Colgate-Palmolive Company $CL Stock: First Citizens Bank & Trust Co. Raises Holdings

Key Points

• First Citizens Bank & Trust Co. increased its Colgate-Palmolive stake by 487.4% in the third quarter, bringing its holdings to 64,694 shares worth approximately $5.52 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive’s latest quarterly results beat expectations, with EPS of $0.99 versus the $0.95 consensus estimate and revenue of $5.36 billion, up 4.9% year over year.
• The company declared a quarterly dividend of $0.53, equivalent to an annualized $2.12 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.11, while insiders have sold shares worth about $16.1 million over the past three months.

First Citizens Bank & Trust Co. increased its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 487.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 64,694 shares of the company's stock after purchasing an additional 53,681 shares during the period. First Citizens Bank & Trust Co.'s holdings in Colgate-Palmolive were worth $5,520,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. State Street Corp boosted its stake in shares of Colgate-Palmolive by 97.4% during the 2nd quarter. State Street Corp now owns 94,195,992 shares of the company's stock worth $8,635,889,000 after acquiring an additional 46,476,510 shares during the period. Bank of New York Mellon Corp raised its stake in Colgate-Palmolive by 8.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,532,417 shares of the company's stock valued at $1,240,652,000 after acquiring an additional 1,010,872 shares during the period. First Eagle Investment Management LLC raised its stake in Colgate-Palmolive by 1.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 8,205,699 shares of the company's stock valued at $752,298,000 after acquiring an additional 88,917 shares during the period. Amundi lifted its holdings in Colgate-Palmolive by 19.9% during the 2nd quarter. Amundi now owns 6,218,257 shares of the company's stock valued at $570,090,000 after purchasing an additional 1,033,918 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Colgate-Palmolive during the 2nd quarter valued at $567,483,000. Institutional investors and hedge funds own 80.41% of the company's stock.

Colgate-Palmolive Price Performance

Shares of NYSE CL opened at $92.80 on Thursday. The firm has a market cap of $73.98 billion, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 4.30 and a beta of 0.33. The business's 50 day moving average is $89.04 and its 200-day moving average is $88.93. The company has a current ratio of 1.03, a quick ratio of 0.67 and a debt-to-equity ratio of 13.82. Colgate-Palmolive Company has a 1-year low of $74.54 and a 1-year high of $99.33.

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 (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.04. The business 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%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Equities research analysts predict that Colgate-Palmolive Company will post 3.87 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

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

Insider Activity at Colgate-Palmolive

In related news, COO Panagiotis Tsourapas sold 10,000 shares of the firm's 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 transaction, the chief operating officer directly owned 64,901 shares of the company's stock, valued at approximately $5,974,137.05. This trade represents a 13.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Cahill sold 4,170 shares of Colgate-Palmolive stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of 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 SEC filing for this sale provides additional information. Over the last three months, insiders have sold 175,191 shares of company stock worth $16,110,903. Corporate insiders own 0.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on CL shares. Bank of America reduced their price objective on shares of Colgate-Palmolive from $102.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, October 9th. Barclays increased their price objective on shares of Colgate-Palmolive from $80.00 to $87.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 21st. Royal Bank Of Canada restated an "outperform" rating and set a $104.00 target price on shares of Colgate-Palmolive in a research note on Tuesday, September 8th. JPMorgan Chase & Co. reduced their target price on shares of Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Finally, TD Cowen upped their price target on shares of Colgate-Palmolive from $85.00 to $90.00 and gave the company a "hold" rating in a research note on Monday, August 3rd. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $98.11.

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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