rating the stock as a Buy and nine as a Hold. The average price target is currently $171.53, according to MarketBeat.com.
Procter & Gamble operates across multiple segments including Beauty, Grooming, Health Care, Fabric and Home Care, and Baby, Feminine, and Family Care, providing a wide range of branded consumer packaged goods.
