Procter & Gamble (PG) Raised to Outperform at Wells Fargo & Co
Wells Fargo & Co upgraded shares of Procter & Gamble (NYSE:PG) from a market perform rating to an outperform rating in a research note released on Monday morning, Benzinga reports. The brokerage currently has $115.00 price objective on the stock, up from their previous price objective of $78.00.
Several other equities analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Procter & Gamble from a buy rating to a hold rating in a report on Tuesday, March 26th. Bank of America upgraded shares of Procter & Gamble from a neutral rating to a buy rating and set a $108.00 price objective on the stock in a report on Thursday, December 13th. Morgan Stanley set a $111.00 price objective on shares of Procter & Gamble and gave the company a buy rating in a report on Thursday, March 28th. Berenberg Bank upgraded shares of Procter & Gamble from a sell rating to a hold rating and upped their price objective for the company from $86.00 to $92.00 in a report on Thursday, January 24th. Finally, Barclays reiterated a hold rating and set a $89.00 price objective on shares of Procter & Gamble in a report on Tuesday, January 8th. Thirteen research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $97.74.
Shares of PG opened at $104.65 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.61 and a debt-to-equity ratio of 0.40. The firm has a market cap of $263.85 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 3.37 and a beta of 0.38. Procter & Gamble has a 12 month low of $70.73 and a 12 month high of $105.14.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Friday, April 19th will be issued a $0.7459 dividend. This represents a $2.98 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date of this dividend is Wednesday, April 17th. This is a positive change from Procter & Gamble’s previous quarterly dividend of $0.72. Procter & Gamble’s dividend payout ratio is currently 68.01%.
In related news, Director Trian Fund Management, L.P. sold 1,208,754 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $99.08, for a total value of $119,763,346.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Vice Chairman Jon R. Moeller sold 3,224 shares of the company’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $98.57, for a total transaction of $317,789.68. The disclosure for this sale can be found here. Insiders sold a total of 2,270,496 shares of company stock worth $224,931,027 in the last 90 days. 1.84% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Princeton Global Asset Management LLC bought a new stake in Procter & Gamble in the 4th quarter worth about $27,000. SeaBridge Investment Advisors LLC bought a new stake in Procter & Gamble in the 4th quarter worth about $36,000. Cranbrook Wealth Management LLC grew its position in Procter & Gamble by 55.3% in the 4th quarter. Cranbrook Wealth Management LLC now owns 427 shares of the company’s stock worth $39,000 after purchasing an additional 152 shares in the last quarter. Smart Portfolios LLC grew its position in Procter & Gamble by 48.0% in the 4th quarter. Smart Portfolios LLC now owns 450 shares of the company’s stock worth $41,000 after purchasing an additional 146 shares in the last quarter. Finally, Canton Hathaway LLC grew its position in shares of Procter & Gamble by 59.0% during the 1st quarter. Canton Hathaway LLC now owns 477 shares of the company’s stock valued at $49,000 after acquiring an additional 177 shares during the period. Institutional investors own 61.61% of the company’s stock.
About Procter & Gamble
The Procter & Gamble Company provides branded consumer packaged goods to consumers in North America, Europe, the Asia Pacific, Greater China, Latin America, India, the Middle East, and Africa. The company operates in five segments: Beauty; Grooming; health Care; fabric & Home Care; and Baby, Feminine & Family Care.
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