Procter & Gamble has been historically regarded as a champion of building shareholder value through steady dividend growth, consistent share repurchases, and well thought out reinvestments. We believe that this focus of the company has not changed. This was evident in the agreement to sell 43 of its beauty brands to Coty earlier this year - the brands being sold account for 7% of P&G's revenues, yet the non-GAAP earnings targets remain unchanged over the long term. (Read: The $12.5 Billion Sale of Beauty Brands Could be the Herald of a New Era for P&G ) Further, the company also plans to return a mammoth $70 billion to shareholders via dividends and share buybacks over the next four fiscal years, beginning 2016. Notably, the company intends to utilize the cash realized from the Coty and Duracell transactions to fund this plan and maintain its credit rating in the process.