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PG

Procter & Gamble

$88.35

-0.31 (-0.35%)

, COTY

Coty

$23.98

0.19 (0.80%)

09:03
10/05/16
10/05
09:03
10/05/16
09:03

P&G reports final proration factor for shares tendered in separation

The Procter & Gamble Company (PG) announced that the final proration factor of 15.0123% for its exchange offer in connection with the separation of P&G's global fine fragrances, salon professional, cosmetics and retail hair color businesses, along with select hair styling brands. A total of 690,798,524 shares of P&G common stock were validly tendered in exchange for 409,726,299 shares of common stock of Galleria Co., the corporation formed to hold P&G Specialty Beauty Brands. The exchange offer successfully closed on September 30, 2016. Galleria Co. was formerly a wholly owned subsidiary of P&G. On October 1, 2016, pursuant to the previously announced merger, Galleria Co. merged with and into a subsidiary of Coty Inc. (COTY) and became a wholly owned subsidiary of Coty. Pursuant to the exchange offer and based on the final count by the exchange agent, a total of 690,798,524 shares of P&G common stock were tendered prior to the expiration of the exchange offer, including 1,487,419 shares of P&G common stock tendered by odd-lot shareholders not subject to proration, whose shares were fully accepted in the exchange offer. All remaining tendered shares of P&G common stock were accepted in the exchange offer on a pro rata basis using the final proration factor of 15.0123%. Shares of P&G common stock tendered but not exchanged due to proration will be returned to tendering shareholders.

PG

Procter & Gamble

$88.35

-0.31 (-0.35%)

COTY

Coty

$23.98

0.19 (0.80%)

  • 11

    Oct

  • 25

    Oct

PG Procter & Gamble
$88.35

-0.31 (-0.35%)

07/22/16
STFL
07/22/16
NO CHANGE
STFL
Procter & Gamble price target raised to $92 from $85 at Stifel
Stifel expects Procter & Gamble's stock to be boosted by multiple expansion, driven by improving organic sales in fiscal 2017. The firm says that the company's margins should continue to expand. It believes that the stock's valuation is attractive, and it keeps a Buy rating on the shares.
08/15/16
RILY
08/15/16
UPGRADE
Target $105
RILY
Buy
Procter & Gamble upgraded to Buy from Neutral at B. Riley
B. Riley analyst Linda Bolton Weiser upgraded Procter & Gamble to Buy saying she left a meeting with new CEO David Taylor with greater confidence in the company's improved organic sales growth. The analyst expects Procter & Gamble's multiple to continue expanding and she upped her price target for the shares to $105 from $74.
08/15/16
08/15/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Procter & Gamble (PG) upgraded to Buy from Neutral at B. Riley with analyst Linda Bolton Weiser saying she left a meeting with new Chief Executive Officer David Taylor with greater confidence in the company's improved organic sales growth. 2. Valeant (VRX) upgraded to Neutral from Underperform at Mizuho. 3. AAC Holdings (AAC) upgraded to Strong Buy from Outperform at Raymond James with analyst John Ransom ting favorable valuation, still high short interest, and good visibility on 2017 EBITDA, which is $8M above Street estimates. 4. American Eagle (AEO) upgraded to Buy from Hold at Deutsche Bank with analyst Tiffany Kanaga saying denim strength should drive upside to estimates in the second quarter while easier compares should keep the momentum going in the second half of 2016. 5. Bright Horizons (BFAM) upgraded to Overweight from Neutral at JPMorgan with analyst Andrew Steinerman saying the company is entering a period of above-average margin expansion. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/26/16
JEFF
08/26/16
NO CHANGE
Target $75
JEFF
Hold
Jefferies cuts Edgewell Personal Care target citing Harry's rollout at Target
Jefferies analyst Kevin Grundy lowered his price target on Edgewell Personal Care (EPC) to $75 from $77 after Harry's shave club offerings launched nationwide at Target (TGT), saying his store checks revealed strong in-store execution for the roll-out. Grundy thinks soon-to-be acquired Dollar Shave Club will also to push into retail and expects other retailers, perhaps including Walmart (WMT), to follow Target's lead and offer shelf space to the "trendy" shave club brands. While saying this is also a risk to Procter & Gamble (PG), Grundy keeps his Buy rating and $98 price target on P&G shares, saying increased levels of investment in U.S. shaving are already factored in the company's guidance.
COTY Coty
$23.98

0.19 (0.80%)

