Assetmark Inc. Decreases Stock Position in Procter & Gamble Company (The) (NYSE:PG)

Key Points

• Assetmark Inc. has reduced its stake in Procter & Gamble by 0.5%, owning 1,447,512 shares worth approximately $246.7 million after selling 7,259 shares in the first quarter.
• Several other institutional investors have increased their holdings, with Brighton Jones LLC raising its stake by 51.5%, and Bank Pictet & Cie Europe AG increasing theirs by 493.6% during the last quarter.
• The company reported $1.54 EPS for the last quarter, slightly exceeding estimates, but overall revenue declined by 2.1% compared to the previous year.

Assetmark Inc. reduced its stake in Procter & Gamble Company (The) (NYSE:PG - Free Report) by 0.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,447,512 shares of the company's stock after selling 7,259 shares during the quarter. Assetmark Inc. owned 0.06% of Procter & Gamble worth $246,685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in Procter & Gamble by 51.5% in the 4th quarter. Brighton Jones LLC now owns 40,068 shares of the company's stock valued at $6,717,000 after acquiring an additional 13,617 shares during the period. Bank Pictet & Cie Europe AG raised its stake in Procter & Gamble by 493.6% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 341,750 shares of the company's stock valued at $57,294,000 after acquiring an additional 284,174 shares during the period. Financial Engines Advisors L.L.C. raised its stake in Procter & Gamble by 119.6% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 14,545 shares of the company's stock valued at $2,438,000 after acquiring an additional 7,922 shares during the period. TrueMark Investments LLC bought a new stake in Procter & Gamble in the 4th quarter valued at about $395,000. Finally, Ausdal Financial Partners Inc. raised its stake in Procter & Gamble by 9.7% in the 4th quarter. Ausdal Financial Partners Inc. now owns 11,209 shares of the company's stock valued at $1,879,000 after acquiring an additional 993 shares during the period. 65.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PG has been the topic of several analyst reports. Truist Financial decreased their price target on Procter & Gamble from $185.00 to $180.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Bank of America cut their target price on Procter & Gamble from $190.00 to $180.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Raymond James Financial dropped their price objective on Procter & Gamble from $190.00 to $185.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $170.00 price objective (down previously from $178.00) on shares of Procter & Gamble in a research note on Friday. Finally, Royal Bank Of Canada raised Procter & Gamble from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $164.00 to $177.00 in a research note on Friday, April 25th. Nine equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $176.12.

Insiders Place Their Bets

In other news, CEO Jennifer L. Davis sold 1,000 shares of Procter & Gamble stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $161.38, for a total value of $161,380.00. Following the completion of the sale, the chief executive officer directly owned 51,965 shares of the company's stock, valued at approximately $8,386,111.70. The trade was a 1.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Moses Victor Javier Aguilar sold 10,520 shares of Procter & Gamble stock in a transaction on Monday, May 5th. The shares were sold at an average price of $158.67, for a total value of $1,669,208.40. Following the completion of the transaction, the insider owned 25,182 shares of the company's stock, valued at approximately $3,995,627.94. This trade represents a 29.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

Procter & Gamble Price Performance

Shares of NYSE PG traded down $0.53 during midday trading on Friday, hitting $158.28. The stock had a trading volume of 5,799,883 shares, compared to its average volume of 9,070,670. The company has a market capitalization of $371.10 billion, a PE ratio of 25.12, a P/E/G ratio of 4.52 and a beta of 0.40. The stock has a 50 day simple moving average of $161.02 and a 200-day simple moving average of $164.22. Procter & Gamble Company has a 1 year low of $151.90 and a 1 year high of $180.43. The company has a quick ratio of 0.50, a current ratio of 0.71 and a debt-to-equity ratio of 0.47.

Procter & Gamble (NYSE:PG - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.01. The company had revenue of $19.78 billion during the quarter, compared to analysts' expectations of $20.42 billion. Procter & Gamble had a return on equity of 32.67% and a net margin of 18.46%. The firm's quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.52 earnings per share. On average, sell-side analysts expect that Procter & Gamble Company will post 6.91 EPS for the current fiscal year.

Procter & Gamble Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.67%. Procter & Gamble's payout ratio is presently 67.14%.

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.