Allstate Corp Sells 29,541 Shares of Colgate-Palmolive Company $CL

Key Points

• Allstate reduced its Colgate-Palmolive stake by 36.5% in the second quarter, selling 29,541 shares and retaining 51,406 shares valued at approximately $4.7 million.
• Colgate-Palmolive reported quarterly EPS of $0.99, exceeding estimates of $0.95, while revenue reached $5.36 billion, up 4.9% year over year.
• The company’s quarterly dividend is $0.53 per share, equivalent to a 2.3% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $99, versus a recent share price near $91.

Allstate Corp lessened its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 36.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 51,406 shares of the company's stock after selling 29,541 shares during the period. Allstate Corp's holdings in Colgate-Palmolive were worth $4,713,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CL. Vanguard Group Inc. increased its position in shares of Colgate-Palmolive by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 83,947,987 shares of the company's stock worth $6,633,570,000 after purchasing an additional 1,026,985 shares in the last quarter. Geode Capital Management LLC grew its stake in Colgate-Palmolive by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 22,103,901 shares of the company's stock worth $1,754,657,000 after buying an additional 304,426 shares during the last quarter. Morgan Stanley grew its stake in Colgate-Palmolive by 1.7% during the fourth quarter. Morgan Stanley now owns 19,246,217 shares of the company's stock worth $1,520,836,000 after buying an additional 323,367 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Colgate-Palmolive by 8.1% during 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. Finally, Norges Bank bought a new position in shares of Colgate-Palmolive in the fourth quarter valued at approximately $861,670,000. Institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Stock Performance

CL stock opened at $91.02 on Monday. The business's fifty day moving average is $91.89 and its 200-day moving average is $90.13. 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 company has a market cap of $72.56 billion, a P/E ratio of 36.12, a price-to-earnings-growth ratio of 4.26 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 announced its quarterly earnings data on Friday, July 31st. The company reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. The business had revenue of $5.36 billion during 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 quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 earnings per share. Equities research analysts forecast that Colgate-Palmolive Company will post 3.86 EPS for the current year.

Colgate-Palmolive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Jefferies Financial Group reissued a "hold" rating on shares of Colgate-Palmolive in a report on Monday, August 3rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Colgate-Palmolive in a report on Friday, July 31st. Barclays lifted their price objective on Colgate-Palmolive from $80.00 to $87.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 21st. Morgan Stanley reissued an "overweight" rating and issued a $104.00 price objective on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Finally, Piper Sandler increased their target price on Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.00.

Insider Transactions at Colgate-Palmolive

In other news, Director John T. Cahill sold 4,170 shares of the business's stock in a transaction dated 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 directly owned 28,373 shares in the company, valued at approximately $2,649,187.01. The trade was a 12.81% decrease in their position. The transaction was disclosed in a 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 dated 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 directly owned 362,231 shares of the company's stock, valued at approximately $33,296,273.52. This trade represents a 30.77% decrease in their ownership of the stock. 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. 0.43% of the stock is currently owned by company insiders.

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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