Bank of New York Mellon Corp Boosts Holdings in Colgate-Palmolive Company $CL

Key Points

• Bank of New York Mellon Corp increased its Colgate-Palmolive stake by 172.5% in the first quarter, ending with 12.5 million shares worth about $1.07 billion.
• Other institutional investors also added to or established positions, and hedge funds and institutions now own 80.41% of Colgate-Palmolive’s stock.
• Colgate-Palmolive topped quarterly expectations, reporting $0.97 EPS on $5.32 billion in revenue, and it also announced a $0.53 per share quarterly dividend to be paid August 14.

Bank of New York Mellon Corp lifted its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 172.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 12,521,545 shares of the company's stock after acquiring an additional 7,927,238 shares during the quarter. Bank of New York Mellon Corp owned 1.56% of Colgate-Palmolive worth $1,067,211,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Colgate-Palmolive in the 1st quarter worth $119,000. Advisors Preferred LLC grew its stake in shares of Colgate-Palmolive by 79.3% during the first quarter. Advisors Preferred LLC now owns 6,130 shares of the company's stock valued at $522,000 after buying an additional 2,711 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Colgate-Palmolive by 22.1% in the first quarter. Sanctuary Advisors LLC now owns 96,947 shares of the company's stock worth $8,263,000 after buying an additional 17,577 shares during the period. Sigma Planning Corp lifted its stake in shares of Colgate-Palmolive by 8.4% in the 1st quarter. Sigma Planning Corp now owns 6,247 shares of the company's stock valued at $532,000 after acquiring an additional 486 shares during the last quarter. Finally, Checchi Capital Advisers LLC lifted its stake in shares of Colgate-Palmolive by 14.3% in the 1st quarter. Checchi Capital Advisers LLC now owns 6,580 shares of the company's stock valued at $561,000 after acquiring an additional 824 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CL shares. Piper Sandler raised their price target on Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Morgan Stanley reiterated an "overweight" rating on shares of Colgate-Palmolive in a research report on Monday, May 4th. Royal Bank Of Canada reissued an "outperform" rating and set a $102.00 price objective on shares of Colgate-Palmolive in a research note on Monday, May 4th. Wells Fargo & Company lifted their target price on shares of Colgate-Palmolive from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 8th. Finally, Barclays upped their price target on shares of Colgate-Palmolive from $79.00 to $80.00 and gave the company an "equal weight" rating in a report on Tuesday, May 5th. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $96.59.

Colgate-Palmolive Price Performance

Shares of Colgate-Palmolive stock opened at $91.41 on Thursday. The business has a 50 day moving average of $90.22 and a 200 day moving average of $88.41. Colgate-Palmolive Company has a 52 week low of $74.54 and a 52 week high of $99.33. The company has a market cap of $73.15 billion, a PE ratio of 35.57, a P/E/G ratio of 4.80 and a beta of 0.33. The company has a quick ratio of 0.67, a current ratio of 1.02 and a debt-to-equity ratio of 16.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.03. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.22 billion. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.91 earnings per share. As a group, equities research analysts forecast that Colgate-Palmolive Company will post 3.81 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, July 20th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.3%. Colgate-Palmolive's payout ratio is presently 82.49%.

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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