State of Michigan Retirement System Sells 500 Shares of The Procter & Gamble Company (NYSE:PG)

State of Michigan Retirement System cut its holdings in The Procter & Gamble Company (NYSE:PG) by 0.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 644,737 shares of the company’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Procter & Gamble were worth $104,609,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Sei Investments Co. raised its holdings in Procter & Gamble by 1.4% during the 3rd quarter. Sei Investments Co. now owns 785,942 shares of the company’s stock worth $114,638,000 after purchasing an additional 10,485 shares during the last quarter. Scotia Capital Inc. lifted its stake in Procter & Gamble by 0.9% in the third quarter. Scotia Capital Inc. now owns 414,797 shares of the company’s stock valued at $60,506,000 after buying an additional 3,570 shares during the period. Sandler Capital Management bought a new position in Procter & Gamble during the third quarter worth about $10,411,000. Royal London Asset Management Ltd. grew its position in shares of Procter & Gamble by 7.3% during the 3rd quarter. Royal London Asset Management Ltd. now owns 1,537,678 shares of the company’s stock worth $224,324,000 after buying an additional 105,102 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of Procter & Gamble by 3.2% in the 3rd quarter. Royal Bank of Canada now owns 11,170,305 shares of the company’s stock valued at $1,629,299,000 after acquiring an additional 346,925 shares during the last quarter. 65.77% of the stock is owned by institutional investors.

Procter & Gamble Stock Performance

Shares of PG stock opened at $163.93 on Wednesday. The company has a fifty day moving average price of $165.65 and a two-hundred day moving average price of $159.01. The Procter & Gamble Company has a one year low of $141.45 and a one year high of $169.41. The stock has a market cap of $386.90 billion, a P/E ratio of 26.79, a P/E/G ratio of 3.35 and a beta of 0.41. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.69 and a quick ratio of 0.48.

Procter & Gamble (NYSE:PG) last issued its earnings results on Friday, April 19th. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.10. The business had revenue of $20.20 billion during the quarter, compared to the consensus estimate of $20.43 billion. Procter & Gamble had a net margin of 18.00% and a return on equity of 33.91%. Procter & Gamble’s revenue was up .6% on a year-over-year basis. During the same period last year, the business posted $1.37 EPS. As a group, equities analysts predict that The Procter & Gamble Company will post 6.55 EPS for the current year.

Procter & Gamble Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Friday, April 19th were issued a dividend of $1.0065 per share. This is an increase from Procter & Gamble’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Thursday, April 18th. This represents a $4.03 annualized dividend and a yield of 2.46%. Procter & Gamble’s dividend payout ratio (DPR) is currently 65.85%.

Analyst Ratings Changes

PG has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Procter & Gamble from $172.00 to $171.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Barclays upped their price objective on shares of Procter & Gamble from $168.00 to $170.00 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. BNP Paribas assumed coverage on Procter & Gamble in a report on Monday, June 24th. They set an “outperform” rating and a $187.00 target price on the stock. Truist Financial upgraded Procter & Gamble from a “hold” rating to a “buy” rating and increased their price target for the stock from $160.00 to $175.00 in a report on Monday, March 11th. Finally, StockNews.com upgraded Procter & Gamble from a “hold” rating to a “buy” rating in a report on Tuesday, June 25th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Procter & Gamble currently has an average rating of “Moderate Buy” and an average price target of $170.72.

Insiders Place Their Bets

In other news, insider Balaji Purushothaman sold 28,369 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $161.49, for a total transaction of $4,581,309.81. Following the completion of the sale, the insider now owns 11,507 shares in the company, valued at approximately $1,858,265.43. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Balaji Purushothaman sold 28,369 shares of Procter & Gamble stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $161.49, for a total transaction of $4,581,309.81. Following the completion of the sale, the insider now directly owns 11,507 shares of the company’s stock, valued at approximately $1,858,265.43. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Moses Victor Javier Aguilar sold 9,149 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $167.72, for a total value of $1,534,470.28. Following the completion of the transaction, the insider now directly owns 12,929 shares in the company, valued at $2,168,451.88. The disclosure for this sale can be found here. Insiders sold a total of 154,544 shares of company stock valued at $25,413,051 over the last ninety days. 0.17% of the stock is currently owned by company insiders.

Procter & Gamble Profile

The Procter & Gamble Company provides branded consumer packaged goods worldwide. It operates through five segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers conditioners, shampoos, styling aids, and treatments under the Head & Shoulders, Herbal Essences, Pantene, and Rejoice brands; and antiperspirants and deodorants, personal cleansing, and skin care products under the Olay, Old Spice, Safeguard, Secret, and SK-II brands.