Envestnet Portfolio Solutions Inc. Buys 49,803 Shares of Colgate-Palmolive Company $CL

Key Points

• Envestnet Portfolio Solutions increased its Colgate-Palmolive stake by 257.3%, adding 49,803 shares to own 69,161 shares valued at approximately $6.34 million. Institutional investors and hedge funds collectively own 80.41% of the company.
• Analysts maintain a “Moderate Buy” consensus on Colgate-Palmolive, with an average price target of $98.94; UBS and Citigroup recently raised their targets, while Piper Sandler lowered its target to $95.
• Colgate-Palmolive exceeded quarterly earnings expectations with $0.99 in EPS versus $0.95 forecast and reported 4.9% year-over-year revenue growth. The company declared a $0.53 quarterly dividend, yielding about 2.5%, while insiders sold roughly $16.1 million of stock over the past 90 days.

Envestnet Portfolio Solutions Inc. grew its stake in Colgate-Palmolive Company (NYSE:CL - Free Report) by 257.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 69,161 shares of the company's stock after buying an additional 49,803 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Colgate-Palmolive were worth $6,341,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clear Harbor Asset Management LLC raised its holdings in shares of Colgate-Palmolive by 2.6% in the 4th quarter. Clear Harbor Asset Management LLC now owns 4,503 shares of the company's stock valued at $356,000 after purchasing an additional 113 shares in the last quarter. Cooper Financial Group lifted its holdings in Colgate-Palmolive by 4.0% during the 2nd quarter. Cooper Financial Group now owns 2,947 shares of the company's stock worth $270,000 after buying an additional 114 shares during the last quarter. Gould Capital LLC lifted its holdings in Colgate-Palmolive by 38.7% during the 1st quarter. Gould Capital LLC now owns 412 shares of the company's stock worth $35,000 after buying an additional 115 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its position in shares of Colgate-Palmolive by 2.8% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 4,326 shares of the company's stock worth $397,000 after acquiring an additional 118 shares in the last quarter. Finally, SVB Wealth LLC boosted its position in shares of Colgate-Palmolive by 1.4% during the 2nd quarter. SVB Wealth LLC now owns 8,767 shares of the company's stock worth $804,000 after acquiring an additional 119 shares in the last quarter. 80.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on CL. Wells Fargo & Company boosted their target price on Colgate-Palmolive from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 8th. UBS Group raised their price objective on shares of Colgate-Palmolive from $106.00 to $109.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Citigroup boosted their price objective on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Jefferies Financial Group restated a "hold" rating on shares of Colgate-Palmolive in a report on Monday, August 3rd. Finally, Piper Sandler dropped their target price on shares of Colgate-Palmolive from $98.00 to $95.00 and set an "overweight" rating on the stock in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Colgate-Palmolive currently has an average rating of "Moderate Buy" and a consensus price target of $98.94.

Colgate-Palmolive Trading Down 0.7%

CL opened at $85.31 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.03 and a debt-to-equity ratio of 13.82. Colgate-Palmolive Company has a 52 week low of $74.54 and a 52 week high of $99.33. The business's 50 day moving average is $90.28 and its two-hundred day moving average is $88.97. The firm has a market cap of $68.00 billion, a price-to-earnings ratio of 33.85, a price-to-earnings-growth ratio of 4.06 and a beta of 0.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $0.99 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.04. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The business had revenue of $5.36 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the previous year, the company posted $0.92 EPS. The company's quarterly revenue was up 4.9% on a year-over-year basis. On average, research analysts predict that Colgate-Palmolive Company will post 3.87 EPS for the current year.

Colgate-Palmolive Dividend Announcement

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

Insider Buying and Selling at Colgate-Palmolive

In related news, Director John T. Cahill sold 4,170 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of the sale, the director directly owned 28,373 shares of the company's stock, valued at $2,649,187.01. This trade represents a 12.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Noel R. Wallace sold 161,021 shares of Colgate-Palmolive stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $91.92, for a total transaction of $14,801,050.32. Following the completion of the transaction, the chief executive officer owned 362,231 shares in the company, valued at approximately $33,296,273.52. This trade represents a 30.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 175,191 shares of company stock valued at $16,110,903 in the last ninety days. Insiders own 0.43% of the company's stock.

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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