Canoe Financial LP Lowers Holdings in Colgate-Palmolive Company $CL

Key Points

• Canoe Financial LP reduced its stake in Colgate-Palmolive Company by 4.5% in Q2, selling 3,800 shares and holding 80,846 shares worth approximately $7.35 million.
• Colgate-Palmolive reported a quarterly earnings per share (EPS) of $0.92, exceeding analysts' expectations, and had a 1.0% year-over-year revenue increase to $5.11 billion.
• The company recently declared a quarterly dividend of $0.52, with an annualized yield of 2.5%, and the ex-dividend date is set for October 17th.

Canoe Financial LP decreased its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 4.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 80,846 shares of the company's stock after selling 3,800 shares during the quarter. Canoe Financial LP's holdings in Colgate-Palmolive were worth $7,349,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Westend Capital Management LLC grew its stake in shares of Colgate-Palmolive by 111.1% in the first quarter. Westend Capital Management LLC now owns 266 shares of the company's stock worth $25,000 after acquiring an additional 140 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in shares of Colgate-Palmolive by 1,913.3% in the first quarter. Cornerstone Planning Group LLC now owns 302 shares of the company's stock worth $28,000 after acquiring an additional 287 shares during the last quarter. Saudi Central Bank purchased a new stake in shares of Colgate-Palmolive during the first quarter valued at $29,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Colgate-Palmolive during the fourth quarter valued at $31,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Colgate-Palmolive during the first quarter valued at $33,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Stock Down 2.2%

Shares of CL traded down $1.81 during trading hours on Monday, hitting $79.36. The company had a trading volume of 5,478,047 shares, compared to its average volume of 5,224,222. The company's fifty day moving average price is $84.97 and its two-hundred day moving average price is $89.18. Colgate-Palmolive Company has a one year low of $79.29 and a one year high of $104.49. The company has a market capitalization of $64.14 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 4.22 and a beta of 0.35. The company has a current ratio of 0.89, a quick ratio of 0.57 and a debt-to-equity ratio of 6.79.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.03. Colgate-Palmolive had a return on equity of 377.63% and a net margin of 14.55%.The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.03 billion. During the same period in the prior year, the company posted $0.91 EPS. The firm's quarterly revenue was up 1.0% compared to the same quarter last year. As a group, equities analysts forecast that Colgate-Palmolive Company will post 3.75 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 17th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 17th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.6%. Colgate-Palmolive's dividend payout ratio is currently 58.43%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CL. Morgan Stanley dropped their target price on Colgate-Palmolive from $104.00 to $96.00 and set an "overweight" rating on the stock in a research report on Monday, August 4th. Barclays raised their target price on Colgate-Palmolive from $86.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Wells Fargo & Company dropped their target price on Colgate-Palmolive from $88.00 to $83.00 and set an "underweight" rating on the stock in a research report on Monday, August 4th. UBS Group decreased their price objective on Colgate-Palmolive from $109.00 to $106.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Finally, JPMorgan Chase & Co. decreased their price objective on Colgate-Palmolive from $99.00 to $95.00 and set an "overweight" rating on the stock in a research note on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Colgate-Palmolive has an average rating of "Moderate Buy" and a consensus target price of $98.00.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products in the United States and internationally. It operates through two segments: Oral, Personal and Home Care; and Pet Nutrition. The Oral, Personal and Home Care segment offers toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.