PROCTER & GAMBLE CO. $57 (New York symbol PG; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 2.9 billion; Market cap: $165.3 billion; Price-to-sales ratio: 2.1; WSSF Rating: Above Average) is one of the world’s largest makers of household and personal-care products. Some of its top brands are Tide detergent, Head & Shoulders shampoo, Pampers diapers and Crest toothpaste.
Procter is selling some of its slower-growing businesses and shifting its focus to those with better long-term prospects. In November 2008, it sold its Folgers coffee business for a $2-billion gain. Last August, it agreed to sell its prescription-drug division for $3.1 billion. The sale should close later this year.
In the fiscal year ended June 30, 2009, Procter’s earnings fell 4.3%, to $11.3 billion from $11.8 billion in the prior year. However, earnings per share rose 0.6%, to $3.58 from $3.56, on fewer outstanding shares. If you exclude unusual items in both years, earnings per share would have risen by 7.6%, to $3.67 from $3.41. Sales fell 3.3%, to $79 billion from $81.7 billion. Overseas markets account for 60% of Procter’s sales, and the higher U.S. dollar cut the value of these sales by $4 billion.
The company will probably earn $3.89 a share in the current year. The stock trades at 14.7 times that estimate. The $1.76 dividend yields 3.1%.
Procter & Gamble is a buy.
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