Colgate-Palmolive Company $CL Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp reduced its holdings in Colgate-Palmolive Company by 3.7%, selling 8,813 shares, and now owns 226,212 shares valued at approximately $20.5 million.
• Several large investors increased their stakes in Colgate-Palmolive, with Price T Rowe Associates Inc. raising its holdings by 18.3% and Goldman Sachs increasing theirs by 34.5% during the first quarter.
• Analysts have set new price targets for Colgate-Palmolive, with Goldman Sachs reducing their target from $106 to $91 while still maintaining a "buy" rating, reflecting a mix of sentiments among brokerages.

Truist Financial Corp decreased its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 3.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 226,212 shares of the company's stock after selling 8,813 shares during the quarter. Truist Financial Corp's holdings in Colgate-Palmolive were worth $20,563,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CL. Price T Rowe Associates Inc. MD raised its holdings in Colgate-Palmolive by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,009,078 shares of the company's stock worth $3,186,651,000 after purchasing an additional 5,269,140 shares during the period. Nuveen LLC acquired a new position in shares of Colgate-Palmolive during the first quarter valued at approximately $217,593,000. Goldman Sachs Group Inc. raised its holdings in shares of Colgate-Palmolive by 34.5% during the first quarter. Goldman Sachs Group Inc. now owns 7,980,387 shares of the company's stock valued at $747,762,000 after acquiring an additional 2,045,191 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of Colgate-Palmolive by 45.0% during the first quarter. Diamond Hill Capital Management Inc. now owns 5,562,968 shares of the company's stock valued at $521,250,000 after acquiring an additional 1,727,105 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Colgate-Palmolive by 60.5% during the first quarter. Alliancebernstein L.P. now owns 2,336,783 shares of the company's stock valued at $218,957,000 after acquiring an additional 880,527 shares during the last quarter. Institutional investors and hedge funds own 80.41% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on CL. The Goldman Sachs Group reduced their target price on Colgate-Palmolive from $106.00 to $91.00 and set a "buy" rating for the company in a report on Thursday. Barclays reduced their target price on Colgate-Palmolive from $87.00 to $82.00 and set an "equal weight" rating for the company in a report on Wednesday. Piper Sandler initiated coverage on Colgate-Palmolive in a report on Friday. They set a "neutral" rating and a $84.00 target price for the company. Wells Fargo & Company dropped their price target on Colgate-Palmolive from $83.00 to $80.00 and set an "underweight" rating for the company in a research report on Thursday, September 25th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Colgate-Palmolive in a research report on Saturday, September 27th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $94.83.

Colgate-Palmolive Price Performance

CL stock opened at $78.01 on Friday. The company has a debt-to-equity ratio of 6.79, a current ratio of 0.89 and a quick ratio of 0.57. The business has a 50 day simple moving average of $83.29 and a 200-day simple moving average of $88.33. The firm has a market capitalization of $63.05 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 4.07 and a beta of 0.34. Colgate-Palmolive Company has a 1 year low of $77.91 and a 1 year high of $102.61.

Colgate-Palmolive (NYSE:CL - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.03 billion. Colgate-Palmolive had a return on equity of 377.63% and a net margin of 14.55%.The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 earnings per share. Equities research analysts anticipate that Colgate-Palmolive Company will post 3.75 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 17th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, October 17th. Colgate-Palmolive's dividend payout ratio is presently 58.43%.

About Colgate-Palmolive

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products in the United States and internationally. It operates through two segments: Oral, Personal and Home Care; and Pet Nutrition. The Oral, Personal and Home Care segment offers toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.

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