Essex LLC Reduces Stake in Procter & Gamble by 5.2%

Essex LLC has decreased its holdings in the Procter & Gamble Company (NYSE: PG) by 5.2%, according to a recent filing with the Securities and Exchange Commission (SEC). The firm sold 981 shares during the second quarter, leaving it with 17,726 shares valued at approximately $2.824 million at the end of the reporting period.

The decision to reduce its stake comes as several other institutional investors have also adjusted their positions in Procter & Gamble. For instance, Nova Wealth Management Inc. acquired a new stake valued at $26,000 in the first quarter. Similarly, Signature Resources Capital Management LLC increased its holdings by 67.9% during the second quarter, now owning 178 shares worth around $28,000. Other notable changes include Quarry LP, which purchased a new stake worth about $33,000, and Mizuho Securities Co. Ltd., which grew its position by an impressive 566.7% in the first quarter.

As of now, institutional investors collectively own 65.77% of Procter & Gamble’s stock.

Stock Performance and Dividend Announcement

On Wednesday, shares of Procter & Gamble opened at $149.18. The stock has experienced fluctuations over the past year, with a low of $146.96 and a high of $180.43. The company currently has a market capitalization of $349.15 billion and a price-to-earnings ratio of 22.92.

In addition to its stock performance, Procter & Gamble announced a quarterly dividend of $1.0568, set to be paid on November 17, 2023. Shareholders on record as of October 24, 2023 will receive this dividend, translating to an annualized dividend of $4.23 and a yield of 2.8%. The company’s dividend payout ratio stands at 64.82%.

Recent Insider Transactions

Insider activity has also been notable, with CEO Jon R. Moeller selling 40,119 shares on August 19, 2023, at an average price of $157.27. This transaction amounted to approximately $6.31 million. Following this sale, Moeller retained 319,375 shares, valued at about $50.23 million, representing an 11.16% decrease in his position.

Furthermore, CFO Andre Schulten sold 11,638 shares for around $1.83 million on the same date, reducing his holdings by 18.11% to 52,642 shares worth approximately $8.28 million. Over the last ninety days, insiders have sold a total of 149,763 shares, valued at about $23.42 million. Currently, corporate insiders hold 0.20% of the company’s stock.

Analysts Adjust Target Prices

Market analysts are also weighing in on Procter & Gamble’s stock. Recently, Bank of America revised its target price from $180.00 to $174.00, maintaining a “buy” rating. Similarly, UBS Group lowered its target from $180.00 to $176.00, while Berenberg Bank increased its target slightly from $152.00 to $154.00 with a “hold” rating.

Other firms, including Barclays and Evercore ISI, have also adjusted their price targets, with Barclays setting a new objective of $153.00 and Evercore ISI adjusting its target to $170.00. Currently, eleven analysts have given Procter & Gamble a “buy” rating, while nine have assigned a “hold” rating, according to data from MarketBeat.com. The consensus rating remains a “Moderate Buy” with an average target price of $172.21.

Procter & Gamble continues to be a significant player in the consumer goods market, operating across various segments including beauty, grooming, health care, and family care. As institutional investment patterns shift and analysts adjust their forecasts, the company remains closely monitored by market participants.