Magellan Asset Management Ltd Raises Stake in Procter & Gamble Company (The) (NYSE:PG)

Key Points

• Magellan Asset Management Ltd significantly increased its investment in Procter & Gamble by 6,593.8% in the first quarter, acquiring over 1.1 million shares, bringing its total holdings to approximately $194.5 million.
• Procter & Gamble reported $1.48 EPS for the last quarter, exceeding estimates by $0.06, with revenues of $20.89 billion, reflecting a year-over-year increase of 1.7%.
• The company declared a quarterly dividend of $1.0568 per share, representing a yield of 2.8%, with the payment scheduled for August 15th.

Magellan Asset Management Ltd increased its holdings in Procter & Gamble Company (The) (NYSE:PG - Free Report) by 6,593.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,141,295 shares of the company's stock after buying an additional 1,124,245 shares during the period. Procter & Gamble comprises about 2.4% of Magellan Asset Management Ltd's holdings, making the stock its 19th largest position. Magellan Asset Management Ltd's holdings in Procter & Gamble were worth $194,499,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PG. Navigoe LLC purchased a new position in Procter & Gamble in the 4th quarter valued at about $31,000. Capital A Wealth Management LLC acquired a new position in shares of Procter & Gamble during the 4th quarter valued at about $31,000. 10Elms LLP acquired a new position in shares of Procter & Gamble during the 4th quarter valued at about $34,000. Mizuho Securities Co. Ltd. increased its stake in shares of Procter & Gamble by 566.7% during the 1st quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company's stock valued at $34,000 after acquiring an additional 170 shares during the last quarter. Finally, Sunbeam Capital Management LLC acquired a new position in shares of Procter & Gamble during the 4th quarter valued at about $34,000. 65.77% of the stock is currently owned by hedge funds and other institutional investors.

Procter & Gamble Stock Up 0.0%

PG opened at $153.55 on Friday. The business has a 50 day moving average price of $158.26 and a 200 day moving average price of $163.68. Procter & Gamble Company has a twelve month low of $149.91 and a twelve month high of $180.43. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.49 and a current ratio of 0.70. The firm has a market cap of $359.67 billion, a P/E ratio of 23.59, a price-to-earnings-growth ratio of 4.05 and a beta of 0.37.

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

Procter & Gamble Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, July 18th. This represents a $4.23 annualized dividend and a yield of 2.8%. Procter & Gamble's payout ratio is currently 64.98%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Citigroup dropped their target price on shares of Procter & Gamble from $200.00 to $181.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Redburn Partners set a $161.00 price target on Procter & Gamble in a report on Thursday, May 1st. Barclays set a $164.00 price target on Procter & Gamble and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Royal Bank Of Canada upgraded Procter & Gamble from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $164.00 to $177.00 in a research note on Friday, April 25th. Finally, Piper Sandler increased their target price on Procter & Gamble from $160.00 to $164.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Procter & Gamble currently has a consensus rating of "Moderate Buy" and a consensus price target of $175.88.

Procter & Gamble Company Profile

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.

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