Colgate-Palmolive Company $CL Holdings Lessened by Vest Financial LLC

Key Points

• Vest Financial reduced its Colgate-Palmolive stake by 9.6% in the third quarter, selling 58,834 shares and retaining 555,154 shares valued at approximately $47.4 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly earnings of $0.99 per share, beating estimates by $0.04, while revenue rose 4.9% year over year to $5.36 billion.
• The company declared a quarterly dividend of $0.53 per share, equivalent to an annualized $2.12 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.

Vest Financial LLC lowered its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 9.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 555,154 shares of the company's stock after selling 58,834 shares during the quarter. Vest Financial LLC owned about 0.07% of Colgate-Palmolive worth $47,366,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CL. State Street Corp raised its holdings in Colgate-Palmolive by 97.4% during the second quarter. State Street Corp now owns 94,195,992 shares of the company's stock worth $8,635,889,000 after buying an additional 46,476,510 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Colgate-Palmolive by 172.5% during the first 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 during the last quarter. Bank of America Corp DE acquired a new position in shares of Colgate-Palmolive during the second quarter valued at about $567,483,000. Envestnet Asset Management Inc. grew its holdings in shares of Colgate-Palmolive by 266.5% during the second quarter. Envestnet Asset Management Inc. now owns 4,146,337 shares of the company's stock valued at $380,136,000 after buying an additional 3,014,860 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Colgate-Palmolive by 151.4% during the third quarter. Assenagon Asset Management S.A. now owns 4,276,774 shares of the company's stock worth $364,894,000 after acquiring an additional 2,575,530 shares in the last quarter. Institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Stock Performance

NYSE CL opened at $93.42 on Thursday. Colgate-Palmolive Company has a 1 year low of $74.54 and a 1 year high of $99.33. The company has a debt-to-equity ratio of 13.82, a current ratio of 1.03 and a quick ratio of 0.67. The firm has a market cap of $74.47 billion, a price-to-earnings ratio of 37.07, a PEG ratio of 4.57 and a beta of 0.33. The company has a fifty day moving average price of $89.13 and a 200-day moving average price of $89.22.

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

Colgate-Palmolive Announces Dividend

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

Insider Buying and Selling at Colgate-Palmolive

In other news, COO Panagiotis Tsourapas sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $92.05, for a total value of $920,500.00. Following the completion of the transaction, the chief operating officer directly owned 64,901 shares of the company's stock, valued at $5,974,137.05. This represents a 13.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John T. Cahill sold 4,170 shares of the stock in a transaction that occurred on 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 directly owned 28,373 shares of the company's stock, valued at $2,649,187.01. The trade was a 12.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 175,191 shares of company stock worth $16,110,903. Insiders own 0.43% of the company's stock.

Wall Street Analyst Weigh In

CL has been the topic of a number of analyst reports. BNP Paribas Exane lowered their target price on shares of Colgate-Palmolive from $101.00 to $97.00 and set an "outperform" rating on the stock in a report on Monday, September 28th. Weiss Ratings downgraded Colgate-Palmolive from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, October 2nd. Bank of America decreased their price objective on Colgate-Palmolive from $102.00 to $100.00 and set a "buy" rating for the company in a report on Friday, October 9th. JPMorgan Chase & Co. boosted their price objective on Colgate-Palmolive from $103.00 to $104.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Citigroup increased their price objective on Colgate-Palmolive from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $98.00.

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 portfolio includes toothpaste, toothbrushes, mouthwash, liquid hand soap, body wash, deodorants, household cleaning products and pet food and treats.

The company markets well-known brands such as Colgate, Palmolive, elmex, meridol, Softsoap, Irish Spring, Ajax, Protex and Hill's Science Diet. Colgate-Palmolive also provides veterinary and nutritional products through Hill's Pet Nutrition, which serves pet owners and animal health professionals.

Founded in 1806 by William Colgate, the company developed from a soap and candle business into a diversified consumer goods manufacturer.

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