Equitable Holdings Inc. Makes New $2.62 Million Investment in Colgate-Palmolive Company $CL

Key Points

• Equitable Holdings acquired 28,594 Colgate-Palmolive shares during the second quarter, worth approximately $2.62 million. Institutional investors collectively own 80.41% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $99, compared with the stock’s reported price of $90.75.
• Colgate-Palmolive exceeded quarterly earnings expectations, reporting $0.99 in EPS versus $0.95 forecast and 4.9% year-over-year revenue growth. The company also declared a $0.53 quarterly dividend, representing a 2.3% yield.

Equitable Holdings Inc. acquired a new stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 28,594 shares of the company's stock, valued at approximately $2,621,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Centaurus Financial Inc. purchased a new stake in shares of Colgate-Palmolive during the second quarter worth about $238,000. Jefferies Financial Group Inc. purchased a new position in Colgate-Palmolive in the 2nd quarter valued at about $19,096,000. Public Employees Retirement System of Ohio acquired a new stake in Colgate-Palmolive in the 2nd quarter worth about $27,882,000. MASTERINVEST Kapitalanlage GmbH purchased a new stake in Colgate-Palmolive during the 2nd quarter worth approximately $3,044,000. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Colgate-Palmolive during the 2nd quarter worth approximately $140,000. Hedge funds and other institutional investors own 80.41% of the company's stock.

Insider Activity

In other news, 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 transaction of $389,352.90. Following the transaction, the director owned 28,373 shares of the company's stock, valued at approximately $2,649,187.01. The trade was a 12.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Panagiotis Tsourapas sold 10,000 shares of the firm's 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 175,191 shares of company stock valued at $16,110,903. 0.43% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CL has been the topic of several research reports. Morgan Stanley restated an "overweight" rating and issued a $104.00 target price on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $101.00 price target on shares of Colgate-Palmolive in a research report on Monday, August 3rd. JPMorgan Chase & Co. decreased their price objective on Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Piper Sandler lifted their target price on shares of Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Finally, Royal Bank Of Canada upped their target price on shares of Colgate-Palmolive from $102.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Colgate-Palmolive has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

Colgate-Palmolive Price Performance

NYSE:CL opened at $90.75 on Friday. Colgate-Palmolive Company has a one year low of $74.54 and a one year high of $99.33. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.67 and a current ratio of 1.03. The stock has a market cap of $72.34 billion, a PE ratio of 36.01, a P/E/G ratio of 4.25 and a beta of 0.33. The stock has a 50 day moving average price of $92.02 and a 200 day moving average price of $90.06.

Colgate-Palmolive (NYSE:CL - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. The company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.36 billion. Colgate-Palmolive had a return on equity of 464.63% and a net margin of 9.68%.The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. Equities research analysts expect that Colgate-Palmolive Company will post 3.86 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, July 20th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, July 20th. Colgate-Palmolive's payout ratio is currently 84.13%.

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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