Abacus FCF Advisors LLC Has $5.46 Million Stock Holdings in Colgate-Palmolive Company $CL

Key Points

• Abacus FCF Advisors cut its Colgate-Palmolive position by 55.2% in the second quarter, selling 73,371 shares and retaining 59,534 shares valued at approximately $5.46 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $99.00; Colgate-Palmolive recently exceeded quarterly earnings expectations and reported 4.9% year-over-year revenue growth.
• Colgate-Palmolive declared a quarterly dividend of $0.53, equivalent to an annualized $2.12 payout and a 2.3% yield. The company’s CEO also sold shares, with the transaction intended to cover tax obligations related to vested equity awards.

Abacus FCF Advisors LLC reduced its position in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 55.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,534 shares of the company's stock after selling 73,371 shares during the period. Abacus FCF Advisors LLC's holdings in Colgate-Palmolive were worth $5,458,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CL. Vanguard Group Inc. raised its stake in shares of Colgate-Palmolive by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 83,947,987 shares of the company's stock valued at $6,633,570,000 after acquiring an additional 1,026,985 shares during the last quarter. Geode Capital Management LLC increased its holdings in Colgate-Palmolive by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 22,103,901 shares of the company's stock valued at $1,754,657,000 after purchasing an additional 304,426 shares in the last quarter. Morgan Stanley increased its holdings in Colgate-Palmolive by 1.7% during the 4th quarter. Morgan Stanley now owns 19,246,217 shares of the company's stock valued at $1,520,836,000 after purchasing an additional 323,367 shares in the last quarter. Bank of New York Mellon Corp raised its position in Colgate-Palmolive by 8.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,532,417 shares of the company's stock valued at $1,240,652,000 after purchasing an additional 1,010,872 shares during the last quarter. Finally, Norges Bank bought a new position in Colgate-Palmolive in the 4th quarter valued at $861,670,000. 80.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CL. Barclays increased their target price on Colgate-Palmolive from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $101.00 price target on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Royal Bank Of Canada raised their price objective on shares of Colgate-Palmolive from $102.00 to $104.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Citigroup boosted their target price on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Twelve analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $99.00.

Insider Activity

In related news, Director John T. Cahill sold 4,170 shares of Colgate-Palmolive stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $93.37, for a total transaction of $389,352.90. Following the transaction, the director owned 28,373 shares of the company's stock, valued at $2,649,187.01. This trade represents a 12.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Noel R. Wallace sold 161,021 shares of the business'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 transaction of $14,801,050.32. Following the transaction, the chief executive officer owned 362,231 shares of the company's stock, valued at approximately $33,296,273.52. This represents a 30.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.43% of the company's stock.

Colgate-Palmolive Price Performance

Colgate-Palmolive stock opened at $90.94 on Thursday. The business's 50-day simple moving average is $91.85 and its 200 day simple moving average is $90.14. The company has a quick ratio of 0.67, a current ratio of 1.03 and a debt-to-equity ratio of 13.82. The stock has a market cap of $72.49 billion, a price-to-earnings ratio of 36.09, a P/E/G ratio of 4.28 and a beta of 0.33. Colgate-Palmolive Company has a 12-month low of $74.54 and a 12-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 for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The business had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. Colgate-Palmolive's revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Colgate-Palmolive Company will post 3.86 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, July 20th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Monday, July 20th. Colgate-Palmolive's dividend payout ratio is currently 84.13%.

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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