Mechanics Financial Corp Cuts Stake in The Procter & Gamble Company (NYSE:PG)

Mechanics Financial Corp decreased its position in shares of The Procter & Gamble Company (NYSE:PG) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,946 shares of the company’s stock after selling 135 shares during the quarter. Procter & Gamble accounts for 1.3% of Mechanics Financial Corp’s portfolio, making the stock its 15th largest position. Mechanics Financial Corp’s holdings in Procter & Gamble were worth $2,841,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PG. Berkshire Asset Management LLC PA boosted its position in shares of Procter & Gamble by 0.9% during the fourth quarter. Berkshire Asset Management LLC PA now owns 236,616 shares of the company’s stock valued at $38,833,000 after buying an additional 2,179 shares during the last quarter. Strategic Advisors LLC grew its stake in shares of Procter & Gamble by 3.4% in the fourth quarter. Strategic Advisors LLC now owns 55,912 shares of the company’s stock worth $9,374,000 after acquiring an additional 1,818 shares during the period. Copley Financial Group Inc. purchased a new position in shares of Procter & Gamble during the third quarter valued at approximately $668,000. Fortem Financial Group LLC bought a new position in Procter & Gamble during the fourth quarter valued at approximately $569,000. Finally, Richard C. Young & CO. LTD. boosted its holdings in Procter & Gamble by 2.1% in the fourth quarter. Richard C. Young & CO. LTD. now owns 123,853 shares of the company’s stock worth $20,764,000 after purchasing an additional 2,568 shares during the last quarter. 65.77% of the stock is currently owned by hedge funds and other institutional investors.

Procter & Gamble Price Performance

Shares of NYSE:PG opened at $167.94 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.55 and a current ratio of 0.76. The firm has a market cap of $393.80 billion, a price-to-earnings ratio of 26.74, a P/E/G ratio of 3.76 and a beta of 0.41. The firm has a fifty day moving average price of $168.60 and a 200 day moving average price of $169.41. The Procter & Gamble Company has a fifty-two week low of $153.52 and a fifty-two week high of $180.43.

Procter & Gamble (NYSE:PG) last issued its earnings results on Wednesday, January 22nd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.02. Procter & Gamble had a return on equity of 33.00% and a net margin of 18.35%. The firm had revenue of $21.88 billion for the quarter, compared to analysts’ expectations of $21.66 billion. During the same period in the previous year, the firm posted $1.84 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts expect that The Procter & Gamble Company will post 6.91 earnings per share for the current fiscal year.

Procter & Gamble Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Friday, January 24th were issued a $1.0065 dividend. This represents a $4.03 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Friday, January 24th. Procter & Gamble’s dividend payout ratio (DPR) is presently 64.01%.

Insider Activity at Procter & Gamble

In other news, insider Marc S. Pritchard sold 90,450 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $163.84, for a total value of $14,819,328.00. Following the completion of the sale, the insider now directly owns 172,814 shares of the company’s stock, valued at $28,313,845.76. This trade represents a 34.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary A. Coombe sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $173.68, for a total value of $6,078,800.00. Following the transaction, the chief executive officer now directly owns 22,051 shares in the company, valued at approximately $3,829,817.68. This represents a 61.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 143,450 shares of company stock valued at $23,988,008 over the last 90 days. 0.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PG has been the subject of a number of research reports. Piper Sandler decreased their target price on shares of Procter & Gamble from $173.00 to $172.00 and set a “neutral” rating for the company in a research note on Monday, February 24th. DA Davidson reiterated a “buy” rating and issued a $209.00 price objective on shares of Procter & Gamble in a research note on Thursday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $164.00 target price on shares of Procter & Gamble in a report on Thursday, January 23rd. Stifel Nicolaus lifted their price target on shares of Procter & Gamble from $161.00 to $165.00 and gave the stock a “hold” rating in a research note on Thursday, January 23rd. Finally, Barclays restated an “equal weight” rating on shares of Procter & Gamble in a research note on Thursday. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $181.82.

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.