We're buying 30 shares of Procter & Gamble at roughly $156.41. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 520 shares of PG, increasing its weighting to 2.52% from 2.38%. Shares of Procter & Gamble were off more than 2% on Wednesday after Ulta 's downbeat comments about the beauty market at the JPMorgan Retail Round Up conference.
We don't think a quality stock like Procter & Gamble that sells a whole bunch of consumer products outside the beauty category should be down this much on Ulta's woes. We question how much of the softness Ulta is seeing is due to increased points of competition versus a big change to the industry. We're taking advantage of this weakness to upgrade our P & G rating back to 1 — buying buy back half the shares we trimmed around $159 in February.