Ferguson Wellman Capital Management Inc. Acquires 247,112 Shares of Colgate-Palmolive Company $CL

Key Points

• Ferguson Wellman Capital Management increased its Colgate-Palmolive stake by 247,112 shares, or 6,648.2%, to 250,829 shares valued at approximately $21.4 million. Institutional investors collectively own 80.41% of the stock.
• Colgate-Palmolive exceeded quarterly EPS expectations, reporting $0.99 versus the $0.95 consensus, while revenue rose 4.9% year over year to $5.36 billion. The company declared a quarterly dividend of $0.53, representing a 2.5% yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $98.65, compared with a recent share price of $85.61. Meanwhile, insiders sold more than $16.1 million of stock over the past three months, including a large tax-related sale by CEO Noel Wallace.

Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 6,648.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 250,829 shares of the company's stock after purchasing an additional 247,112 shares during the period. Ferguson Wellman Capital Management Inc.'s holdings in Colgate-Palmolive were worth $21,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CL. TD Capital Management LLC lifted its holdings in shares of Colgate-Palmolive by 61.4% in the 4th quarter. TD Capital Management LLC now owns 326 shares of the company's stock valued at $26,000 after buying an additional 124 shares during the period. Parvin Asset Management LLC acquired a new stake in Colgate-Palmolive during the second quarter worth about $32,000. Park Place Capital Corp raised its position in Colgate-Palmolive by 55.5% during the second quarter. Park Place Capital Corp now owns 356 shares of the company's stock valued at $33,000 after acquiring an additional 127 shares in the last quarter. Cherry Tree Wealth Management LLC raised its position in Colgate-Palmolive by 7,840.0% during the second quarter. Cherry Tree Wealth Management LLC now owns 397 shares of the company's stock valued at $36,000 after acquiring an additional 392 shares in the last quarter. Finally, Montgomery Financial Services LLC acquired a new position in Colgate-Palmolive in the second quarter valued at approximately $36,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Price Performance

NYSE:CL traded up $1.35 during trading hours on Monday, hitting $85.61. 1,957,685 shares of the stock were exchanged, compared to its average volume of 5,709,736. The firm's fifty day moving average price is $89.59 and its 200 day moving average price is $88.77. Colgate-Palmolive Company has a 52-week low of $74.54 and a 52-week high of $99.33. The company has a market cap of $68.25 billion, a P/E ratio of 33.98, a P/E/G ratio of 3.93 and a beta of 0.33. The company has a current ratio of 1.03, a quick ratio of 0.67 and a debt-to-equity ratio of 13.82.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. Colgate-Palmolive had a return on equity of 464.63% and a net margin of 9.68%.The firm had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the previous year, the company posted $0.92 earnings per share. The business's revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts anticipate that Colgate-Palmolive Company will post 3.87 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have commented on CL shares. Citigroup upped their price objective on Colgate-Palmolive from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. TD Cowen boosted their target price on shares of Colgate-Palmolive from $85.00 to $90.00 and gave the company a "hold" rating in a research note on Monday, August 3rd. UBS Group raised their price target on shares of Colgate-Palmolive from $106.00 to $109.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Piper Sandler cut their price objective on shares of Colgate-Palmolive from $98.00 to $95.00 and set an "overweight" rating for the company in a report on Monday, September 21st. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $104.00 target price on shares of Colgate-Palmolive in a research note on Tuesday, September 8th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.65.

Insider Buying and Selling

In related news, CEO Noel Wallace sold 161,021 shares of the company's stock in a transaction dated 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 sale, the chief executive officer owned 362,231 shares of the company's stock, valued at approximately $33,296,273.52. This represents a 30.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Cahill sold 4,170 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 28,373 shares in the company, valued at $2,649,187.01. This trade represents a 12.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 175,191 shares of company stock worth $16,110,903. 0.43% of the stock is owned by insiders.

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 portfolio includes toothpaste, toothbrushes, mouthwashes, body washes, deodorants, soaps, household cleaning products and pet food and treats.

The company markets many of its products under well-known brands, including Colgate, Palmolive, elmex, meridol, Protex, Softsoap, Ajax, Irish Spring, Speed Stick, Tom's of Maine and Hill's Science Diet.

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