Wells Fargo Believes Procter & Gamble (NYSE: PG) Still Has Room to Grow

By Ryan Adsit

Wells Fargo analyst Bonnie Herzog reiterated a Buy rating on Procter & Gamble (PGResearch Report) yesterday and set a price target of $135. The company’s shares closed yesterday at $120.41, close to its 52-week high of $121.76.

Herzog wrote:

“We continue to expect money will chase companies that have momentum and are delivering, and PG should be a primary beneficiary. We are raising our price target by $10 to $135 and reiterate our Outperform rating.”

According to TipRanks.com, Herzog is a 3-star analyst with an average return of 3.3% and a 64.4% success rate. Herzog covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners plc, The Estée Lauder Companies Inc, and Constellation Brands Inc.

Currently, the analyst consensus on Procter & Gamble is a Moderate Buy with an average price target of $114.17, representing a -5.2% downside. In a report issued on July 15, Morgan Stanley also maintained a Buy rating on the stock with a $120 price target.

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Procter & Gamble’s market cap is currently $302B and has a P/E ratio of 88.54. The company has a Price to Book ratio of 5.58.

Based on the recent corporate insider activity of 140 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2019, David S. Taylor, the COB, Pres & CEO of PG sold 20,000 shares for a total of $2,136,600.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.