Procter & Gamble Co (PG  ), will be reporting its second-quarter earnings on Tuesday. Wall Street will be expecting the company to report $1.70 in EPS and $21.47 billion in revenue as it reports before market hours.

Procter & Gamble, also known as P&G, is the largest consumer goods company in the world. It manufactures laundry and cleaning supply products, as well as products in the cosmetics and personal care sector.

Here's what analysts will be focusing on, and how the stock currently maps against Wall Street estimates.

Procter & Gamble Investment Thesis

Procter & Gamble presents a compelling investment opportunity with its robust and defensive business model. As a global leader in fast-moving consumer goods, P&G's five business segments exhibit resilience, and its decade-long revenue growth underscores its stability.

The company's strategic shift from relying on price increases to focusing on volume growth, driven by innovation, positions it for future success. Notably, the company has already demonstrated volume growth in the U.S. last quarter, showcasing its adaptability.

P&G's strong EPS growth, driven by enhanced margins through productivity and cost-saving measures, further contributes to its financial strength. The implementation of the supply chain 3.0 program adds operational efficiency, leading to an anticipated $800 million after-tax benefit in fiscal 2024.

With a 2.55% dividend yield and 5-year average annualized dividend growth rate of 5.58%, P&G stands as a reliable dividend king.

P&G Analyst Focus and Consensus Ratings

Q2 Analysts' Focus: The stock dipped 3.32% in 2023, attributed to falling bond yields and economic slowdown concerns. While this appears to provide an attractive entry point, analysts would be assessing P&G's positioning for 2024.

While facing challenges in 2023 amid rising rates, analysts expect a shift in market dynamics in 2024, especially with the Federal Reserve's pivot to lower rates. Lower inflation and the company's non-cyclical, recession-resistant nature, that provides durability to its business model, should serve as a tailwind.

Ratings & Consensus Estimates: The consensus analyst rating for P&G stock stands at a Buy with a consensus price target of $150.92 a share.

PG Price Action: P&G stock was down 0.5% at $146.82 at the time of publication Monday.