BlackRock Inc. Trims Stake in Colgate-Palmolive Company $CL

Key Points

• BlackRock reduced its Colgate-Palmolive stake by 3.8%, selling 2.73 million shares and retaining 69.9 million shares, or approximately 8.77% of the company. Institutional investors collectively own 80.41% of the stock.
• Colgate-Palmolive reported quarterly EPS of $0.99, beating estimates by $0.04, while revenue reached $5.36 billion, up 4.9% year over year. The company also maintains a quarterly dividend of $0.53, representing a 2.3% annualized yield.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $99.00, compared with the stock’s reported price of $90.22.

BlackRock Inc. reduced its stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 3.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,915,472 shares of the company's stock after selling 2,727,530 shares during the period. BlackRock Inc. owned approximately 8.77% of Colgate-Palmolive worth $6,409,851,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in 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 buying an additional 1,026,985 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Colgate-Palmolive by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 22,103,901 shares of the company's stock worth $1,754,657,000 after acquiring an additional 304,426 shares during the period. Morgan Stanley raised its holdings in shares of 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 purchasing an additional 323,367 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Colgate-Palmolive by 8.1% in the second 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 purchased a new stake in Colgate-Palmolive in the fourth quarter valued at $861,670,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Price Performance

Shares of NYSE CL opened at $90.22 on Tuesday. 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 firm has a fifty day moving average of $91.76 and a 200 day moving average of $90.05. The firm has a market cap of $71.92 billion, a PE ratio of 35.80, a PEG ratio of 4.48 and a beta of 0.33. Colgate-Palmolive Company has a one year low of $74.54 and a one year high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.04. The business had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The company's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.92 earnings per share. As a group, research analysts predict that Colgate-Palmolive Company will post 3.86 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

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

Insider Activity

In other Colgate-Palmolive news, CEO Noel R. Wallace sold 161,021 shares of the 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 owned 362,231 shares in the company, valued at approximately $33,296,273.52. This represents a 30.77% decrease in their position. The transaction 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. Also, Director John T. Cahill sold 4,170 shares of the firm's stock in a transaction that occurred on 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 $2,649,187.01. This trade represents a 12.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley reiterated an "overweight" rating and set a $104.00 price objective on shares of Colgate-Palmolive in a research note on Monday, August 3rd. UBS Group raised their target price on Colgate-Palmolive from $106.00 to $109.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Barclays boosted their price target on Colgate-Palmolive from $80.00 to $87.00 and gave the company an "equal weight" rating in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Colgate-Palmolive in a research note on Friday, July 31st. Finally, Citigroup lifted their target price on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $99.00.

Colgate-Palmolive Company 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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