Cidel Asset Management Inc. Boosts Stake in Colgate-Palmolive Company $CL

Key Points

• Cidel Asset Management Inc. increased its stake in Colgate-Palmolive by 13.6% during Q2, bringing its total shares to 329,060, valued at approximately $29.9 million.
• The company reported earnings of $0.92 per share for the last quarter, exceeding expectations, with a net margin of 14.55% and revenue of $5.11 billion.
• Colgate-Palmolive announced a quarterly dividend of $0.52 per share, equating to an annual yield of 2.6%, with a payout ratio of 58.43%.

Cidel Asset Management Inc. raised its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 13.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 329,060 shares of the company's stock after purchasing an additional 39,413 shares during the quarter. Colgate-Palmolive accounts for approximately 1.8% of Cidel Asset Management Inc.'s holdings, making the stock its 16th biggest holding. Cidel Asset Management Inc.'s holdings in Colgate-Palmolive were worth $29,912,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CL. Price T Rowe Associates Inc. MD grew its stake in Colgate-Palmolive by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,009,078 shares of the company's stock worth $3,186,651,000 after acquiring an additional 5,269,140 shares in the last quarter. Nuveen LLC bought a new position in Colgate-Palmolive in the 1st quarter worth about $217,593,000. Goldman Sachs Group Inc. grew its stake in Colgate-Palmolive by 34.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,980,387 shares of the company's stock worth $747,762,000 after acquiring an additional 2,045,191 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Colgate-Palmolive by 45.0% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 5,562,968 shares of the company's stock worth $521,250,000 after acquiring an additional 1,727,105 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Colgate-Palmolive during the second quarter valued at approximately $83,837,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Trading Up 1.4%

NYSE CL opened at $79.14 on Friday. The company has a fifty day simple moving average of $81.96 and a two-hundred day simple moving average of $87.34. The stock has a market cap of $63.96 billion, a P/E ratio of 22.23, a P/E/G ratio of 4.64 and a beta of 0.34. Colgate-Palmolive Company has a 12-month low of $76.68 and a 12-month high of $100.54. 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 issued its earnings results on Friday, August 1st. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.03. Colgate-Palmolive had a net margin of 14.55% and a return on equity of 377.63%. The firm had revenue of $5.11 billion during the quarter, compared to analysts' expectations of $5.03 billion. During the same quarter last year, the company posted $0.91 earnings per share. The firm's revenue was up 1.0% compared to the same quarter last year. On average, analysts forecast that Colgate-Palmolive Company will post 3.75 earnings per share for the current year.

Colgate-Palmolive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 17th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, October 17th. Colgate-Palmolive's dividend payout ratio (DPR) is 58.43%.

Analyst Ratings Changes

A number of research firms have recently issued reports on CL. Piper Sandler began coverage on shares of Colgate-Palmolive in a research note on Friday, October 3rd. They set a "neutral" rating and a $84.00 price objective on the stock. Barclays lowered their target price on shares of Colgate-Palmolive from $87.00 to $82.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Colgate-Palmolive in a report on Wednesday, October 8th. UBS Group decreased their price target on shares of Colgate-Palmolive from $99.00 to $92.00 and set a "buy" rating for the company in a report on Wednesday, October 8th. Finally, Citigroup decreased their price target on shares of Colgate-Palmolive from $108.00 to $105.00 and set a "buy" rating for the company in a report on Monday, August 4th. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.21.

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.

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