Consumer products maker The Procter & Gamble Company (PG) on Thursday backed its full-year earnings outlook and unveiled plans to boost its share repurchase plan by 50%.
The company, which meets with analysts today in Cincinnati, reiterated its previously-announced full-year 2012 earnings forecast of $3.80 to $4.00 per share, which straddles Wall Street’s estimate of $3.90 per share.
P&G also plans to increase its share buyback plan by 50% to $6 billion, up from $4 billion previously. Read about why we much prefer dividends to share buybacks.
Procter & Gamble shares rose 57 cents, or +0.9%, in premarket trading Thursday.
The Bottom Line
Shares of Procter & Gamble (PG) have a 3.38% dividend yield, based on last night’s closing stock price of $66.53. The stock has technical support in the $63-$64 price area. If the shares can firm up, we see overhead resistance around the $68-$70 price levels.
The Procter & Gamble Company (PG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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