Conning Inc. Cuts Holdings in Colgate-Palmolive Company $CL

Key Points

• Conning Inc. trimmed its Colgate-Palmolive stake by 9.9% in the first quarter, selling 42,092 shares and ending with 384,661 shares valued at about $32.8 million.
• Colgate-Palmolive beat quarterly expectations, reporting $0.97 EPS on revenue of $5.32 billion, both ahead of analysts’ estimates; revenue also rose 8.4% year over year.
• The company reaffirmed its shareholder return profile with a quarterly dividend of $0.53 per share, equal to an annualized yield of 2.3%, while analysts currently rate the stock a “Moderate Buy.”

Conning Inc. reduced its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 9.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 384,661 shares of the company's stock after selling 42,092 shares during the period. Conning Inc.'s holdings in Colgate-Palmolive were worth $32,785,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its holdings in shares of Colgate-Palmolive by 19.2% in the first quarter. Sequoia Financial Advisors LLC now owns 64,773 shares of the company's stock valued at $5,521,000 after purchasing an additional 10,434 shares in the last quarter. Equitable Trust Co. purchased a new stake in Colgate-Palmolive in the 1st quarter worth about $680,000. Mason & Associates Inc grew its stake in shares of Colgate-Palmolive by 1.7% during the first quarter. Mason & Associates Inc now owns 8,493 shares of the company's stock valued at $728,000 after buying an additional 143 shares during the last quarter. Griffin Asset Management Inc. raised its holdings in shares of Colgate-Palmolive by 0.8% in the first quarter. Griffin Asset Management Inc. now owns 16,377 shares of the company's stock worth $1,396,000 after buying an additional 134 shares during the period. Finally, Main Street Research LLC lifted its stake in shares of Colgate-Palmolive by 13.1% during the 1st quarter. Main Street Research LLC now owns 7,484 shares of the company's stock worth $638,000 after acquiring an additional 866 shares during the last quarter. 80.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CL. Wall Street Zen downgraded Colgate-Palmolive from a "buy" rating to a "hold" rating in a research report on Sunday, March 29th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $99.00 target price on shares of Colgate-Palmolive in a research report on Monday, May 4th. Wells Fargo & Company lifted their price target on shares of Colgate-Palmolive from $92.00 to $95.00 and gave the company an "equal weight" rating in a research note on Wednesday. TD Cowen reiterated a "hold" rating and issued a $85.00 price target on shares of Colgate-Palmolive in a report on Tuesday, March 31st. Finally, Piper Sandler raised their price objective on Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a report on Thursday. Twelve analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $96.29.

Colgate-Palmolive Trading Up 1.4%

NYSE CL opened at $92.31 on Friday. 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 company has a market capitalization of $73.86 billion, a price-to-earnings ratio of 35.92, a price-to-earnings-growth ratio of 4.80 and a beta of 0.33. The company's 50-day simple moving average is $89.91 and its two-hundred day simple moving average is $88.10. Colgate-Palmolive Company has a one year low of $74.54 and a one year high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.03. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.22 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The company's revenue was up 8.4% compared to the same quarter last year. Equities analysts forecast that Colgate-Palmolive Company will post 3.81 EPS for the current fiscal year.

Colgate-Palmolive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, July 20th will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, July 20th. This represents a $2.12 dividend on an annualized basis and a yield of 2.3%. Colgate-Palmolive's dividend payout ratio is currently 82.49%.

Colgate-Palmolive Company 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.

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