Procter & Gamble (NYSE:PG) Updates FY 2024 Earnings Guidance

Procter & Gamble (NYSE:PG) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 6.490-6.550 for the period, compared to the consensus EPS estimate of 6.450. The company issued revenue guidance of $83.6 billion-$85.3 billion, compared to the consensus revenue estimate of $84.7 billion.

Procter & Gamble Stock Down 2.2 %

PG stock opened at $153.85 on Friday. The stock has a market capitalization of $362.01 billion, a P/E ratio of 26.33, a PEG ratio of 3.21 and a beta of 0.44. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.44 and a current ratio of 0.64. Procter & Gamble has a one year low of $141.45 and a one year high of $163.14. The company has a 50 day moving average price of $159.13 and a two-hundred day moving average price of $152.83.

Procter & Gamble (NYSE:PG) last released its earnings results on Friday, April 19th. The company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.42 by $0.10. Procter & Gamble had a net margin of 17.60% and a return on equity of 34.04%. The firm had revenue of $20.20 billion during the quarter, compared to analysts’ expectations of $20.43 billion. During the same period in the previous year, the company earned $1.37 EPS. Procter & Gamble’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts expect that Procter & Gamble will post 6.45 EPS for the current year.

Procter & Gamble Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Friday, April 19th will be paid a dividend of $1.0065 per share. The ex-dividend date of this dividend is Thursday, April 18th. This is a boost from Procter & Gamble’s previous quarterly dividend of $0.94. This represents a $4.03 annualized dividend and a dividend yield of 2.62%. Procter & Gamble’s payout ratio is currently 62.98%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Procter & Gamble from $155.00 to $157.00 and gave the company a hold rating in a research note on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Procter & Gamble from $170.00 to $172.00 and gave the company a buy rating in a report on Wednesday, April 3rd. The Goldman Sachs Group began coverage on shares of Procter & Gamble in a report on Friday, March 1st. They set a neutral rating and a $168.00 target price on the stock. Truist Financial upgraded shares of Procter & Gamble from a hold rating to a buy rating and lifted their target price for the company from $160.00 to $175.00 in a report on Monday, March 11th. Finally, Wells Fargo & Company lifted their target price on shares of Procter & Gamble from $162.00 to $170.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Procter & Gamble currently has an average rating of Moderate Buy and a consensus target price of $168.53.

Insider Activity at Procter & Gamble

In other news, CEO R. Alexandra Keith sold 776 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $158.11, for a total value of $122,693.36. Following the completion of the transaction, the chief executive officer now directly owns 4,859 shares in the company, valued at $768,256.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Marc S. Pritchard sold 101,704 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $153.57, for a total value of $15,618,683.28. Following the completion of the sale, the insider now owns 163,428 shares in the company, valued at approximately $25,097,637.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO R. Alexandra Keith sold 776 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $158.11, for a total transaction of $122,693.36. Following the completion of the sale, the chief executive officer now owns 4,859 shares of the company’s stock, valued at approximately $768,256.49. The disclosure for this sale can be found here. Insiders sold a total of 279,063 shares of company stock valued at $43,187,745 in the last quarter. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PG. Moneta Group Investment Advisors LLC increased its stake in Procter & Gamble by 96,526.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 38,535,557 shares of the company’s stock valued at $5,840,449,000 after buying an additional 38,495,676 shares during the period. Norges Bank acquired a new position in Procter & Gamble in the 4th quarter valued at approximately $3,752,321,000. Morgan Stanley increased its stake in Procter & Gamble by 12.6% in the 4th quarter. Morgan Stanley now owns 44,320,700 shares of the company’s stock valued at $6,717,246,000 after buying an additional 4,959,527 shares during the period. Legal & General Group Plc increased its stake in Procter & Gamble by 27.3% in the 4th quarter. Legal & General Group Plc now owns 20,619,426 shares of the company’s stock valued at $3,021,573,000 after buying an additional 4,426,269 shares during the period. Finally, Barclays PLC increased its stake in Procter & Gamble by 118.1% in the 2nd quarter. Barclays PLC now owns 6,334,342 shares of the company’s stock valued at $961,170,000 after buying an additional 3,429,929 shares during the period. Institutional investors and hedge funds own 65.77% of the company’s stock.

About Procter & Gamble

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.