Procter & Gamble (PG) Stock Down, Under Fire with Italian Authorities
NEW YORK (TheStreet) -- Shares of Procter & Gamble (PG) - Get Report are down 0.30% to $85.18 today as Bloomberg reports that an Italian tax probe is investigating if the company redirected profits to avoid Italian tax rates.
The Cincinnati, OH-based consumer goods company supposedly directed profits through Swiss units, as well as others, in an effort to cut tax costs.
Authorities began to investigate the company in April, Bloomberg said.
The company said in a statement that their policy is to comply with the "letter and the spirit" of the law in areas in which they are operating.
"We are cooperating fully with the authorities in this particular case and do not have further information to share at this time," P&G said, according to Bloomberg.
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Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: PG
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.