Billionaire activist investor Nelson Peltz has sold more than $350 million worth of Procter & Gamble shares this week, but still owns a near $800 million stake in the consumer products giant.
In a Form 4 filing with the Securities and Exchange Commission, P&G
disclosed late Thursday that Peltz sold 2,763,197 shares in the open market over the past three days, valued at about $371.8 million. The weighted average price of the sales was at $134.55, according to a MarketWatch calculation.
Peltz is founding partner of investment management firm Trian Fund Management L.P., and has been on P&G’s board of directors since March 1, 2018.
He also disposed of another 329,929 shares valued at $44.6 million, in the form of “a distribution of shares to the limited partner in the parent entity of a Trian Entity, in connection with the winding down of such Trian Entity.”
After the sales, Peltz still owns 5,786,361 shares of P&G, which represents a 0.2% stake in the company, and are valued at $784.2 million at current stock prices.
The sales come after P&G reported on April 20 fiscal third-quarter profit and sales that rose above expectations.
Peltz got on P&G’s board, after winning a high-profile, hard-fought proxy battle with the company. At that time, P&G had disclosed that Peltz was the beneficial owner of 37,908,621 shares. He has been trimming down his stake since.
So far in 2021, Peltz has sold off 4,032,006 shares.
P&G’s stock rose 0.3% in morning trading Friday. It has slipped 2.6% year to date, but has soared 72.2% since March 1, 2018.
In comparison, the SPDR Consumer Staples Select Sector exchange-traded fund
has rallied 32.5% since March 1, 2018 and the Dow Jones Industrial Average
has climbed 41.0% since then.
Details of Peltz’s open-market trades
Here are the details of Peltz’s open-market sales of P&G stock this week as disclosed in the Form 4 filing:
- Peltz sold 1,000,000 shares at a weighted average price of $134.654 on May 4 to raise $134.65 million. The stock closed that day at $134.54.
- Peltz sold 766,810 shares, worth $102.98 million, at $134.01 on May 5. The stock closed that day at $133.46.
- Peltz sold 996,387 shares, worth $134.15 million, at a weighted average price of $134.635 on May 6. The stock closed Thursday at $135.14.