Pinnacle Associates Ltd. Has $7.51 Million Stock Position in Colgate-Palmolive Company (NYSE:CL)

Key Points

• Pinnacle Associates Ltd. has decreased its holdings in Colgate-Palmolive by 3.8%, now owning 80,113 shares worth approximately $7.51 million.
• A range of institutional investors have also adjusted their stakes, with Geode Capital Management increasing its share by 1.6% during the fourth quarter, owning over 20 million shares valued at nearly $1.87 billion.
• Colgate-Palmolive recently reported earnings of $0.91 per share for the last quarter, surpassing analyst expectations, despite a 3% year-over-year revenue decline.

Pinnacle Associates Ltd. decreased its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 80,113 shares of the company's stock after selling 3,122 shares during the period. Pinnacle Associates Ltd.'s holdings in Colgate-Palmolive were worth $7,507,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CL. Geode Capital Management LLC raised its stake in Colgate-Palmolive by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 20,518,014 shares of the company's stock worth $1,868,723,000 after buying an additional 324,683 shares during the period. Norges Bank bought a new position in Colgate-Palmolive during the fourth quarter valued at $912,375,000. Northern Trust Corp grew its holdings in Colgate-Palmolive by 11.7% during the fourth quarter. Northern Trust Corp now owns 9,497,819 shares of the company's stock valued at $863,447,000 after purchasing an additional 993,328 shares during the period. Deutsche Bank AG lifted its position in shares of Colgate-Palmolive by 35.6% during the fourth quarter. Deutsche Bank AG now owns 6,922,994 shares of the company's stock worth $629,369,000 after acquiring an additional 1,816,865 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Colgate-Palmolive by 3.8% during the fourth quarter. Ameriprise Financial Inc. now owns 6,798,821 shares of the company's stock worth $617,359,000 after acquiring an additional 246,908 shares in the last quarter. Institutional investors own 80.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CL. JPMorgan Chase & Co. lowered their price target on Colgate-Palmolive from $103.00 to $99.00 and set an "overweight" rating on the stock in a research report on Friday. UBS Group cut their price objective on Colgate-Palmolive from $109.00 to $106.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Citigroup boosted their price target on Colgate-Palmolive from $103.00 to $108.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. Piper Sandler lowered their price objective on Colgate-Palmolive from $108.00 to $107.00 and set an "overweight" rating on the stock in a research report on Monday, March 31st. Finally, Wall Street Zen cut Colgate-Palmolive from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $100.77.

Colgate-Palmolive Price Performance

CL traded down $0.52 during midday trading on Friday, reaching $87.93. 3,186,104 shares of the company's stock were exchanged, compared to its average volume of 4,561,019. The business's 50-day moving average price is $90.24 and its 200 day moving average price is $90.35. The company has a debt-to-equity ratio of 8.96, a current ratio of 0.85 and a quick ratio of 0.54. The stock has a market capitalization of $71.26 billion, a PE ratio of 24.84, a P/E/G ratio of 4.56 and a beta of 0.37. Colgate-Palmolive Company has a 1-year low of $85.32 and a 1-year high of $109.30.

Colgate-Palmolive (NYSE:CL - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.92 billion. Colgate-Palmolive had a net margin of 14.52% and a return on equity of 461.04%. Colgate-Palmolive's revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 earnings per share. As a group, equities analysts anticipate that Colgate-Palmolive Company will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 18th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, July 18th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.37%. Colgate-Palmolive's dividend payout ratio (DPR) is 58.76%.

Colgate-Palmolive Company Profile

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.