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Bloomsburg Investment Group Bloomsburg Investment Group Equity Analysis The Procter & Gamble Company (PG) Analyst: Gerrick Hardy, Class of 2021 Trevor Luzi, Mackenzie Gross, Class of 2022 Bloomsburg Investment Group Opinion: After our group's thorough analysis, we believe it is in the best interest of the group if our holding in Procter & Gamble (PG) is partially liquidated. Although our group remains bullish about the company, we think taking some profits from PG's recent run-up and allocating funds elsewhere in the sector would be most beneficial. While the company has provided strong organic growth in each of the two previous quarters, a number of headwinds remain in the way which will likely restrict future growth. A stronger U.S. Dollar has essentially offset the organic revenue growth, and the rise in transportation costs and commodity prices has and will likely continue to squeeze the margins of PG. With consumer tastes trending towards less expensive generic brands, customers may not respond favorably to recent price increases of some of Procter & Gamble’s largest brands. Our sector believes PG is currently trading at a premium that will not be satisfied with future growth. Despite all of this, we are still bullish because of the high dividend yield that the company has increased for 62 consecutive years, wide array of brand offerings, and brand loyalty and recognition, among other factors. Considering cross-current risks that exist in the macroeconomic environment and the potential of an upcoming recession or economic downturn, Procter & Gamble will continue to provide stable growth and hedge our portfolio. Corporate Summary: Corporate Details: Name Procter & Gamble Co The Procter & Gamble Company, founded in 1837, is Ticker PG a global manufacturer and distributor of household Domicile United States goods. The company operates in five main segments. Sector Consumer Defensive These segments are Beauty, Grooming, Health Care, Industry Household & Personal Products Fabric & Home Care, and Baby, Femine, and Family Exchange NEW YORK STOCK EXCHANGE, INC. Care. Within these segments, Procter & Gamble own a wide variety of well-known brands worldwide. Last Close 98.44 Some of these include Tide, Febreze, Old Spice, Price 52 Wk High 100.45 Pantene, and Gillette. Currently, PG’s goods are sold Price 52 Wk Low 70.73 in over 180 countries and territories around the Latest Dividend 0.72 world through department stores, pharmacies, Dividend Yield % TTM 2.91 wholesalers, and other facilities. The company was Beta 5 Yr (Mo­End) 0.38 founded, and is headquartered, in Cincinnati, Ohio, Avg Daily Volume (3 Mo) 10,561,911.88 and employs 92,000 workers. The top executives of Shares Outstanding (mil) 2,501.58 PG are CEO David Taylor and CFO Jon Moeller. Number of Analysts 6 3/4/2019 Procter & Gamble Co US Dollar Page 1 of 14 Source: Morningstar Direct Procter & Gamble Co PG Corporate Governance: Board of Directors Francis S. Blake Age 69, Blake has been a Director since 2015. He is also a non-Executive Chairman of the Board of Delta Airlines and Director of Macy’s. Angela F. Braly Braly, 57 years-old, has been a director since 2009. Along with this position, she is also a Director of Lowe’s Companies, Inc., Brookfield Asset Management, and ExxonMobil Corporation. Amy L. Chang Chung is 41 years-old and has served as a Director since 2017. Previous, Amy was a Director of Cisco Systems, Inc., Splunk, and Informatica. Kenneth I. Chenault Chenault is also a director, holding the position since 2008. He is also a Director of International Business Machines Corporation and Facebook. Scott D. Cook Since 2000, Cook has been an Independent Director at Procter & Gamble. He is also the Founder and a Director of Intuit Inc. Scott Cook is 66 years-old. Joseph Jimenez Jimenez has been a Director at Procter & Gamble since March 1, 2018, along with being a Director at GM. From 2010-2018, he was the CEO of Novartis AG, a Swiss Pharmaceutical Company. Terry J. Lundgren Terry Lundgren, currently 66, has been an Independent Director at PG since January 8th, 2013. From 2003-2017, he held the title of CEO at Macy’s. W. James Mcnerney, Jr. McNerney has been a PG Director since 2003. From 2005-2015, he was the President, Chairman, and CEO of The Boeing Company. From 1975-1978, he served as a Brand Manager for Procter & Gamble. Nelson Peltz Nelson Peltz (76), a well-known activist investor, became a PG Director on March 1, 2018. Additionally, he is a Director of The Madison Square Garden Company, The Wendy’s Company, and Sysco Corporation. David S. Taylor The Chief Executive of PG, David Taylor, has held the title of Chairman of the Board since July 1st, 2016. He has been a Director of the Board since 2015. Margaret C. Whitman At the age of 62, Whitman has served