Colgate-Palmolive Company $CL Stock Position Raised by Wedmont Private Capital

Key Points

• Wedmont Private Capital increased its Colgate-Palmolive stake by 60.6% in the third quarter, bringing its holdings to 31,113 shares valued at approximately $2.655 million. Institutional investors collectively own 80.41% of the company.
• Analysts maintain a generally positive view, with 12 Buy ratings and seven Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $98.65.
• Colgate-Palmolive reported quarterly EPS of $0.99, exceeding estimates by $0.04, 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% yield.

Wedmont Private Capital increased its position in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 60.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 31,113 shares of the company's stock after purchasing an additional 11,736 shares during the quarter. Wedmont Private Capital's holdings in Colgate-Palmolive were worth $2,655,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of CL. State Street Corp grew its holdings in Colgate-Palmolive by 97.4% in the second quarter. State Street Corp now owns 94,195,992 shares of the company's stock valued at $8,635,889,000 after purchasing an additional 46,476,510 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Colgate-Palmolive by 8.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,532,417 shares of the company's stock worth $1,240,652,000 after buying an additional 1,010,872 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of 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 worth $752,298,000 after buying an additional 88,917 shares in the last quarter. Bank of America Corp DE grew its stake in Colgate-Palmolive by 17.4% in the 1st quarter. Bank of America Corp DE now owns 6,637,597 shares of the company's stock valued at $565,722,000 after acquiring an additional 986,063 shares during the last quarter. Finally, Amundi grew its stake in Colgate-Palmolive by 19.9% in the 2nd quarter. Amundi now owns 6,218,257 shares of the company's stock valued at $570,090,000 after acquiring an additional 1,033,918 shares during the last quarter. 80.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 sale, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Panagiotis Tsourapas sold 10,000 shares of the stock in a transaction dated 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 owned 64,901 shares in the company, valued at $5,974,137.05. This trade represents a 13.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 175,191 shares of company stock valued at $16,110,903 over the last quarter. Company insiders own 0.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CL shares. Piper Sandler cut their target price on shares of Colgate-Palmolive from $98.00 to $95.00 and set an "overweight" rating for the company in a research report on Monday, September 21st. JPMorgan Chase & Co. dropped their price objective on shares of Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Barclays lifted their price objective on Colgate-Palmolive from $80.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 21st. Weiss Ratings cut Colgate-Palmolive from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, October 2nd. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Colgate-Palmolive has an average rating of "Moderate Buy" and an average target price of $98.65.

Colgate-Palmolive Stock Performance

NYSE:CL opened at $88.19 on Friday. The firm has a 50 day simple moving average of $89.10 and a 200-day simple moving average of $88.77. 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 $70.31 billion, a PE ratio of 35.00, a P/E/G ratio of 4.11 and a beta of 0.33. 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 announced its earnings results on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. The firm had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. Colgate-Palmolive's revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.92 earnings per share. On average, equities analysts expect that Colgate-Palmolive Company will post 3.87 EPS for the current year.

Colgate-Palmolive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.53 per share. The ex-dividend date 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 84.13%.

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, 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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