Wells Fargo & Company Lowers Procter & Gamble (NYSE:PG) Price Target to $173.00

Key Points

• Wells Fargo & Company has lowered its target price for Procter & Gamble from $175.00 to $173.00, while maintaining an "overweight" rating for the stock, indicating a potential upside of 10.96% from its previous close.
• Procter & Gamble's latest quarterly earnings report showed an EPS of $1.48, exceeding analyst expectations, and its revenue increased by 1.7% year-over-year.
• Consensus ratings indicate a mixed outlook for the stock, with nine analysts suggesting a hold rating, ten a buy rating, and two a strong buy rating, resulting in an average target price of $175.71.

Procter & Gamble (NYSE:PG - Free Report) had its price objective cut by Wells Fargo & Company from $175.00 to $173.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

PG has been the topic of several other reports. Evercore ISI restated an "in-line" rating and issued a $170.00 price objective (down from $190.00) on shares of Procter & Gamble in a report on Monday, July 14th. Barclays increased their target price on shares of Procter & Gamble from $160.00 to $161.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Morgan Stanley set a $180.00 target price on shares of Procter & Gamble and gave the stock an "overweight" rating in a report on Friday, April 25th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $170.00 target price (down from $178.00) on shares of Procter & Gamble in a report on Friday, July 25th. Finally, Piper Sandler increased their target price on shares of Procter & Gamble from $160.00 to $164.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $175.88.

Procter & Gamble Price Performance

Shares of PG stock traded up $0.18 on Wednesday, reaching $150.65. 8,593,060 shares of the company were exchanged, compared to its average volume of 8,478,234. The company has a market cap of $353.21 billion, a price-to-earnings ratio of 23.14, a P/E/G ratio of 3.96 and a beta of 0.37. The business has a 50-day moving average price of $159.83 and a 200 day moving average price of $163.99. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.50 and a current ratio of 0.70. Procter & Gamble has a 1 year low of $149.91 and a 1 year high of $180.43.

Procter & Gamble (NYSE:PG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.06. Procter & Gamble had a net margin of 18.95% and a return on equity of 32.56%. The company had revenue of $20.89 billion during the quarter, compared to analysts' expectations of $20.79 billion. During the same quarter in the prior year, the company earned $1.40 EPS. Procter & Gamble's revenue was up 1.7% compared to the same quarter last year. Equities research analysts forecast that Procter & Gamble will post 6.91 earnings per share for the current fiscal year.

Procter & Gamble Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 18th will be issued a $1.0568 dividend. The ex-dividend date of this dividend is Friday, July 18th. This represents a $4.23 annualized dividend and a dividend yield of 2.8%. Procter & Gamble's payout ratio is presently 64.82%.

Insider Buying and Selling at Procter & Gamble

In other news, insider Moses Victor Javier Aguilar sold 10,520 shares of Procter & Gamble stock in a transaction dated 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 sale, the insider owned 25,182 shares of the company's stock, valued at $3,995,627.94. The trade was a 29.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is currently owned by insiders.

Institutional Trading of Procter & Gamble

Several hedge funds and other institutional investors have recently made changes to their positions in PG. Brighton Jones LLC lifted its stake in shares of Procter & Gamble by 51.5% in the fourth quarter. Brighton Jones LLC now owns 40,068 shares of the company's stock valued at $6,717,000 after purchasing an additional 13,617 shares during the period. Bank Pictet & Cie Europe AG raised its position in Procter & Gamble by 493.6% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 341,750 shares of the company's stock worth $57,294,000 after acquiring an additional 284,174 shares during the last quarter. Meeder Advisory Services Inc. raised its position in Procter & Gamble by 39.1% during the fourth quarter. Meeder Advisory Services Inc. now owns 60,488 shares of the company's stock worth $10,141,000 after acquiring an additional 16,996 shares during the last quarter. RFG Bristol Wealth Advisors LLC acquired a new position in Procter & Gamble during the fourth quarter worth about $1,478,000. Finally, Massachusetts Financial Services Co. MA raised its position in Procter & Gamble by 3.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,139,026 shares of the company's stock worth $190,958,000 after acquiring an additional 40,080 shares during the last quarter. Institutional investors and hedge funds own 65.77% of the company's stock.

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.