Your EPS are backward looking. Based on how P&G ended the FY on June 30th, their Core EPS were $3.85. That makes their PE on 8/3/12 close of market 17.01. The initial drag on their PE was 2nd Qtr imparement charges of $1.6B on a Goodwill writedown associated with their Appliances and Solon businesses. This drag will disappear following 2nd Qtr 2013 reporting and will effectively balance out the after-tax sale of Pringles in June of this year.
If you listened to their conference call today, you would have also noted they are beginning (June share gains) to regain market share lost when they tried to assume a price increase leadership position in the fall of 2011 and competition didn't immediately follow.
If you're a trader, then play your games. If you're a longer-term investor, then buy and accumulate. P&G also indicated they plan to resume share buy-backs ($4B) and plan to increase the dividend next May.