Bank of Nova Scotia Acquires 194,772 Shares of Colgate-Palmolive Company $CL

Key Points

• Bank of Nova Scotia increased its Colgate-Palmolive stake by 170.2% in the second quarter, purchasing 194,772 additional shares and bringing its total holdings to 309,209 shares valued at approximately $28.35 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly earnings of $0.99 per share, beating estimates by $0.04, while revenue rose 4.9% year over year to $5.36 billion. The company also maintains a quarterly dividend of $0.53, representing a 2.3% annualized yield.
• Analysts hold a “Moderate Buy” consensus rating with an average price target of $99, compared with the stock’s opening price of $91.02. Meanwhile, CEO Noel Wallace and a director sold shares, with the CEO’s transaction conducted to cover tax obligations tied to vested equity awards.

Bank of Nova Scotia increased its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 170.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 309,209 shares of the company's stock after purchasing an additional 194,772 shares during the period. Bank of Nova Scotia's holdings in Colgate-Palmolive were worth $28,348,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Kemnay Advisory Services Inc. purchased a new position in shares of Colgate-Palmolive in the 4th quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC lifted its position in Colgate-Palmolive by 86.7% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 323 shares of the company's stock valued at $26,000 after acquiring an additional 150 shares during the last quarter. TD Capital Management LLC boosted its stake in Colgate-Palmolive by 61.4% in the fourth quarter. TD Capital Management LLC now owns 326 shares of the company's stock valued at $26,000 after acquiring an additional 124 shares in the last quarter. Triumph Capital Management boosted its stake in Colgate-Palmolive by 62.9% in the fourth quarter. Triumph Capital Management now owns 329 shares of the company's stock valued at $26,000 after acquiring an additional 127 shares in the last quarter. Finally, Jessup Wealth Management Inc purchased a new position in Colgate-Palmolive in the fourth quarter worth $26,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, 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 transaction of $14,801,050.32. Following the completion of the transaction, the chief executive officer owned 362,231 shares in the company, valued at $33,296,273.52. This represents a 30.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John T. Cahill sold 4,170 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were 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 $2,649,187.01. This represents a 12.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.43% of the company's stock.

Colgate-Palmolive Stock Performance

Shares of NYSE CL opened at $91.02 on Monday. The company has a market capitalization of $72.56 billion, a PE ratio of 36.12, a price-to-earnings-growth ratio of 4.26 and a beta of 0.33. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.67 and a current ratio of 1.03. The company's fifty day moving average price is $91.89 and its 200 day moving average price is $90.13. Colgate-Palmolive Company has a 1 year low of $74.54 and a 1 year high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last issued 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 business had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the prior year, the firm posted $0.92 earnings per share. The company's revenue was up 4.9% compared to the same quarter last year. On average, research analysts predict that Colgate-Palmolive Company will post 3.86 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, July 20th were paid a $0.53 dividend. The ex-dividend date of this dividend 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 currently 84.13%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CL. Barclays upped their price objective on shares of Colgate-Palmolive from $80.00 to $87.00 and gave the company an "equal weight" rating in a report on Tuesday, July 21st. Morgan Stanley reissued an "overweight" rating and set a $104.00 target price on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Jefferies Financial Group restated a "hold" rating on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Colgate-Palmolive in a report on Thursday, August 13th. Finally, UBS Group lifted their price objective on shares of Colgate-Palmolive from $106.00 to $109.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Twelve investment 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 currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

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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