Alexander Coolidge reports:
Procter & Gamble’s stock hit $80 a share today – a new all-time high.
The milestone comes as the broader market is rallying and P&G has seen traction from its turnaround plan. Stock for the maker of Tide detergent and Crest toothpaste is up 18 percent so far in 2013.
Shares are up 35 percent from the 52-week-low P&G hit last June amid disappointing earnings results.
The consumer products giant is slated to report its third quarter earnings later this month. Wall Street analysts believe it will report a $2.7 billion profit, which would be up 10 percent from the same period a year ago.
P&G stock has rallied after two solid quarters of earnings growth as the company’s cost-cutting measures have improved profit margins. The company has cut more than 5,800 non-manufacturing jobs since announcing a restructuring plan in February 2012.