1. The Procter & Gamble Company (NYSE:PG)
Percentage of Bridgewater Associates’ portfolio as of Q2 2023: 4.32%
Number of Hedge Fund Holders: 74
The Procter & Gamble Company (NYSE:PG) is one of the biggest manufacturers and sellers of consumer packaged goods in the U.S. The company sells its products under many famous brands, including but not limited to, Pampers, Puffs, Pantene, and Febreze. The Procter & Gamble Company (NYSE:PG) is the best S&P 500 stock to buy according to Bridgewater Associates.
On October 22, Bernstein raised the price target on The Procter & Gamble Company (NYSE:PG) stock to $155 from $153 and maintained a Market Perform rating. The firm credited the company’s Q1 2024 results beating the estimates for the raise in price target.
On October 18, The Procter & Gamble Company (NYSE:PG) posted Q1 2024 non-GAAP EPS of $1.83, surpassing the analysts’ estimates by $0.11. The revenue posted by the company beat the estimates by $290 million and grew 6.1% YoY to $21.87 billion. When presenting its FY2024 outlook, the company outlined that its expectation for dividend payout is $9 billion and it also expects to repurchase $5 billion to $6 billion of common shares in fiscal 2024.
According to Insider Monkey’s database, the number of hedge funds with a stake in The Procter & Gamble Company (NYSE:PG) went down to 74 in Q2 from 75 in the previous quarter. However, the total hedge fund investments increased to $5.346 billion in Q2 from $4.66 billion in the previous quarter. Terry Smith’s Fundsmith LLP increased its stake in the company by a whopping 183% to nearly 4.85 million shares worth $735.814 million and was the company’s most prominent shareholder.
The Procter & Gamble Company (NYSE:PG) was mentioned by ClearBridge Investments in its second quarter 2023 investor letter. Here is what it said:
“Reinforcing defensive exposure and pushing our consumer staples positioning from underweight to overweight the benchmark, we added The Procter & Gamble Company (NYSE:PG), a leading consumer products company with leading franchises in a variety of stable categories, including fabric care, baby, beauty and health. It is a high-quality company with a track record of superior growth, market share gains and attractive returns on capital. It also has defensive attributes when economic conditions deteriorate. Procter & Gamble is a sustainability leader with a demonstrated commitment to addressing environmental and social objectives in how it manages the business, and it has above-average corporate governance practices. Many Procter & Gamble products have a positive impact by promoting hygiene, self-care or health.”
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