as a Director for PG since 2011. Outside of Procter & Gamble, she is a Director for Hewlett-Packard Enterprise and Dropbox. Patricia A. Woertz Since 2008, Woertz has been an Independent Director at PG. She also works in the same capacity for The 3M Company. She is currently 65 years-old. Ernesto Zedillo Zedillo has been a Director of Procter & Gamble since 2001 and serves the same role for Alcoa and Citigroup. He is currently 66 years-old. 3/4/2019 Procter & Gamble Co US Dollar Page 2 of 14 Source: Morningstar Direct Procter & Gamble Co PG Corporate Governance: Top Management David Taylor, President and Chief Executive Officer Taylor has been with Procter & Gamble since 1980, holding several different positions. Since November 1st, 2015, he has been the President and CEO of the company. David Taylor is additionally the Chairman of the Board for PG. Jon Moeller, Chief Financial Officer and Vice Chairman Since the beginning of the new year in 2009, Jon Moeller has served as PG’s CFO, later adding the title of Vice Chairman on July 1st, 2017. Elsewhere, he is the CFO and CAO of The Wimble Company. Madhusudan Gopalan, Chief Executive Officer of India Market Gopalan began at the company in 1999, working in the sales division in India. He is currently the Managing Director of Gillette India Ltd, as well, starting on July 1st, 2018. Jennifer Davis, President of Global Feminine Care Davis has held her current title since August 2018. Previously, she has held numerous other roles within the Feminine Care division. She has been an employee of the company for nearly 26 years. Thomas Finn, President of Global Personal Health Care Currently 56 years-old, Thomas Finn has been the leader of the Personal Health Care business segment since 2009. Additionally, he’s the Chairman of Supervisory Board at PGT Healthcare, holding that position since November 2011. R. Alexandra Keith, President of Global Hair Care & Beauty Sector Keith is currently 59 years-old, and has been with the PG since October 1st, 1989. Before her current role, she was the President of Global Skin and Personal Care for 3 years from 2014-2017. Julio Nemeth, President of Global Business Services Nemeth has served in this position since January 1st, 2015. Prior to his current role, he was the Vice President of Product Supply and Global Operations from 2013-2014. Markus Strobel, President of Global Skin & Personal care Business Since January 1st, 2017, Strobel has been the President of that particular business segment. Overall, he has been a member of the company for 28 years. George Tsourapas, President of Global Home Care and P&G Professional Tsourapas is 58 years-old and has been with Procter & Gamble since 1986. His first role with the company was as a Production & Buying Assistant in Greece. Gary A. Coombe, President of Global Grooming Prior to his current position, Coombe was the President of Europe Selling & Market Operation at PG from 2014-2018. He has worked for the company for 33 years. 3/4/2019 Procter & Gamble Co US Dollar Page 3 of 14 Source: Morningstar Direct Procter & Gamble Co PG Corporate Governance: Top Shareholders & Insider Transactions Top Institutional Shareholders: (As of 2/22/19) 1. Vanguard Group Inc. (Position: 194,968,009), (7.79% of outstanding shares). 2. BlackRock Inc. (Position: 168,407,978), (6.73% of outstanding shares). 3. State Street Corp. (Position: 112,142,411), (4.48% of outstanding shares). 4. State Farm Mutual Automobile Insurance Co. (Position: 36,899,695), (1.48% of outstanding shares). 5. Trian Fund Management LP (Position: 36,699,867), (1.47% of outstanding shares). Top Individual Shareholders: (As of 2/22/19) 1. David Taylor (Position: 221,992), (<0.01% of outstanding shares). 2. Jon Moeller (Position; 169,600), (<0.01% of outstanding shares). 3. Marc Pritchard (Position: 138,902), (<0.01% of outstanding shares). 4. Scott Cook (Position: 111,960), (<0.01% of outstanding shares). 5. Brian Broderick (Position: 88,158), (<0.01% of outstanding shares). Recent Insider Transactions February 22nd, 2019: Mary Lynn Ferguson-McHugh sold 67,407 shares at a price of $100.17. February 13th-15th, 2019: Nelson Peltz's hedge fund, Trian Partners, sold a combined 1.2 million shares of PG. November 9th, 2018: Deborah Platt Majoras sold 71,372 shares at a price of $91.40. November 13, 2018: Jon R. Moeller sold 228,905 shares at a price of $91.88. November 13, 2018: Valarie L Sheppard sold 40,751 shares at a price of $91.93. January 31, 2019: Jeffrey Schomburger sold 41,088 shares at a price of $95.00. 3/4/2019 Procter & Gamble Co US Dollar Page 4 of 14 Source: Morningstar Direct Procter & Gamble Co PG Financial Summary, Year End 2018 (in millions) Financial Highlights Market Capitaliza�on 246,255.51 -Q2 Revenue of $17.44 billion, up 50 basis points
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