First Manhattan CO. LLC. Cuts Stock Holdings in Colgate-Palmolive Company $CL

Key Points

• First Manhattan Co. LLC reduced its stake in Colgate-Palmolive by 17.7%, owning 85,133 shares valued at nearly $8 million after selling 18,259 shares in Q1.
• Several institutional investors, including Westend Capital Management LLC and Cornerstone Planning Group LLC, have significantly increased their holdings in Colgate-Palmolive during the same period.
• Wall Street analysts have mixed ratings on Colgate-Palmolive, with seven analysts classifying it as a Buy, while the stock's average price target is approximately $98.92.

First Manhattan CO. LLC. reduced its position in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,133 shares of the company's stock after selling 18,259 shares during the period. First Manhattan CO. LLC.'s holdings in Colgate-Palmolive were worth $7,977,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CL. Westend Capital Management LLC lifted its position in shares of Colgate-Palmolive by 111.1% during the 1st quarter. Westend Capital Management LLC now owns 266 shares of the company's stock worth $25,000 after purchasing 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 acquiring an additional 287 shares during the last quarter. Saudi Central Bank purchased a new position in shares of Colgate-Palmolive during the first quarter worth about $29,000. Vermillion Wealth Management Inc. purchased a new position in shares of Colgate-Palmolive during the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Colgate-Palmolive during the fourth quarter worth about $36,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CL has been the topic of a number of research analyst reports. Barclays lifted their target price on Colgate-Palmolive from $86.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Morgan Stanley cut their target price on 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 cut their target price on Colgate-Palmolive from $109.00 to $106.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. JPMorgan Chase & Co. cut their target price on Colgate-Palmolive from $99.00 to $95.00 and set an "overweight" rating on the stock in a research report on Monday, August 4th. Finally, Wells Fargo & Company cut their target price on Colgate-Palmolive from $88.00 to $83.00 and set an "underweight" rating on the stock in a research report on Monday, August 4th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.92.

Colgate-Palmolive Stock Performance

Shares of NYSE:CL traded up $1.46 on Friday, reaching $85.13. The company's stock had a trading volume of 6,165,415 shares, compared to its average volume of 4,410,816. The stock's 50-day moving average is $86.74 and its two-hundred day moving average is $89.74. Colgate-Palmolive Company has a 52-week low of $82.40 and a 52-week high of $109.04. The company has a debt-to-equity ratio of 6.79, a current ratio of 0.89 and a quick ratio of 0.57. The stock has a market capitalization of $68.80 billion, a P/E ratio of 23.91, a PEG ratio of 4.35 and a beta of 0.35.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analysts' expectations of $5.03 billion. Colgate-Palmolive had a net margin of 14.55% and a return on equity of 377.63%. The business's revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 earnings per share. As a group, sell-side analysts forecast that Colgate-Palmolive Company will post 3.75 EPS for the current year.

Colgate-Palmolive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, July 18th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, July 18th. Colgate-Palmolive's dividend payout ratio is currently 58.43%.

Colgate-Palmolive Company Profile

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.