Procter & Gamble (NYSE: PG) is hosting its 2012 Analyst Meeting today, and the actions may not be enough to satisfy the efforts of the activist investors going after P&G today. For starters, President and Chief Executive Officer Bob McDonald is there. He and other members of management are reviewing recent results, but more importantly they are reviewing their fiscal year outlook and key growth and productivity improvement strategies.

McDonald is calling P&G’s plan “decisive, simple and focused” to grow the core and to win with innovation to generate superior shareholder return. The consumer products giant is confirming its net sales, organic sales, all-in earnings per share and core earnings per share guidance for the fourth quarter and for its fiscal 2013.

The one issue that will catch headlines is that P&G is increasing its expected share repurchase outlook. The prior $4 billion target will be increased to a range of $4 billion to $6 billion with even more upside potential on the top-end if its cash operations run ahead of plan.

P&G is reiterating the cost savings objectives: $6 billion from cost of goods sold, $1 billion from marketing, and $3 billion from core SG&A overhead. The company is also announcing a new objective to cut nonmanufacturing enrollment by an additional 2% to 4% per year through fiscal years 2014 to 2016.

P&G shares are indicated up 1% at $67.20 against a 52-week range of $59.07 to $70.83 and its dividend yield is currently 3.4%.

JON C. OGG

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