Assenagon Asset Management S.A. Boosts Stock Position in Colgate-Palmolive Company $CL

Key Points

• Assenagon Asset Management increased its Colgate-Palmolive stake by 139.2% in the second quarter, acquiring 990,065 additional shares and ending with a position worth approximately $156 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly EPS of $0.99, exceeding analyst estimates of $0.95, while revenue rose 4.9% year over year to $5.36 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $99.
• The company declared a quarterly dividend of $0.53 per share, equal to an annualized $2.12 and a 2.3% yield. CEO Noel R. Wallace also sold shares worth about $14.8 million to cover tax withholding obligations tied to equity awards.

Assenagon Asset Management S.A. increased its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 139.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,701,244 shares of the company's stock after purchasing an additional 990,065 shares during the period. Assenagon Asset Management S.A. owned approximately 0.21% of Colgate-Palmolive worth $155,970,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Apella Capital LLC grew its stake in shares of Colgate-Palmolive by 10.8% in the 2nd quarter. Apella Capital LLC now owns 4,375 shares of the company's stock worth $416,000 after buying an additional 428 shares in the last quarter. 55 North Private Wealth LLC purchased a new stake in shares of Colgate-Palmolive during the 2nd quarter valued at about $323,000. Evanson Financial LLC purchased a new stake in shares of Colgate-Palmolive during the 2nd quarter valued at about $272,000. Foster Group Inc. lifted its holdings in shares of Colgate-Palmolive by 8.2% in the 2nd quarter. Foster Group Inc. now owns 4,580 shares of the company's stock valued at $420,000 after acquiring an additional 346 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its holdings in shares of Colgate-Palmolive by 2.9% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 6,688 shares of the company's stock valued at $613,000 after acquiring an additional 189 shares during the last quarter. Institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Stock Performance

Shares of NYSE:CL opened at $92.82 on Friday. The company has a market capitalization of $74.00 billion, a price-to-earnings ratio of 36.83, a PEG ratio of 4.56 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. The firm's 50-day moving average is $91.07 and its 200 day moving average is $89.72. The company has a current ratio of 1.03, a quick ratio of 0.30 and a debt-to-equity ratio of 13.82.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the prior year, the company posted $0.92 EPS. The firm's revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts predict that Colgate-Palmolive Company will post 3.86 EPS for the current year.

Colgate-Palmolive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, July 20th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, July 20th. Colgate-Palmolive's dividend payout ratio is presently 84.13%.

Analyst Ratings Changes

CL has been the topic of several analyst reports. Piper Sandler boosted their price objective on Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. UBS Group raised their price objective on Colgate-Palmolive from $106.00 to $109.00 and gave the company a "buy" rating in a research note on Monday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Colgate-Palmolive in a report on Friday, July 31st. TD Cowen boosted their target price on Colgate-Palmolive from $85.00 to $90.00 and gave the company a "hold" rating in a research report on Monday. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Colgate-Palmolive in a report on Friday, May 1st. Twelve equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $99.00.

Insider Activity

In related news, CEO Noel R. Wallace sold 161,021 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $91.92, for a total transaction 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Profile

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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