Envestnet Portfolio Solutions Inc. Reduces Stock Holdings in Colgate-Palmolive Company $CL

Key Points

• Envestnet Portfolio Solutions Inc. reduced its holdings in Colgate-Palmolive by 29.1%, owning 15,763 shares worth approximately $1.43 million after selling 6,466 shares in Q2.
• Analysts have recently lowered price targets for Colgate-Palmolive, with Morgan Stanley setting a new target of $96.00, while a consensus average price target is currently $92.21.
• Colgate-Palmolive declared a quarterly dividend of $0.52, set to be paid on November 14th, representing an annual yield of 2.6%.

Envestnet Portfolio Solutions Inc. lowered its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 29.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,763 shares of the company's stock after selling 6,466 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Colgate-Palmolive were worth $1,433,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CL. Westend Capital Management LLC lifted its position in 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 buying an additional 140 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in Colgate-Palmolive by 1,913.3% in the first quarter. Cornerstone Planning Group LLC now owns 302 shares of the company's stock valued at $28,000 after buying an additional 287 shares during the last quarter. Saudi Central Bank acquired a new position in Colgate-Palmolive in the first quarter valued at about $29,000. Ransom Advisory Ltd acquired a new position in Colgate-Palmolive in the first quarter valued at about $33,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Colgate-Palmolive in the first quarter valued at about $37,000. Hedge funds and other institutional investors own 80.41% of the company's stock.

Analyst Upgrades and Downgrades

CL has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on shares of Colgate-Palmolive from $104.00 to $96.00 and set an "overweight" rating on the stock in a research report on Monday, August 4th. UBS Group reduced their price target on shares of Colgate-Palmolive from $99.00 to $92.00 and set a "buy" rating on the stock in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their price target on shares of Colgate-Palmolive from $95.00 to $88.00 and set an "overweight" rating on the stock in a research report on Friday, October 10th. Bank of America reduced their target price on shares of Colgate-Palmolive from $98.00 to $88.00 and set a "buy" rating on the stock in a report on Wednesday, October 8th. Finally, Piper Sandler assumed coverage on shares of Colgate-Palmolive in a report on Friday, October 3rd. They issued a "neutral" rating and a $84.00 target price on the stock. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $92.21.

Colgate-Palmolive Stock Performance

Shares of Colgate-Palmolive stock opened at $79.14 on Friday. The firm has a market capitalization of $63.96 billion, a P/E ratio of 22.23, a P/E/G ratio of 4.58 and a beta of 0.34. Colgate-Palmolive Company has a 52 week low of $76.68 and a 52 week high of $100.54. The company has a quick ratio of 0.57, a current ratio of 0.89 and a debt-to-equity ratio of 6.79. The firm's 50 day moving average is $81.96 and its two-hundred day moving average is $87.39.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.89 by $0.03. The company 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 firm's revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 earnings per share. Research analysts forecast that Colgate-Palmolive Company will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 17th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, October 17th. Colgate-Palmolive's dividend payout ratio is currently 58.43%.

About Colgate-Palmolive

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.

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