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PG

Procter & Gamble

$93.14

0.1 (0.11%)

18:15
10/16/17
10/16
18:15
10/16/17
18:15

Trian: P&G board election results 'too close to call'

Trian Fund Management, whose investment funds beneficially own approximately $3.5B of shares of The Procter & Gamble Company, issued a statement regarding the preliminary voting results from the 2017 Annual Meeting of Shareholders that P&G filed today with the Securities and Exchange Commission on a Current Report on Form 8-K: "IVS Associates, Inc., P&G's independent Inspector of Elections, is in the process of tabulating all the proxies and ballots submitted at the Annual Meeting in accordance with Ohio law and has yet to deliver its preliminary report let alone a final certified report of the voting results. The preliminary voting results P&G filed today, and relied on to declare victory at the Annual Meeting, are based on estimates and incomplete information reported by the Company's proxy solicitors and were calculated without full visibility into the proxies submitted by Trian to the Inspector. Trian continues to believe that the election is too close to call. We are gratified by the overwhelming support we received from P&G shareholders - including the large majority of institutional investors - and all of the nation's proxy advisory firms. Regardless of the final voting results, shareholders have sent a strong message to P&G's Board and management: a continuation of the past decade's underperformance is simply unacceptable. We look forward to reviewing the preliminary report from the independent Inspector of Elections and will take all steps to ensure accurate final voting results."

  • 20

    Oct

PG Procter & Gamble
$93.14

0.1 (0.11%)

10/10/17
JEFF
10/10/17
NO CHANGE
Target $104
JEFF
Buy
Peltz likely to 'stick around,' providing floor for P&G shares, says Jefferies
Jefferies analyst Kevin Grundy believes Trian's Nelson Peltz will remain invested in Procter & Gamble in the near-to-intermediate term after appearing to lose his proxy battle by a razor-thin margin. The activist's continued involvement should continue to raise the "execution bar" for P&G and provide a floor for the shares, said Grundy, who reiterates a Buy rating and $104 price target on the stock.
10/04/17
GSCO
10/04/17
DOWNGRADE
Target $87
GSCO
Neutral
Kraft Heinz downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Jason English downgraded Kraft Heinz (KHC) to Neutral and lowered his price target for the shares to $87 from $95. The analyst sees greater downside risk to estimates than upside with input cost pressure mounting. After updating his estimates across the Americas Consumer Staples group, English sees increasing risk to margin expectations as renewed input cost pressures challenge pricing power. He keeps Sell ratings on J.M. Smucker (SJM), General Mills (GIS), Church & Dwight (CHD) and Procter & Gamble (PG).
09/19/17
JEFF
09/19/17
NO CHANGE
Target $104
JEFF
Buy
Jefferies sees Trian as 'win-win' for P&G shareholders
After meeting with Nelson Peltz and the Trian team, Jefferies analyst Kevin Grundy continues to recommend shares of Procter & Gamble. Trian's involvement raises the execution bar, setting up a "win-win" for shareholders, Grundy tells investors in a research note. He raised his price target for P&G shares to $104 from $103 and keeps a Buy rating on the name.
09/14/17
MACQ
09/14/17
INITIATION
Target $102
MACQ
Outperform
Procter & Gamble initiated with an Outperform at Macquarie
Macquarie analyst Caroline Levy initiated Procter & Gamble with an Outperform and a $102 price target. Levy said there are early signs of improvements and expects activist Nelson Peltz to "prod" the company to move faster in shifting management control and responsibility to local markets and pay for performance.

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