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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-06 00:00:00",
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  "pageNumber": 27,
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  "notes": "Highlights P&G's poor performance relative to peers in dividend growth and payout ratio expansion.",
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      "text": "P&G’s dividend per share growth is near worst in class as growth has stalled over the last few years",
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      "kind": "chart",
      "text": "P&G Dividend Per Share Growth Has Stalled While Payout Ratio Has Increased...",
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      "text": "Dividend Per Share Growth (Change over Last 6 Fiscal Years)",
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      "text": "P&G's dividend per share growth is near worst in class as growth has stalled over the last few years. At the same time, EPS growth has been flat, resulting in a payout ratio that is the highest in the industry. We are not suggesting that P&G cut its dividend. Rather, it is imperative that P&G returns to consistent market share growth to support healthy earnings and dividend growth in the future",
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      "text": "Dividend Per Share Growth: 37%",
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      "text": "Source: SEC filings and annual reports. Note: Edgewell Personal Care excluded due to the fact that dividends were not paid until 2012 and dividend policy materially changed after the Energizer Holdings spin-off. Beiersdorf excluded as the company has paid a flat €0.70 dividend since 2011.",
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      "kind": "title",
      "text": "P&G's Dividend Suffered as Revenue and Earnings Growth Stalled",
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