Summit Asset Management Takes Position in Procter & Gamble
Summit Asset Management LLC has invested in Procter & Gamble Company (The) (NYSE:PG), acquiring 19,891 shares worth approximately $2.92 million. This purchase represents a new position for Summit Asset Management and accounts for 0.4% of their investment portfolio.
The fund's stake in Procter & Gamble makes it the company's 29th largest holding. Other institutional investors have also increased their stakes in the company, including Cibc World Market Inc., which boosted its holdings by 40.6%, and Rokos Capital Management LLP, which purchased a new stake worth $29.9 million.
Procter & Gamble reported better-than-expected quarterly earnings of $1.43 per share, beating analyst estimates of $1.41. The company's revenue was up 1.5% compared to the same period last year, reaching $21.2 billion. Procter & Gamble has set its FY 2027 guidance at 6.89-7.11 EPS.
The business also recently declared a quarterly dividend of $1.0885 per share, representing a yield of 3.0%. The company's dividend payout ratio is currently 65.71%.