Top Stock to Buy #2 – Proctor & Gamble (PG)
Blue-chip Proctor & Gamble (PG) makes some of the most trusted household brands and markets products in more than 180 countries. Management recently reaffirmed its fiscal 2014 outlook and said it expects buybacks of $5 billion to $7 billion.
Earlier this year, the company increased its dividend by 7%, the 57th consecutive year it has had a dividend increase. The stock currently yields 2.8%.
A six-month consolidation ended early in November with a quadruple-top breakout. Accumulation has been high. Initial support is at the breakout point at about $82.50. Note a bullish MACD and the arching of the 50-day moving average from the 200-day moving average, another bullish indication. My target for PG is $94.