Canandaigua National Bank & Trust Co. Purchases New Holdings in Procter & Gamble Company (The) $PG

Key Points

• Canandaigua National Bank & Trust Co. purchased 75,791 Procter & Gamble shares worth approximately $11.1 million, making PG its 21st-largest portfolio holding. Institutional investors collectively own 65.77% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $161.52, compared with PG’s reported share price of $147.99.
• Procter & Gamble exceeded quarterly EPS expectations, reporting $1.43 versus $1.41 expected, while revenue rose 1.5% year over year. The company also declared a quarterly dividend of $1.0885, equivalent to a 2.9% annualized yield.

Canandaigua National Bank & Trust Co. purchased a new stake in Procter & Gamble Company (The) (NYSE:PG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 75,791 shares of the company's stock, valued at approximately $11,114,000. Procter & Gamble makes up about 0.9% of Canandaigua National Bank & Trust Co.'s portfolio, making the stock its 21st largest position.

A number of other hedge funds also recently modified their holdings of the company. Cibc World Market Inc. raised its stake in Procter & Gamble by 40.6% during the fourth quarter. Cibc World Market Inc. now owns 511,833 shares of the company's stock worth $73,351,000 after acquiring an additional 147,701 shares in the last quarter. World Investment Advisors boosted its stake in shares of Procter & Gamble by 15.9% in the 4th quarter. World Investment Advisors now owns 105,915 shares of the company's stock valued at $15,179,000 after purchasing an additional 14,492 shares in the last quarter. Resources Management Corp CT ADV grew its holdings in shares of Procter & Gamble by 41.8% in the 4th quarter. Resources Management Corp CT ADV now owns 81,511 shares of the company's stock worth $11,681,000 after purchasing an additional 24,010 shares during the last quarter. Indivisible Partners bought a new stake in shares of Procter & Gamble in the 4th quarter worth about $2,120,000. Finally, Manning & Napier Advisors LLC increased its position in shares of Procter & Gamble by 3,791.9% during the 4th quarter. Manning & Napier Advisors LLC now owns 11,053 shares of the company's stock worth $1,592,000 after purchasing an additional 10,769 shares in the last quarter. Institutional investors own 65.77% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Evercore set a $162.00 price target on shares of Procter & Gamble in a report on Monday, April 27th. HSBC reaffirmed a "hold" rating and set a $149.00 price objective (down from $182.00) on shares of Procter & Gamble in a report on Thursday, July 30th. Sanford C. Bernstein began coverage on shares of Procter & Gamble in a research note on Thursday, June 11th. They issued a "market perform" rating and a $156.00 target price for the company. Morgan Stanley reduced their target price on Procter & Gamble from $175.00 to $166.00 and set an "overweight" rating on the stock in a report on Wednesday, April 22nd. Finally, Piper Sandler increased their price target on Procter & Gamble from $142.00 to $145.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Thirteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $161.52.

Procter & Gamble Stock Up 2.1%

Shares of NYSE PG opened at $147.99 on Wednesday. Procter & Gamble Company has a 12-month low of $137.62 and a 12-month high of $167.25. The firm's 50-day simple moving average is $147.81 and its 200 day simple moving average is $148.97. The company has a quick ratio of 0.47, a current ratio of 0.68 and a debt-to-equity ratio of 0.42. The company has a market cap of $344.61 billion, a price-to-earnings ratio of 22.36, a price-to-earnings-growth ratio of 4.45 and a beta of 0.39.

Procter & Gamble (NYSE:PG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.02. Procter & Gamble had a net margin of 18.44% and a return on equity of 31.25%. The firm had revenue of $21.20 billion during the quarter, compared to analysts' expectations of $21.38 billion. During the same quarter last year, the company posted $1.48 EPS. The company's quarterly revenue was up 1.5% compared to the same quarter last year. Procter & Gamble has set its FY 2027 guidance at 6.890-7.110 EPS. On average, research analysts expect that Procter & Gamble Company will post 6.99 earnings per share for the current fiscal year.

Procter & Gamble Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, July 24th will be issued a $1.0885 dividend. The ex-dividend date of this dividend is Friday, July 24th. This represents a $4.35 dividend on an annualized basis and a dividend yield of 2.9%. Procter & Gamble's dividend payout ratio (DPR) is currently 65.71%.

More Procter & Gamble News

Here are the key news stories impacting Procter & Gamble this week:

• Positive Sentiment: Strategic acquisition strengthens growth prospects. Thorne will complement P&G’s existing health brands, including Metamucil, Align Probiotic and New Chapter, while adding exposure to the premium wellness market. The deal is expected to close later this year. L Catterton Announces Sale of Thorne to The Procter & Gamble Company for $3.8 Billion
• Positive Sentiment: Management is emphasizing healthcare growth. CEO Shailesh Jejurikar said the Thorne purchase is intended to grow P&G’s health business, and reports characterized the asset as a strong strategic fit. Investors may view the move as a way to diversify beyond slower-growing household and personal-care categories. Procter & Gamble will acquire supplements brand Thorne
• Positive Sentiment: Input-cost pressure may be easing. Coverage points to cooling commodity and other input pressures, which could provide some relief to margins if the trend continues. Why Is Procter & Gamble in Focus as Input Pressures Cool?

Procter & Gamble Profile

Procter & Gamble NYSE: PG is a multinational consumer goods company headquartered in Cincinnati, Ohio. Founded in 1837 by William Procter and James Gamble, P&G has grown into one of the world's largest producers of branded consumer packaged goods. The company focuses on developing, manufacturing and marketing a broad portfolio of household and personal care products sold to consumers and retailers worldwide.

P&G's product offering spans several core business categories, including Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source