Colgate-Palmolive Company $CL Shares Purchased by Canandaigua National Bank & Trust Co.

Key Points

• Canandaigua National Bank & Trust Co. nearly doubled its Colgate-Palmolive stake in the third quarter, increasing holdings by 92.8% to 27,356 shares valued at approximately $2.33 million. Institutional investors collectively own 80.41% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $98.65, despite Wells Fargo and Weiss Ratings recently taking more cautious positions.
• Colgate-Palmolive reported quarterly EPS of $0.99, beating estimates, while revenue rose 4.9% year over year to $5.36 billion. The company also declared a quarterly dividend of $0.53 per share, representing a 2.4% annualized yield.

Canandaigua National Bank & Trust Co. raised its stake in Colgate-Palmolive Company (NYSE:CL - Free Report) by 92.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,356 shares of the company's stock after purchasing an additional 13,166 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Colgate-Palmolive were worth $2,334,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Corient Private Wealth LP raised its holdings in shares of Colgate-Palmolive by 29.0% during the 2nd quarter. Corient Private Wealth LP now owns 639,604 shares of the company's stock valued at $58,639,000 after buying an additional 143,812 shares during the period. Brandywine Financial Group boosted 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 worth $6,209,000 after acquiring an additional 72,649 shares during the period. Bank of America Corp DE acquired a new stake in Colgate-Palmolive in the second quarter valued at approximately $567,483,000. SEB Asset Management AB acquired a new stake in Colgate-Palmolive in the first quarter valued at approximately $91,149,000. Finally, Robinhood Asset Management LLC purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at approximately $11,554,000. Institutional investors and hedge funds own 80.41% of the company's stock.

Insider Transactions at Colgate-Palmolive

In other Colgate-Palmolive news, CEO Noel R. Wallace sold 161,021 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer owned 362,231 shares in the company, valued at $33,296,273.52. This represents a 30.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Panagiotis Tsourapas sold 10,000 shares of the 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 transaction, the chief operating officer directly owned 64,901 shares in the company, valued at approximately $5,974,137.05. This represents a 13.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 175,191 shares of company stock valued at $16,110,903. Insiders own 0.43% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on CL. Wells Fargo & Company reduced their target price on shares of Colgate-Palmolive from $95.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $101.00 price target on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Weiss Ratings cut shares of Colgate-Palmolive from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday. Citigroup raised their target price on Colgate-Palmolive from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $104.00 target price on shares of Colgate-Palmolive in a research report 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.65.

Colgate-Palmolive Stock Up 0.0%

Shares of CL stock traded up $0.01 during mid-day trading on Wednesday, reaching $87.26. 3,773,453 shares of the company were exchanged, compared to its average volume of 5,712,208. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.67 and a current ratio of 1.03. The business's 50 day simple moving average is $89.36 and its 200 day simple moving average is $88.74. The company has a market capitalization of $69.56 billion, a P/E ratio of 34.63, a P/E/G ratio of 4.02 and a beta of 0.33. Colgate-Palmolive Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.36 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the prior year, the company posted $0.92 earnings per share. The firm's quarterly revenue was up 4.9% on a year-over-year basis. Research analysts predict that Colgate-Palmolive Company will post 3.87 earnings per share for the current year.

Colgate-Palmolive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be given 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 2.4%. Colgate-Palmolive's dividend payout ratio (DPR) is presently 84.13%.

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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