64,748 Colgate-Palmolive Company $CL Shares Acquired by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. increased its Colgate-Palmolive stake by 1,240.4% in the third quarter, acquiring 64,748 shares for a total holding of 69,968 shares valued at approximately $5.97 million.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $98.65, compared with the reported share price of $87.26.
• Colgate-Palmolive reported quarterly earnings of $0.99 per share, exceeding estimates, while revenue rose 4.9% year over year. The company also declared a quarterly dividend of $0.53 per share, representing a 2.4% annualized yield.

Congress Asset Management Co. grew its stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 1,240.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,968 shares of the company's stock after buying an additional 64,748 shares during the period. Congress Asset Management Co.'s holdings in Colgate-Palmolive were worth $5,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. State Street Corp grew its position in shares of Colgate-Palmolive by 97.4% during the second quarter. State Street Corp now owns 94,195,992 shares of the company's stock valued at $8,635,889,000 after purchasing an additional 46,476,510 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Colgate-Palmolive by 8.1% in the second quarter. Bank of New York Mellon Corp now owns 13,532,417 shares of the company's stock worth $1,240,652,000 after buying an additional 1,010,872 shares in the last quarter. Deutsche Bank AG boosted its stake in Colgate-Palmolive by 33.9% during the fourth quarter. Deutsche Bank AG now owns 10,845,857 shares of the company's stock valued at $857,040,000 after buying an additional 2,746,920 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in Colgate-Palmolive by 1.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 8,205,699 shares of the company's stock valued at $752,298,000 after buying an additional 88,917 shares in the last quarter. Finally, Amundi grew its holdings in Colgate-Palmolive by 19.9% during the 2nd quarter. Amundi now owns 6,218,257 shares of the company's stock valued at $570,090,000 after buying an additional 1,033,918 shares in the last quarter. Hedge funds and other institutional investors own 80.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CL. Citigroup upped their price objective on Colgate-Palmolive from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Weiss Ratings cut shares of Colgate-Palmolive from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, October 2nd. TD Cowen upped their price target on shares of Colgate-Palmolive from $85.00 to $90.00 and gave the company a "hold" rating in a research note on Monday, August 3rd. Sanford C. Bernstein reissued a "market perform" rating on shares of Colgate-Palmolive in a research note on Thursday, August 13th. Finally, Piper Sandler reduced their target price on shares of Colgate-Palmolive from $98.00 to $95.00 and set an "overweight" rating on the stock in a report on Monday, September 21st. Twelve analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $98.65.

Insider Buying and Selling at Colgate-Palmolive

In related news, Director John T. Cahill sold 4,170 shares of the business's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of the transaction, the director owned 28,373 shares in the company, valued at $2,649,187.01. The trade was a 12.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Noel R. Wallace sold 161,021 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 362,231 shares in the company, valued at $33,296,273.52. This trade represents a 30.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 175,191 shares of company stock worth $16,110,903 over the last 90 days. Company insiders own 0.43% of the company's stock.

Colgate-Palmolive Stock Up 0.0%

NYSE CL opened at $87.26 on Thursday. The company has a quick ratio of 0.67, a current ratio of 1.03 and a debt-to-equity ratio of 13.82. Colgate-Palmolive Company has a 52 week low of $74.54 and a 52 week high of $99.33. The firm has a market capitalization of $69.56 billion, a price-to-earnings ratio of 34.63, a PEG ratio of 4.07 and a beta of 0.33. The company has a fifty day moving average of $89.23 and a two-hundred day moving average of $88.75.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.04. The business had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The business's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 earnings per share. On average, analysts predict that Colgate-Palmolive Company will post 3.87 earnings per share for the current year.

Colgate-Palmolive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, October 20th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, October 20th. Colgate-Palmolive's dividend payout ratio is 84.13%.

Colgate-Palmolive 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, mouthwashes, body washes, deodorants, soaps, household cleaning products and pet food and treats.

The company markets many of its products under well-known brands, including Colgate, Palmolive, elmex, meridol, Protex, Softsoap, Ajax, Irish Spring, Speed Stick, Tom's of Maine and Hill's Science Diet.

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