Highland Capital Management LLC Increased Procter & Gamble Company (NYSE:PG) by $8.25 Million as Shares Rose


Highland Capital Management Llc increased its stake in Procter & Gamble Company (NYSE:PG) by 111.46% based on its latest 2016Q2 regulatory filing with the SEC. Highland Capital Management Llc bought 100,603 shares as the company’s stock rose 5.03% with the market. The institutional investor held 190,864 shares of the package goods and cosmetics company at the end of 2016Q2, valued at $15.71 million, up from 90,261 at the end of the previous reported quarter. Highland Capital Management Llc who had been investing in Procter & Gamble Company for a number of months, seems to be bullish on the $238.74B market cap company. The stock is down 0.96% or $0.85 hitting $87.4, despite the positive news. About 10.01M shares traded hands. Procter & Gamble Co (NYSE:PG) has risen 6.81% since February 8, 2016 and is uptrending. It has underperformed by 9.67% the S&P500.

Highland Capital Management Llc, which manages about $1.26B and $1.17 billion US Long portfolio, decreased its stake in Citigroup Inc (NYSE:C) by 162,476 shares to 128,505 shares, valued at $5.37M in 2016Q2, according to the filing. It also reduced its holding in Autonation Inc (NYSE:AN) by 79,843 shares in the quarter, leaving it with 26,703 shares, and cut its stake in Alphabet Inc Cl A.

Highland Capital Management Llc is a Tennessee-based institutional investor with more than $1.26 billion AUM in December, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from Highland Capital Management latest Adv, the fund reported to have 11 full and part-time employees. Among which 6 performing investment advisory and research functions. The institutional investor had more than 600 clients.

The institutional sentiment decreased to 0.96 in 2016 Q2. Its down 0.14, from 1.1 in 2016Q1. The ratio worsened, as 62 funds sold all PG shares owned while 730 reduced positions. 86 funds bought stakes while 676 increased positions. They now own 1.54 billion shares or 4.14% less from 1.61 billion shares in 2016Q1.

Yacktman Asset Management Lp holds 13.16% of its portfolio in PG for 18.78 million shares. Bennicas & Associates Inc. owns 172,770 shares or 13.14% of their US portfolio. Moreover, Schulhoff & Co Inc has 12.81% invested in the company for 243,820 shares. The France-based Natixis Asset Management has invested 11.66% in the stock. Cook & Bynum Capital Management Llc, a Alabama-based fund reported 157,900 shares.

Out of 13 analysts covering Proctor & Gamble (NYSE:PG), 10 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 77% are positive. $98 is the highest target while $61.0 is the lowest. The $86.18 average target is -1.40% below today’s ($87.4) stock price. Proctor & Gamble has been the topic of 23 analyst reports since September 17, 2015 according to StockzIntelligence Inc. Johnson Rice upgraded the stock on August 26 to “Buy” rating. Jefferies initiated it with “Buy” rating and $95 target price in a June 15 report. B. Riley & Co upgraded the shares of PG in a report on August 15 to “Buy” rating. B. Riley & Co maintained the firm’s rating on March 30. B. Riley & Co has “Neutral” rating and $74 price target. Lastly, UBS upgraded the stock to “Buy” rating in a July 14 report.

The Procter & Gamble Company is focused on providing branded consumer packaged goods to the clients across the world. The company has a market cap of $238.74 billion. The Firm operates through five divisions: Beauty; Grooming; Health Care; Fabric & Home Care, and Baby, Feminine & Family Care. It has a 25.06 P/E ratio. The Firm sells its products in approximately 180 countries and territories primarily through mass merchandisers, grocery stores, membership club stores, drug stores, department stores, distributors, baby stores, specialty beauty stores, e-commerce, high-frequency stores and pharmacies.

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