Summit Asset Management LLC Has $3.40 Million Stock Position in The Procter & Gamble Company (NYSE:PG)

Summit Asset Management LLC decreased its holdings in The Procter & Gamble Company (NYSE:PG) by 13.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,617 shares of the company’s stock after selling 3,094 shares during the quarter. Procter & Gamble makes up 0.6% of Summit Asset Management LLC’s investment portfolio, making the stock its 25th biggest holding. Summit Asset Management LLC’s holdings in Procter & Gamble were worth $3,398,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PG. Concurrent Investment Advisors LLC grew its holdings in Procter & Gamble by 4.5% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 94,109 shares of the company’s stock worth $16,300,000 after acquiring an additional 4,035 shares during the period. Radnor Capital Management LLC bought a new stake in Procter & Gamble in the third quarter worth approximately $5,705,000. Welch Group LLC boosted its holdings in shares of Procter & Gamble by 0.9% during the 3rd quarter. Welch Group LLC now owns 323,870 shares of the company’s stock worth $56,094,000 after buying an additional 2,990 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Procter & Gamble by 67.2% during the 2nd quarter. GAMMA Investing LLC now owns 26,803 shares of the company’s stock worth $4,420,000 after buying an additional 10,777 shares during the period. Finally, Quintet Private Bank Europe S.A. lifted its position in shares of Procter & Gamble by 15.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 426,820 shares of the company’s stock valued at $73,925,000 after acquiring an additional 55,620 shares during the period. 65.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PG. Piper Sandler assumed coverage on Procter & Gamble in a report on Tuesday, September 24th. They issued a “neutral” rating and a $174.00 price target on the stock. StockNews.com lowered shares of Procter & Gamble from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays lowered shares of Procter & Gamble from an “overweight” rating to an “equal weight” rating and set a $163.00 price objective on the stock. in a research note on Monday, September 30th. Morgan Stanley boosted their target price on shares of Procter & Gamble from $174.00 to $191.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, DA Davidson raised their price target on shares of Procter & Gamble from $159.00 to $160.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Procter & Gamble currently has an average rating of “Moderate Buy” and an average target price of $177.00.

Procter & Gamble Stock Up 0.4 %

PG stock opened at $166.56 on Thursday. The stock has a fifty day moving average of $170.79 and a 200-day moving average of $168.29. The Procter & Gamble Company has a fifty-two week low of $142.50 and a fifty-two week high of $177.94. The company has a market capitalization of $392.26 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 3.59 and a beta of 0.42. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.55 and a current ratio of 0.75.

Procter & Gamble (NYSE:PG) last posted its quarterly earnings results on Friday, October 18th. The company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.03. The company had revenue of $21.74 billion for the quarter, compared to analyst estimates of $21.99 billion. Procter & Gamble had a net margin of 17.07% and a return on equity of 33.25%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.83 earnings per share. As a group, equities research analysts predict that The Procter & Gamble Company will post 6.94 earnings per share for the current year.

Procter & Gamble Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 18th will be issued a dividend of $1.0065 per share. This represents a $4.03 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Friday, October 18th. Procter & Gamble’s payout ratio is presently 69.48%.

Insider Activity

In related news, CFO Andre Schulten sold 13,041 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $170.00, for a total value of $2,216,970.00. Following the transaction, the chief financial officer now directly owns 37,208 shares in the company, valued at approximately $6,325,360. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Andre Schulten sold 13,041 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $170.00, for a total transaction of $2,216,970.00. Following the completion of the sale, the chief financial officer now owns 37,208 shares of the company’s stock, valued at approximately $6,325,360. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Susan Street Whaley sold 450 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $169.22, for a total transaction of $76,149.00. Following the sale, the insider now directly owns 13,072 shares of the company’s stock, valued at $2,212,043.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 313,597 shares of company stock worth $53,268,499 over the last ninety days. Company insiders own 0.18% of the company’s stock.

About Procter & Gamble

The Procter & Gamble Company engages in the provision of branded consumer packaged goods worldwide. The company operates through five segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers conditioners, shampoos, styling aids, and treatments under the Head & Shoulders, Herbal Essences, Pantene, and Rejoice brands; and antiperspirants and deodorants, personal cleansing, and skin care products under the Olay, Old Spice, Safeguard, Secret, SK-II, and Native brands.