Colgate-Palmolive Company $CL Shares Bought by State Street Corp

Key Points

• State Street nearly doubled its Colgate-Palmolive position in the second quarter, adding 46.5 million shares to own approximately 11.82% of the company, valued at $8.64 billion. Institutional investors and hedge funds collectively own 80.41% of CL.
• Colgate-Palmolive exceeded quarterly earnings expectations, reporting $0.99 EPS versus the $0.95 consensus, while revenue rose 4.9% year over year to $5.36 billion.
• The company declared a quarterly dividend of $0.53, equivalent to a 2.4% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.94, although insiders have sold more than $16.1 million in shares over the past 90 days.

State Street Corp increased its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 97.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 94,195,992 shares of the company's stock after acquiring an additional 46,476,510 shares during the period. State Street Corp owned approximately 11.82% of Colgate-Palmolive worth $8,635,889,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CL. Security National Bank of Sioux City Iowa IA raised its stake in Colgate-Palmolive by 37.5% during the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 22,198 shares of the company's stock valued at $2,035,000 after acquiring an additional 6,052 shares in the last quarter. Reynders McVeigh Capital Management LLC grew its stake in shares of Colgate-Palmolive by 1,193.5% in the second quarter. Reynders McVeigh Capital Management LLC now owns 104,914 shares of the company's stock worth $9,619,000 after purchasing an additional 96,803 shares in the last quarter. Cherry Tree Wealth Management LLC grew its stake in shares of Colgate-Palmolive by 7,840.0% in the second quarter. Cherry Tree Wealth Management LLC now owns 397 shares of the company's stock worth $36,000 after purchasing an additional 392 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Colgate-Palmolive by 5.0% during the second quarter. Sequoia Financial Advisors LLC now owns 67,984 shares of the company's stock valued at $6,233,000 after purchasing an additional 3,211 shares during the period. Finally, Tidal Investments LLC raised its stake in shares of Colgate-Palmolive by 2.5% during the second quarter. Tidal Investments LLC now owns 144,375 shares of the company's stock valued at $13,236,000 after purchasing an additional 3,539 shares in the last quarter. 80.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Colgate-Palmolive

In other news, CEO Noel Wallace sold 161,021 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $91.92, for a total transaction of $14,801,050.32. Following the completion of the sale, the chief executive officer owned 362,231 shares in the company, valued at approximately $33,296,273.52. This represents a 30.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Cahill sold 4,170 shares of Colgate-Palmolive stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total value of $389,352.90. Following the completion of the transaction, the director owned 28,373 shares in the company, valued at $2,649,187.01. The trade was a 12.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 175,191 shares of company stock valued at $16,110,903. Corporate insiders own 0.43% of the company's stock.

Colgate-Palmolive Price Performance

Colgate-Palmolive stock traded up $1.00 during midday trading on Tuesday, hitting $87.26. The company's stock had a trading volume of 1,211,591 shares, compared to its average volume of 5,727,583. Colgate-Palmolive Company has a 12 month low of $74.54 and a 12 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 company has a market capitalization of $69.56 billion, a PE ratio of 34.63, a price-to-earnings-growth ratio of 4.08 and a beta of 0.33. The stock's 50-day moving average price is $90.65 and its 200-day moving average price is $89.13.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $5.36 billion. During the same quarter in the previous year, the company posted $0.92 EPS. The business's revenue was up 4.9% compared to the same quarter last year. Analysts anticipate that Colgate-Palmolive Company will post 3.87 earnings per share for the current fiscal year.

Colgate-Palmolive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 20th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $2.12 annualized dividend and a dividend yield of 2.4%. Colgate-Palmolive's dividend payout ratio is currently 84.13%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CL. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $101.00 price objective on shares of Colgate-Palmolive in a report on Monday, August 3rd. Sanford C. Bernstein restated a "market perform" rating on shares of Colgate-Palmolive in a research report on Thursday, August 13th. Morgan Stanley reaffirmed an "overweight" rating and issued a $104.00 price target on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Colgate-Palmolive from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, September 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $104.00 target price on shares of Colgate-Palmolive in a report on Tuesday, September 8th. Thirteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Colgate-Palmolive has an average rating of "Moderate Buy" and a consensus price target of $98.94.

Colgate-Palmolive 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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