Jupiter Topco LLC acquired a new position in Colgate-Palmolive Company (NYSE:CL – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 107,227 shares of the company’s stock, valued at approximately $9,826,000.
A number of other institutional investors and hedge funds also recently modified their holdings of CL. Flputnam Investment Management Co. boosted its holdings in shares of Colgate-Palmolive by 7.4% during the fourth quarter. Flputnam Investment Management Co. now owns 200,972 shares of the company’s stock valued at $15,881,000 after acquiring an additional 13,804 shares during the period. Brandywine Financial Group increased its holdings in shares of Colgate-Palmolive by 35,612.3% in the 1st quarter. Brandywine Financial Group now owns 72,853 shares of the company’s stock worth $6,209,000 after acquiring an additional 72,649 shares during the period. SEB Asset Management AB bought a new stake in Colgate-Palmolive in the 1st quarter valued at about $91,149,000. Conning Inc. grew its position in Colgate-Palmolive by 10.2% in the 4th quarter. Conning Inc. now owns 426,753 shares of the company’s stock worth $33,722,000 after purchasing an additional 39,655 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its stake in shares of Colgate-Palmolive by 0.4% in the fourth quarter. First Eagle Investment Management LLC now owns 7,918,979 shares of the company’s stock valued at $625,758,000 after purchasing an additional 29,876 shares during the period. 80.41% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Colgate-Palmolive
In related news, CEO Noel R. Wallace sold 161,021 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $91.92, for a total value of $14,801,050.32. Following the completion of the sale, the chief executive officer owned 362,231 shares in the company, valued at approximately $33,296,273.52. This represents a 30.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Panagiotis Tsourapas sold 10,000 shares of Colgate-Palmolive stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $92.05, for a total transaction of $920,500.00. Following the transaction, the chief operating officer owned 64,901 shares in the company, valued at approximately $5,974,137.05. The trade was a 13.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 175,191 shares of company stock worth $16,110,903 in the last quarter. 0.43% of the stock is owned by company insiders.
Colgate-Palmolive Stock Performance
Colgate-Palmolive (NYSE:CL – Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.04. The company had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Colgate-Palmolive had a return on equity of 464.63% and a net margin of 9.68%.The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. On average, research analysts anticipate that Colgate-Palmolive Company will post 3.86 EPS for the current fiscal year.
Colgate-Palmolive Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, July 20th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, July 20th. Colgate-Palmolive’s dividend payout ratio is currently 84.13%.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on CL. JPMorgan Chase & Co. reduced their price objective on Colgate-Palmolive from $104.00 to $103.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Jefferies Financial Group reiterated a “hold” rating on shares of Colgate-Palmolive in a research report on Monday, August 3rd. TD Cowen increased their price target on Colgate-Palmolive from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Monday, August 3rd. Piper Sandler raised their price target on Colgate-Palmolive from $92.00 to $96.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, Royal Bank Of Canada lifted their price objective on shares of Colgate-Palmolive from $102.00 to $104.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Colgate-Palmolive presently has an average rating of “Moderate Buy” and an average price target of $99.00.
Read Our Latest Analysis on Colgate-Palmolive
About Colgate-Palmolive
Colgate-Palmolive Company is a global consumer products company with a long history in household and personal care categories. The business traces its roots to the early 19th century and has evolved into a multinational manufacturer and marketer of everyday consumer goods focused on health, hygiene and home care.
The company’s core activities center on oral care, personal care, home care and pet nutrition. Its product portfolio includes toothpaste, toothbrushes and mouthwash in oral care; soaps, body washes and deodorants in personal care; dishwashing liquids, surface cleaners and other household products in home care; and scientifically formulated pet foods under its pet nutrition business.
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