SHAVING PROCTER & GAMBLE: Activist investor William Ackman trimmed the Procter & Gamble Co. stock in his portfolio. The investor’s Pershing Square Capital Management sold 6.8 million shares of the consumer products giant between June 30 and Sept. 30, according to a regulatory filing. That leaves Ackman with 2.1 million shares of P&G valued at $179.1 million after the close on Thursday, when the stock rose 1 percent to $84.32. Ackman also has 25 million call options to rebuild his stake in the company.
The investor, who unsuccessfully tried to reenergize J.C. Penney Co. Inc., agitated to oust former P&G chief executive officer Bob McDonald. The ceo was ultimately replaced by his predecessor A.G. Lafley in May.