Cornerstone Advisors LLC Trims Stock Holdings in Procter & Gamble Company (The) (NYSE:PG)

Key Points

• Cornerstone Advisors LLC reduced its stake in Procter & Gamble by 5.8% in the first quarter, holding 125,700 shares valued at approximately $21.42 million.
• Procter & Gamble's latest quarterly earnings surpassed estimates, reporting $1.48 EPS compared to the expected $1.42, with total revenue of $20.89 billion.
• The company announced a quarterly dividend of $1.0568 per share, yielding 2.8% annually, with a substantial dividend payout ratio of 64.98%.

Cornerstone Advisors LLC decreased its holdings in shares of Procter & Gamble Company (The) (NYSE:PG - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,700 shares of the company's stock after selling 7,700 shares during the period. Procter & Gamble accounts for about 0.9% of Cornerstone Advisors LLC's portfolio, making the stock its 25th biggest position. Cornerstone Advisors LLC's holdings in Procter & Gamble were worth $21,422,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in Procter & Gamble by 20,758.5% during the 1st quarter. GAMMA Investing LLC now owns 7,951,456 shares of the company's stock valued at $1,355,087,000 after purchasing an additional 7,913,335 shares during the last quarter. Capital Research Global Investors boosted its stake in Procter & Gamble by 62.5% during the 4th quarter. Capital Research Global Investors now owns 7,398,120 shares of the company's stock valued at $1,240,294,000 after purchasing an additional 2,846,560 shares during the last quarter. Northern Trust Corp boosted its stake in Procter & Gamble by 10.1% during the 4th quarter. Northern Trust Corp now owns 29,395,208 shares of the company's stock valued at $4,928,107,000 after purchasing an additional 2,703,757 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Procter & Gamble by 15.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,274,563 shares of the company's stock valued at $2,728,430,000 after purchasing an additional 2,224,912 shares during the last quarter. Finally, APG Asset Management N.V. boosted its stake in Procter & Gamble by 1,709.5% during the 4th quarter. APG Asset Management N.V. now owns 2,006,298 shares of the company's stock valued at $324,825,000 after purchasing an additional 1,895,421 shares during the last quarter. Institutional investors own 65.77% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on PG shares. Wells Fargo & Company cut their price target on Procter & Gamble from $175.00 to $173.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Redburn Atlantic downgraded Procter & Gamble from a "buy" rating to a "neutral" rating and set a $161.00 price target for the company. in a research note on Thursday, May 1st. Piper Sandler lifted their target price on shares of Procter & Gamble from $160.00 to $164.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Bank of America dropped their target price on shares of Procter & Gamble from $190.00 to $180.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Finally, Redburn Partners set a $161.00 target price on shares of Procter & Gamble in a research report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $175.88.

Procter & Gamble Stock Performance

Shares of NYSE:PG traded up $0.06 during mid-day trading on Friday, reaching $153.55. The company had a trading volume of 5,810,954 shares, compared to its average volume of 8,068,523. The company has a current ratio of 0.70, a quick ratio of 0.49 and a debt-to-equity ratio of 0.49. The firm has a market cap of $359.67 billion, a price-to-earnings ratio of 23.59, a PEG ratio of 4.05 and a beta of 0.37. The company's 50-day moving average price is $158.26 and its 200-day moving average price is $163.68. Procter & Gamble Company has a one year low of $149.91 and a one year high of $180.43.

Procter & Gamble (NYSE:PG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.42 by $0.06. The company had revenue of $20.89 billion for the quarter, compared to analysts' expectations of $20.79 billion. Procter & Gamble had a net margin of 18.95% and a return on equity of 32.69%. Procter & Gamble's revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.40 EPS. As a group, equities research analysts anticipate that Procter & Gamble Company will post 6.91 EPS for the current fiscal year.

Procter & Gamble Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, July 18th will be paid a $1.0568 dividend. This represents a $4.23 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, July 18th. Procter & Gamble's payout ratio is currently 64.98%.

About Procter & Gamble

Procter & Gamble Co engages in the provision of branded consumer packaged goods. It operates through the following segments: Beauty, Grooming, Health Care, Fabric and Home Care, and Baby, Feminine and Family Care. The Beauty segment offers hair, skin, and personal care. The Grooming segment consists of shave care like female and male blades and razors, pre and post shave products, and appliances.