Comerica Bank Lowers Stock Holdings in Colgate-Palmolive Company $CL

Key Points

• Comerica Bank has reduced its holdings in Colgate-Palmolive by 1.1%, bringing its total shares to 418,354, valued at approximately $39.2 million.
• Several institutional investors increased their stakes in Colgate-Palmolive, with notable increases like 158.3% from Integrated Wealth Concepts LLC during the fourth quarter.
• Colgate-Palmolive's recent earnings report showed an EPS of $0.92, exceeding estimates, while the company declared a quarterly dividend of $0.52 per share.

Comerica Bank trimmed its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 418,354 shares of the company's stock after selling 4,779 shares during the quarter. Comerica Bank owned 0.05% of Colgate-Palmolive worth $39,200,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CL. Westend Capital Management LLC boosted its holdings in shares of Colgate-Palmolive by 111.1% in the first quarter. Westend Capital Management LLC now owns 266 shares of the company's stock valued at $25,000 after purchasing an additional 140 shares during the period. Cornerstone Planning Group LLC grew its position in shares of Colgate-Palmolive by 1,913.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 302 shares of the company's stock worth $28,000 after buying an additional 287 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in shares of Colgate-Palmolive during the fourth quarter valued at $31,000. Accredited Wealth Management LLC bought a new stake in shares of Colgate-Palmolive in the fourth quarter valued at about $34,000. Finally, Y.D. More Investments Ltd purchased a new stake in Colgate-Palmolive in the first quarter worth about $37,000. 80.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CL. Wall Street Zen cut shares of Colgate-Palmolive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Citigroup dropped their target price on Colgate-Palmolive from $108.00 to $105.00 and set a "buy" rating on the stock in a research report on Monday, August 4th. Morgan Stanley reduced their price target on Colgate-Palmolive from $104.00 to $96.00 and set an "overweight" rating for the company in a research report on Monday, August 4th. JPMorgan Chase & Co. dropped their price objective on Colgate-Palmolive from $99.00 to $95.00 and set an "overweight" rating on the stock in a research report on Monday, August 4th. Finally, Barclays boosted their target price on shares of Colgate-Palmolive from $86.00 to $87.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $98.92.

Colgate-Palmolive Stock Performance

NYSE CL traded down $1.01 during trading hours on Thursday, reaching $83.44. The stock had a trading volume of 5,321,031 shares, compared to its average volume of 5,151,797. Colgate-Palmolive Company has a 52-week low of $82.40 and a 52-week high of $109.30. The company has a debt-to-equity ratio of 6.79, a quick ratio of 0.57 and a current ratio of 0.89. The stock has a market cap of $67.44 billion, a P/E ratio of 23.14, a price-to-earnings-growth ratio of 4.39 and a beta of 0.35. The stock has a fifty day moving average of $87.32 and a 200 day moving average of $89.86.

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

Colgate-Palmolive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, July 18th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, July 18th. This represents a $2.08 dividend on an annualized basis and a yield of 2.5%. Colgate-Palmolive's payout ratio is presently 58.43%.

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.