Cidel Asset Management Inc. Sells 93,853 Shares of Colgate-Palmolive Company $CL

Key Points

• Cidel Asset Management cut its Colgate-Palmolive position by 29.2% in the second quarter, selling 93,853 shares and retaining 227,054 shares valued at approximately $20.8 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly EPS of $0.99, beating estimates of $0.95, while revenue reached $5.36 billion, up 4.9% year over year. The company pays an annualized dividend of $2.12 per share, yielding about 2.4%.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $99, compared with the stock’s reported price of $88.37. Company insiders sold 175,191 shares during the quarter, including sales by the CEO and COO.

Cidel Asset Management Inc. decreased its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 29.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 227,054 shares of the company's stock after selling 93,853 shares during the quarter. Cidel Asset Management Inc.'s holdings in Colgate-Palmolive were worth $20,816,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new position in Colgate-Palmolive in the 4th quarter valued at $25,000. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Colgate-Palmolive by 86.7% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 323 shares of the company's stock worth $26,000 after buying an additional 150 shares in the last quarter. TD Capital Management LLC boosted its position in shares of 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 during the period. Triumph Capital Management grew its stake in shares of 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 acquired a new position in shares of Colgate-Palmolive in the fourth quarter valued at about $26,000. Institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Stock Performance

NYSE:CL opened at $88.37 on Wednesday. Colgate-Palmolive Company has a twelve month low of $74.54 and a twelve month high of $99.33. The company has a quick ratio of 0.67, a current ratio of 1.03 and a debt-to-equity ratio of 13.82. The stock's 50-day simple moving average is $91.75 and its 200 day simple moving average is $89.72. The firm has a market capitalization of $70.45 billion, a PE ratio of 35.07, a price-to-earnings-growth ratio of 4.14 and a beta of 0.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. The firm had revenue of $5.36 billion during the quarter, compared to analysts' expectations of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 earnings per share. On average, analysts anticipate that Colgate-Palmolive Company will post 3.87 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, July 20th were paid 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 of this dividend was Monday, July 20th. Colgate-Palmolive's payout ratio is presently 84.13%.

Insiders Place Their Bets

In other news, COO Panagiotis Tsourapas sold 10,000 shares of Colgate-Palmolive stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $92.05, for a total transaction of $920,500.00. Following the sale, the chief operating officer directly owned 64,901 shares of the company's stock, valued at approximately $5,974,137.05. This trade represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Noel R. Wallace sold 161,021 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 362,231 shares of the company's stock, valued at $33,296,273.52. This represents a 30.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 175,191 shares of company stock valued at $16,110,903. 0.43% of the stock is currently owned by insiders.

Analyst Ratings Changes

CL has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on shares of Colgate-Palmolive from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 8th. Piper Sandler raised their target price on shares of Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Colgate-Palmolive in a research report on Friday, July 31st. Royal Bank Of Canada reissued an "outperform" rating and set a $104.00 price target on shares of Colgate-Palmolive in a research report on Tuesday. Finally, Jefferies Financial Group restated a "hold" rating on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $99.00.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company NYSE: CL is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its products are sold in more than 200 countries and territories through retail stores, e-commerce channels and professional networks.

The company's portfolio includes Colgate toothpaste, toothbrushes and mouthwashes; Palmolive and Softsoap personal care products; Ajax and other household cleaning products; and Hill's Science Diet and Prescription Diet pet foods.

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