Vestmark Advisory Solutions Cuts Procter & Gamble Holdings by 30%

Vestmark Advisory Solutions Inc. has reduced its stake in the Procter & Gamble Company (NYSE: PG) by 30.7%, as revealed in its latest 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 27,396 shares after selling 12,117 shares during the second quarter of 2023. As of this filing, Vestmark’s investment in Procter & Gamble was valued at approximately $4.365 million.

Several other institutional investors have also adjusted their positions in Procter & Gamble. For instance, Aspect Partners LLC increased its holdings by an impressive 140.1%, now owning 557 shares valued at $89,000 after acquiring an additional 325 shares. Similarly, Nvwm LLC raised its stake by 11.4%, bringing its total to 10,459 shares worth $1.666 million after purchasing an extra 1,069 shares.

Walkner Condon Financial Advisors LLC and S&T Bank PA also reported increases in their holdings. Walkner Condon raised its position by 10.2% to own 4,426 shares worth $705,000, while S&T Bank PA boosted its stake by 5.2%, now holding 1,803 shares valued at $287,000. Overall, institutional investors, including hedge funds, own approximately 65.77% of Procter & Gamble’s stock.

Analyst Ratings and Price Targets

Recent evaluations from several equities analysts indicate a cautious outlook for Procter & Gamble shares. Barclays has lowered its target price from $164.00 to $153.00, maintaining an “equal weight” rating. Weiss Ratings reaffirmed a “hold (C+)” rating, while Evercore ISI adjusted its price objective from $190.00 to $170.00, also retaining an “in-line” rating.

On the other hand, Bank of America revised its target price from $180.00 to $174.00, categorizing the stock as a “buy.” Berenberg Bank increased its target from $152.00 to $154.00, also issuing a “hold” rating. Currently, twelve analysts have rated the stock as a Buy, while nine have assigned it a Hold rating. According to data from MarketBeat, Procter & Gamble has a consensus rating of “Moderate Buy” with a target price averaging $171.53.

Insider Transactions and Stock Performance

In related news, insider trading activity has been notable. On August 19, 2023, Shailesh Jejurikar, Chief Operating Officer, sold 13,039 shares at an average price of $157.27, totaling approximately $2.05 million. Following this sale, Jejurikar retains 28,036 shares valued at around $4.41 million, reflecting a 31.74% decrease in ownership.

Similarly, Chief Financial Officer Andre Schulten sold 11,638 shares on the same day for about $1.83 million, reducing his holdings to 52,642 shares worth approximately $8.28 million, indicating an 18.11% decline in his stake. In total, insiders have sold 150,488 shares valued at nearly $23.53 million in the last quarter alone.

Procter & Gamble shares opened at $146.90 on October 27, 2023. The company boasts a market capitalization of $343.28 billion and has demonstrated a PE ratio of 21.45 with a price-to-earnings-growth ratio of 3.87. The firm has seen a fifty-two week low of $144.46 and a high of $180.43, maintaining a 50-day moving average price of $152.93.

In its last quarterly earnings report released on October 24, 2023, Procter & Gamble reported an earnings per share (EPS) of $1.99, exceeding analyst expectations of $1.90. The company experienced a 3.0% increase in revenue year-over-year, totaling $22.39 billion, surpassing estimates of $22.23 billion. Procter & Gamble has set its FY 2026 guidance with an EPS range of $6.830-7.100.

Additionally, Procter & Gamble announced a quarterly dividend of $1.0568 per share, which will be distributed on November 17, 2023. Shareholders of record as of October 24, 2023 will receive this dividend, representing an annualized rate of $4.23 and a dividend yield of 2.9%. The ex-dividend date is also set for October 24, 2023, with the current dividend payout ratio at 61.61%.

Procter & Gamble continues to engage in the development of branded consumer packaged goods across various segments, including Beauty, Grooming, Health Care, and Home Care, maintaining a robust position in the market.