Colgate-Palmolive (NYSE:CL) is Summit Global Investments' 9th Largest Position

Summit Global Investments trimmed its holdings in shares of Colgate-Palmolive (NYSE:CL - Free Report) by 39.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 174,750 shares of the company's stock after selling 115,279 shares during the quarter. Colgate-Palmolive accounts for about 1.2% of Summit Global Investments' holdings, making the stock its 9th largest position. Summit Global Investments' holdings in Colgate-Palmolive were worth $16,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Brighton Jones LLC increased its stake in shares of Colgate-Palmolive by 4.4% during the 4th quarter. Brighton Jones LLC now owns 10,578 shares of the company's stock worth $962,000 after purchasing an additional 450 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Colgate-Palmolive by 50.6% in the 4th quarter. Blue Trust Inc. now owns 7,928 shares of the company's stock worth $721,000 after purchasing an additional 2,665 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Colgate-Palmolive in the fourth quarter worth $32,000. Mount Yale Investment Advisors LLC increased its position in Colgate-Palmolive by 5.5% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 3,299 shares of the company's stock worth $300,000 after buying an additional 173 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in Colgate-Palmolive in the fourth quarter worth $165,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Price Performance

Shares of CL traded up $0.72 during mid-day trading on Friday, reaching $93.02. 6,317,272 shares of the stock traded hands, compared to its average volume of 4,698,625. The firm has a fifty day moving average price of $92.02 and a 200 day moving average price of $91.27. The company has a market cap of $75.39 billion, a price-to-earnings ratio of 26.43, a price-to-earnings-growth ratio of 4.20 and a beta of 0.39. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 13.40. Colgate-Palmolive has a 1 year low of $85.32 and a 1 year high of $109.30.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. Colgate-Palmolive had a return on equity of 477.77% and a net margin of 14.38%. The business had revenue of $4.91 billion during the quarter, compared to analysts' expectations of $4.92 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The firm's revenue was down 3.0% on a year-over-year basis. As a group, equities research analysts predict that Colgate-Palmolive will post 3.75 earnings per share for the current year.

Colgate-Palmolive declared that its Board of Directors has approved a stock buyback program on Thursday, March 20th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Colgate-Palmolive Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, April 17th were issued a dividend of $0.52 per share. This is a positive change from Colgate-Palmolive's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, April 17th. This represents a $2.08 annualized dividend and a dividend yield of 2.24%. Colgate-Palmolive's payout ratio is presently 58.76%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup raised their target price on Colgate-Palmolive from $103.00 to $108.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. UBS Group lifted their price objective on Colgate-Palmolive from $105.00 to $109.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Morgan Stanley reduced their target price on shares of Colgate-Palmolive from $111.00 to $104.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company lifted their target price on shares of Colgate-Palmolive from $83.00 to $88.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 2nd. Finally, Barclays reduced their target price on shares of Colgate-Palmolive from $89.00 to $86.00 and set an "equal weight" rating for the company in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Colgate-Palmolive has an average rating of "Hold" and a consensus price target of $102.12.

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.