Conning Inc. Acquires 39,655 Shares of Colgate-Palmolive Company $CL

Key Points

• Conning Inc. increased its Colgate-Palmolive stake by 10.2% in the fourth quarter, buying 39,655 additional shares and bringing its total holdings to 426,753 shares valued at about $33.7 million.
• Colgate-Palmolive reported better-than-expected quarterly earnings, posting $0.97 EPS on revenue of $5.32 billion, both above analyst estimates, with revenue up 8.4% year over year.
• The company raised its quarterly dividend to $0.53 per share from $0.52, and analysts currently view the stock as a Moderate Buy with an average price target of $95.88.

Conning Inc. lifted its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 10.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 426,753 shares of the company's stock after purchasing an additional 39,655 shares during the period. Colgate-Palmolive comprises 1.1% of Conning Inc.'s holdings, making the stock its 24th biggest position. Conning Inc. owned 0.05% of Colgate-Palmolive worth $33,722,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. New York Life Investment Management LLC increased its holdings in shares of Colgate-Palmolive by 1.7% in the 4th quarter. New York Life Investment Management LLC now owns 120,528 shares of the company's stock valued at $9,524,000 after acquiring an additional 1,962 shares during the period. Allworth Financial LP lifted its stake in shares of Colgate-Palmolive by 31.8% during the 4th quarter. Allworth Financial LP now owns 37,102 shares of the company's stock worth $2,932,000 after purchasing an additional 8,959 shares during the last quarter. Catalyst Financial Partners LLC boosted its position in Colgate-Palmolive by 8.4% during the fourth quarter. Catalyst Financial Partners LLC now owns 3,382 shares of the company's stock valued at $267,000 after purchasing an additional 263 shares in the last quarter. Moneco Advisors LLC grew its stake in Colgate-Palmolive by 44.2% in the fourth quarter. Moneco Advisors LLC now owns 8,081 shares of the company's stock valued at $639,000 after purchasing an additional 2,478 shares during the last quarter. Finally, Independent Advisor Alliance grew its stake in Colgate-Palmolive by 0.8% in the fourth quarter. Independent Advisor Alliance now owns 27,217 shares of the company's stock valued at $2,151,000 after purchasing an additional 204 shares during the last quarter. 80.41% of the stock is currently owned by institutional investors.

Colgate-Palmolive Stock Up 1.1%

Colgate-Palmolive stock opened at $88.84 on Friday. Colgate-Palmolive Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33. The company has a market cap of $71.28 billion, a PE ratio of 34.57, a PEG ratio of 4.55 and a beta of 0.31. The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.67 and a current ratio of 1.02. The business's 50-day simple moving average is $86.44 and its two-hundred day simple moving average is $84.65.

Colgate-Palmolive (NYSE:CL - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.94 by $0.03. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.22 billion. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The business's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. Equities analysts anticipate that Colgate-Palmolive Company will post 3.83 EPS for the current year.

Colgate-Palmolive Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Monday, April 20th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.4%. This is a boost from Colgate-Palmolive's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Monday, April 20th. Colgate-Palmolive's payout ratio is currently 82.49%.

Wall Street Analyst Weigh In

Several research firms have commented on CL. Jefferies Financial Group increased their price target on shares of Colgate-Palmolive from $85.00 to $91.00 and gave the company a "hold" rating in a research report on Monday, February 2nd. Bank of America cut their price objective on shares of Colgate-Palmolive from $105.00 to $102.00 and set a "buy" rating on the stock in a research report on Friday, April 10th. Piper Sandler reduced their price objective on shares of Colgate-Palmolive from $96.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, April 8th. Evercore increased their target price on shares of Colgate-Palmolive from $94.00 to $100.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. Finally, Weiss Ratings raised shares of Colgate-Palmolive from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Colgate-Palmolive presently has a consensus rating of "Moderate Buy" and an average target price of $95.88.

Colgate-Palmolive Profile

Colgate-Palmolive Company is a global consumer products company with a long history in household and personal care categories. The business traces its roots to the early 19th century and has evolved into a multinational manufacturer and marketer of everyday consumer goods focused on health, hygiene and home care.

The company's core activities center on oral care, personal care, home care and pet nutrition. Its product portfolio includes toothpaste, toothbrushes and mouthwash in oral care; soaps, body washes and deodorants in personal care; dishwashing liquids, surface cleaners and other household products in home care; and scientifically formulated pet foods under its pet nutrition business.

Want to see what other hedge funds are holding CL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Colgate-Palmolive Company (NYSE:CL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.