Colgate-Palmolive Company $CL Holdings Increased by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Colgate-Palmolive stake by 87% in the third quarter, bringing its holdings to 196,811 shares valued at approximately $16.8 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly EPS of $0.99, exceeding estimates by $0.04, while revenue reached $5.36 billion, up 4.9% year over year.
• The company declared a quarterly dividend of $0.53 per share, equating to an annualized $2.12 dividend and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $97.95.

State of Alaska Department of Revenue increased its position in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 87.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 196,811 shares of the company's stock after purchasing an additional 91,566 shares during the period. State of Alaska Department of Revenue's holdings in Colgate-Palmolive were worth $16,792,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CL. Corient Private Wealth LP grew its holdings in shares of Colgate-Palmolive by 29.0% during the second quarter. Corient Private Wealth LP now owns 639,604 shares of the company's stock worth $58,639,000 after buying an additional 143,812 shares in the last quarter. Bank of America Corp DE purchased a new stake in Colgate-Palmolive in the 2nd quarter worth approximately $567,483,000. Brandywine Financial Group raised its holdings in Colgate-Palmolive by 35,612.3% in the 1st quarter. Brandywine Financial Group now owns 72,853 shares of the company's stock valued at $6,209,000 after acquiring an additional 72,649 shares during the last quarter. SEB Asset Management AB acquired a new position in Colgate-Palmolive in the 1st quarter valued at $91,149,000. Finally, Robinhood Asset Management LLC acquired a new stake in shares of Colgate-Palmolive during the second quarter worth $11,554,000. Hedge funds and other institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Stock Performance

CL traded up $0.10 on Thursday, hitting $92.88. 3,781,928 shares of the company's stock were exchanged, compared to its average volume of 5,660,953. The company has a current ratio of 1.03, a quick ratio of 0.67 and a debt-to-equity ratio of 13.82. The stock has a fifty day moving average of $89.04 and a two-hundred day moving average of $88.93. Colgate-Palmolive Company has a twelve month low of $74.54 and a twelve month high of $99.33. The firm has a market cap of $74.04 billion, a PE ratio of 36.84, a P/E/G ratio of 4.30 and a beta of 0.33.

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

Colgate-Palmolive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. Colgate-Palmolive's payout ratio is 84.13%.

Analyst Ratings Changes

CL has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of Colgate-Palmolive from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, October 2nd. JPMorgan Chase & Co. dropped their target price on Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $104.00 price target on shares of Colgate-Palmolive in a research note on Tuesday, September 8th. Evercore increased their price target on Colgate-Palmolive from $100.00 to $101.00 and gave the company an "outperform" rating in a report on Thursday, October 8th. Finally, Wells Fargo & Company reduced their price target on Colgate-Palmolive from $95.00 to $90.00 and set an "equal weight" rating for the company in a report on Monday, October 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Colgate-Palmolive has an average rating of "Moderate Buy" and a consensus price target of $97.95.

Insider Transactions at Colgate-Palmolive

In related news, Director John Cahill sold 4,170 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $93.37, for a total value of $389,352.90. Following the sale, the director owned 28,373 shares of the company's stock, valued at $2,649,187.01. This trade represents a 12.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Panagiotis Tsourapas sold 10,000 shares of Colgate-Palmolive stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $92.05, for a total transaction of $920,500.00. Following the completion of the sale, the chief operating officer owned 64,901 shares in the company, valued at approximately $5,974,137.05. This represents a 13.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 175,191 shares of company stock worth $16,110,903. Insiders own 0.43% of the company's stock.

About Colgate-Palmolive

Colgate-Palmolive Company NYSE: CL is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its portfolio includes toothpaste, toothbrushes, mouthwashes, body washes, deodorants, soaps, household cleaning products and pet food and treats.

The company markets many of its products under well-known brands, including Colgate, Palmolive, elmex, meridol, Protex, Softsoap, Ajax, Irish Spring, Speed Stick, Tom's of Maine and Hill's Science Diet.

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