Envestnet Asset Management Inc. Increases Stake in Colgate-Palmolive Company $CL

Key Points

• Envestnet Asset Management increased its Colgate-Palmolive stake by 266.5% during the second quarter, acquiring 3.01 million additional shares and bringing its holdings to 4.15 million shares worth approximately $380.1 million.
• Colgate-Palmolive reported quarterly earnings of $0.99 per share, exceeding estimates by $0.04, while revenue rose 4.9% year over year to $5.36 billion. The company also declared a quarterly dividend of $0.53 per share, yielding about 2.5% annually.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $98.94; however, insiders sold more than 175,000 shares worth $16.1 million over the past 90 days.

Envestnet Asset Management Inc. lifted its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 266.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,146,337 shares of the company's stock after acquiring an additional 3,014,860 shares during the quarter. Envestnet Asset Management Inc. owned 0.52% of Colgate-Palmolive worth $380,136,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. State Street Corp lifted its position in shares of Colgate-Palmolive by 97.4% in the 2nd quarter. State Street Corp now owns 94,195,992 shares of the company's stock worth $8,635,889,000 after purchasing an additional 46,476,510 shares during the period. Norges Bank purchased a new position in Colgate-Palmolive during the fourth quarter valued at approximately $861,670,000. Bank of New York Mellon Corp increased its holdings in Colgate-Palmolive by 172.5% during the first quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company's stock valued at $1,067,211,000 after buying an additional 7,927,238 shares during the period. Bank of America Corp DE bought a new position in Colgate-Palmolive in the second quarter worth approximately $567,483,000. Finally, Balyasny Asset Management L.P. bought a new position in Colgate-Palmolive in the fourth quarter worth approximately $236,682,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Stock Down 1.3%

Shares of CL stock opened at $85.92 on Thursday. Colgate-Palmolive Company has a 1-year low of $74.54 and a 1-year high of $99.33. The stock's fifty day moving average price is $90.46 and its 200 day moving average price is $89.03. The company has a debt-to-equity ratio of 13.82, a current ratio of 1.03 and a quick ratio of 0.67. The company has a market cap of $68.49 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 4.06 and a beta of 0.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.04. The business had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.36 billion. Colgate-Palmolive had a return on equity of 464.63% and a net margin of 9.68%.The company's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.92 earnings per share. On average, research analysts expect that Colgate-Palmolive Company will post 3.87 earnings per share for the current fiscal year.

Colgate-Palmolive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, October 20th. Colgate-Palmolive's payout ratio is presently 84.13%.

Insider Activity

In other Colgate-Palmolive news, COO Panagiotis Tsourapas sold 10,000 shares of Colgate-Palmolive stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $92.05, for a total transaction of $920,500.00. Following the completion of the sale, the chief operating officer owned 64,901 shares of the company's stock, valued at approximately $5,974,137.05. The trade was a 13.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John T. Cahill sold 4,170 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $93.37, for a total value of $389,352.90. Following the sale, the director owned 28,373 shares in the company, valued at approximately $2,649,187.01. The trade was a 12.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 175,191 shares of company stock valued at $16,110,903 over the last ninety days. 0.43% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on CL. JPMorgan Chase & Co. dropped their target price on Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. UBS Group upped their price objective on Colgate-Palmolive from $106.00 to $109.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $101.00 price objective on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Citigroup lifted their target price on Colgate-Palmolive from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, Barclays boosted their target price on shares of Colgate-Palmolive from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. Thirteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Colgate-Palmolive currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.94.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company NYSE: CL is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its products are sold in more than 200 countries and territories through retail stores, e-commerce channels and professional networks.

The company's portfolio includes Colgate toothpaste, toothbrushes and mouthwashes; Palmolive and Softsoap personal care products; Ajax and other household cleaning products; and Hill's Science Diet and Prescription Diet pet foods.

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