Precedent Wealth Partners LLC acquired a new stake in shares of Colgate-Palmolive Company (NYSE:CL – Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 26,680 shares of the company’s stock, valued at approximately $2,276,000.
A number of other institutional investors have also made changes to their positions in CL. Cooper Financial Group grew its holdings in Colgate-Palmolive by 4.0% during the 2nd quarter. Cooper Financial Group now owns 2,947 shares of the company’s stock valued at $270,000 after purchasing an additional 114 shares in the last quarter. Gould Capital LLC increased its stake in Colgate-Palmolive by 38.7% during the 1st quarter. Gould Capital LLC now owns 412 shares of the company’s stock worth $35,000 after buying an additional 115 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in Colgate-Palmolive by 2.8% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 4,326 shares of the company’s stock worth $397,000 after buying an additional 118 shares during the period. SVB Wealth LLC lifted its holdings in Colgate-Palmolive by 1.4% in the 2nd quarter. SVB Wealth LLC now owns 8,767 shares of the company’s stock worth $804,000 after buying an additional 119 shares in the last quarter. Finally, Sowell Financial Services LLC lifted its holdings in Colgate-Palmolive by 2.1% in the 3rd quarter. Sowell Financial Services LLC now owns 5,737 shares of the company’s stock worth $490,000 after buying an additional 119 shares in the last quarter. 80.41% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Colgate-Palmolive
In other news, COO Panagiotis Tsourapas sold 10,000 shares of the stock in a transaction dated Monday, August 24th. The shares were 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 of the company’s stock, valued at approximately $5,974,137.05. This trade represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Noel R. Wallace sold 161,021 shares of Colgate-Palmolive stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $91.92, for a total value of $14,801,050.32. Following the completion of the transaction, the chief executive officer owned 362,231 shares of the company’s stock, valued at $33,296,273.52. This trade represents a 30.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 175,191 shares of company stock valued at $16,110,903. Insiders own 0.43% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have weighed in on CL shares. Barclays upped their price objective on shares of Colgate-Palmolive from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Weiss Ratings lowered Colgate-Palmolive from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $104.00 target price on shares of Colgate-Palmolive in a research report on Tuesday, September 8th. JPMorgan Chase & Co. boosted their price target on Colgate-Palmolive from $103.00 to $104.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Raymond James Financial increased their price target on Colgate-Palmolive from $100.00 to $102.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $98.00.
Read Our Latest Stock Analysis on CL
Colgate-Palmolive Stock Up 4.3%
CL stock opened at $97.44 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.67 and a debt-to-equity ratio of 13.82. The firm has a 50 day simple moving average of $89.22 and a 200-day simple moving average of $89.31. The company has a market capitalization of $77.68 billion, a P/E ratio of 38.67, a PEG ratio of 4.52 and a beta of 0.33. Colgate-Palmolive Company has a twelve month low of $74.54 and a twelve month high of $99.33.
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. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The firm had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the prior year, the company posted $0.92 earnings per share. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts predict that Colgate-Palmolive Company will post 3.87 earnings per share for the current fiscal year.
Colgate-Palmolive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be given a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $2.12 annualized dividend and a dividend yield of 2.2%. Colgate-Palmolive’s payout ratio is presently 84.13%.
Colgate-Palmolive Company Profile
Colgate-Palmolive Company (NYSE: CL) is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its portfolio includes toothpaste, toothbrushes, mouthwash, liquid hand soap, body wash, deodorants, household cleaning products and pet food and treats.
The company markets well-known brands such as Colgate, Palmolive, elmex, meridol, Softsoap, Irish Spring, Ajax, Protex and Hill’s Science Diet. Colgate-Palmolive also provides veterinary and nutritional products through Hill’s Pet Nutrition, which serves pet owners and animal health professionals.
Founded in 1806 by William Colgate, the company developed from a soap and candle business into a diversified consumer goods manufacturer.
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