CI Investments Inc. Reduces Stock Position in Colgate-Palmolive Company $CL

Key Points

• CI Investments Inc. cut its Colgate-Palmolive stake by 23.1% in the first quarter, selling 29,897 shares and leaving it with 99,297 shares valued at about $8.46 million.
• Despite that sale, Colgate-Palmolive remains heavily owned by institutions, with institutional investors holding 80.41% of the stock. Several large funds, including Vanguard and Geode Capital, also increased their positions.
• Analysts remain generally positive on CL, with a consensus rating of Moderate Buy and an average price target of $97.82. The company also beat quarterly earnings expectations and recently declared a $0.53 quarterly dividend, yielding about 2.4%.

CI Investments Inc. lessened its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 23.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,297 shares of the company's stock after selling 29,897 shares during the period. CI Investments Inc.'s holdings in Colgate-Palmolive were worth $8,463,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Colgate-Palmolive by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 83,947,987 shares of the company's stock worth $6,633,570,000 after purchasing an additional 1,026,985 shares during the period. Geode Capital Management LLC lifted its position in Colgate-Palmolive by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 22,103,901 shares of the company's stock valued at $1,754,657,000 after buying an additional 304,426 shares during the period. Morgan Stanley boosted its holdings in shares of Colgate-Palmolive by 1.7% during the 4th quarter. Morgan Stanley now owns 19,246,217 shares of the company's stock valued at $1,520,836,000 after buying an additional 323,367 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Colgate-Palmolive by 172.5% during the 1st quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company's stock valued at $1,067,211,000 after buying an additional 7,927,238 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Colgate-Palmolive in the 4th quarter worth about $861,670,000. Institutional investors own 80.41% of the company's stock.

Wall Street Analyst Weigh In

CL has been the topic of a number of analyst reports. Piper Sandler upped their price target on shares of Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Barclays raised their price objective on shares of Colgate-Palmolive from $80.00 to $87.00 and gave the company an "equal weight" rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $99.00 target price on shares of Colgate-Palmolive in a research note on Monday, May 4th. Royal Bank Of Canada reiterated an "outperform" rating and set a $102.00 price target on shares of Colgate-Palmolive in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Colgate-Palmolive from $96.00 to $104.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Colgate-Palmolive currently has an average rating of "Moderate Buy" and a consensus target price of $97.82.

Colgate-Palmolive Price Performance

Shares of Colgate-Palmolive stock opened at $89.98 on Friday. The stock has a market cap of $72.00 billion, a P/E ratio of 35.01, a P/E/G ratio of 4.83 and a beta of 0.33. The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.67 and a current ratio of 1.02. The stock's fifty day moving average is $90.72 and its 200 day moving average is $88.95. 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 posted its quarterly earnings results on Friday, May 1st. The company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.94 by $0.03. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same period in the prior year, the business posted $0.91 earnings per share. The company's revenue was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that Colgate-Palmolive Company will post 3.81 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, July 20th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, July 20th. Colgate-Palmolive's dividend payout ratio is currently 82.49%.

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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