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Cramer & Link: Almost Time to Buy Procter & Gamble

NEW YORK (TheStreet) -- Is it time to pull the trigger and buy more shares of Procter & Gamble (PG - Get Report)?

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. 

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.

Get more of Cramer and Link's top picks in real-time. Click here to begin your free trial today!

At the time of publication, Cramer's Action Alerts PLUS portfolio had holdings in Procter & Gamble.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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