09/29/16
RILY
09/29/16
UPGRADE
Target $23.25
RILY
Neutral
Coty upgraded to Neutral from Sell at B. Riley
B. Riley analyst Linda Bolton Weiser upgraded Coty to Neutral and raised her price target for the shares to $23.25 from $21.50. The stock is closer to fair value following the 20% pullback, Weiser tells investors in a research note.
10/03/16
BOFA
10/03/16
UPGRADE
Target $28
BOFA
Buy
Coty upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Olivia Tong upgraded Coty to Buy with a $28 price target citing valuation. The analyst believes Coty is at the beginning of a potential transformation with the pending closure of the P&G Beauty deal this week that could bring increased scale as well as a more targeted operational structure.
10/03/16
PIPR
10/03/16
NO CHANGE
PIPR
Chinese tax changes modestly positive for cosmetics makers, says Piper Jaffray
Piper Jaffray analyst Stephanie Wissink noted that the Chinese Ministry of Finance has reduced or eliminated the consumption tax on all cosmetic products as of October 1 to stimulate demand and growth, which she views as a modest positive for Estee Lauder (EL), Avon Products (AVP) and Coty (COTY). Of the three, Estee Lauder has the highest exposure to China, which makes up about 10% of its annual revenues, Wissink added.
10/03/16
10/03/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Dow Chemical (DOW) and DuPont (DD) were upgraded to Buy from Neutral at Citi with analyst P.J. Juvekar citing he opportunity presented by the proposed merger. 2. Freeport McMoRan (FCX), Barrick Gold (ABX), and Pan American Silver (PAAS) were upgraded to Buy from Hold at Deutsche Bank. 3. LogMeln (LOGM) upgraded to Overweight from Equal Weight at Barclays with analyst Raimo Lenschow saying the pending merger with Citrix's (CTXS) divested GoTo assets creates a "great new opportunity." 4. Halliburton (HAL) upgraded to Buy from Hold at Societe General. 5. Coty (COTY) upgraded to Buy from Neutral at BofA/Merrill with analyst Olivia Tong saying she believes Coty is at the beginning of a potential transformation with the pending closure of the P&G Beauty deal this week that could bring increased scale as well as a more targeted operational structure. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

KBR

KBR

$14.05

-1.43 (-9.24%)

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SMMT

Summit Therapeutics

$11.00

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TKPYY

Takeda Pharmaceutical Co. Ltd.

$24.83

0.85 (3.54%)

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FNBC

First NBC Bank

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-0.2 (-7.02%)

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FDIC named receiver of First NBC Bank »

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SGBK

Stonegate Bank

$45.90

-0.52 (-1.12%)

17:47
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Stonegate Bank reports Q1 non-GAAP EPS 56c, consensus 57c »

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PROV

Provident Financial

$19.23

-0.03 (-0.16%)

17:45
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Provident Financial announces extension of stock repurchase plan »

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YGE

Yingli Green Energy

$2.66

-0.03 (-1.12%)

17:40
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Yingli Green Energy files extension for 2016 Form 20-F filing »

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EPC

Edgewell Personal Care

$71.49

-0.14 (-0.20%)

17:40
04/28/17
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Breaking Hot Stocks news story on Edgewell Personal Care »

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  • 02

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ORC

Orchid Island Capital

$10.60

-0.33 (-3.02%)

17:35
04/28/17
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Syndicate
Breaking Syndicate news story on Orchid Island Capital »

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AEP

American Electric

$67.83

-0.27 (-0.40%)

17:35
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AEP Generation Resources seeks bids for supply of coal »

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ORC

Orchid Island Capital

$10.60

-0.33 (-3.02%)

17:34
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17:34
Syndicate
Breaking Syndicate news story on Orchid Island Capital »

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HBHC

Hancock Holding

$46.70

-0.5 (-1.06%)

, FNBC

First NBC Bank

$2.65

-0.2 (-7.02%)

17:34
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Hot Stocks
Whitney to acquire branches, assets, liabilities of First NBC from FDIC »

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HBHC

Hancock Holding

$46.70

-0.5 (-1.06%)

FNBC

First NBC Bank

$2.65

-0.2 (-7.02%)

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  • 06

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TSLA

Tesla

$314.07

5.44 (1.76%)

17:31
04/28/17
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Periodicals
Tesla aims to hire engineers from Mexico to work at CA plant, Reuters says »

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LMT

Lockheed Martin

$269.45

-1.69 (-0.62%)

17:22
04/28/17
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Lockheed Martin awarded $332.1M government contract »

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  • 31

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BA

Boeing

$184.83

1.61 (0.88%)

17:21
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Boeing awarded $541M government contract modification »

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  • 31

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WBA

Walgreens Boots Alliance

$86.54

0.65 (0.76%)

, RAD

Rite Aid

$4.00

0.05 (1.27%)

17:20
04/28/17
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Periodicals
Walgreens to push regulators over decision on Rite Aid deal, NY Post says »

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WBA

Walgreens Boots Alliance

$86.54

0.65 (0.76%)

RAD

Rite Aid

$4.00

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GE

General Electric

$28.99

-0.09 (-0.31%)

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General Electric awarded $670.7M government contract »

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  • 09

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SIX

Six Flags

$62.61

-0.26 (-0.41%)

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Six Flags in agreement to repurchase 5M shares from HP Partners »

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LMT

Lockheed Martin

$269.45

-1.69 (-0.62%)

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Lockheed Martin awarded $1.38B government contract »

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  • 31

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SBBP

Strongbridge Biopharma

$4.50

0.05 (1.12%)

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Breaking Syndicate news story on Strongbridge Biopharma »

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  • 11

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CYH

Community Health

$8.61

0.18 (2.14%)

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Community Health completes divestiture of Anniston, Alabama hospital »

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MRUS

Merus

$22.20

-0.14 (-0.63%)

17:07
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Earnings
Merus reports Q4 EPS (EUR1.91) vs. (EUR0.77) last year »

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  • 02

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AEZS

Aeterna Zentaris

$3.35

0.3 (9.84%)

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  • 09

    May

ANY

Sphere 3D

$0.19

-0.006 (-3.13%)

17:00
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17:00
Syndicate
Breaking Syndicate news story on Sphere 3D »

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  • 11

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MRUS

Merus

$22.20

-0.14 (-0.63%)

16:56
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Merus provides anticipated 2017 pipeline milestones »

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