Even though the stock has fallen almost 10% from its 52-week high of $85.82, TheStreet's Jim Cramer and Stephanie Link, co-managers of the Action Alerts PLUS portfolio, are waiting for the stock to fall to the mid-$70s before adding to their position.
The duo is looking to add back to their position because the company has plenty of catalysts.
Although currency swoons in Venezuela have hurt the company, Procter & Gamble has reiterated its full-year earnings estimate.
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Link and Cramer are also optimistic about the company's cost-cutting efforts, which will lead to multiyear savings. Those savings will be "redeployed into product development and geographic expansion," they said.
Link and Cramer note that Procter & Gamble trades at a slight discount to its industry peers, and they are looking forward to the company revamping its supply chain, improving its technology and productivity efforts, and introducing new products.
Shares of Procter & Gamble were recently trading at $78.13, up 27 cents.
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At the time of publication, Cramer's Action Alerts PLUS portfolio had holdings in Procter & Gamble.
-- Written by Bret Kenwell in Petoskey, Mich.