Handelsbanken Fonder AB Boosts Stock Position in Colgate-Palmolive Company $CL

Key Points

• Handelsbanken Fonder increased its Colgate-Palmolive stake by 6% in the second quarter, bringing its holdings to 332,176 shares valued at approximately $30.5 million. Institutional investors collectively own 80.41% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $99, compared with the stock’s reported price of $92.39.
• Colgate-Palmolive exceeded quarterly EPS expectations, reporting $0.99 versus $0.95 expected, while revenue rose 4.9% year over year to $5.36 billion. The company also declared a quarterly dividend of $0.53 per share, representing a 2.3% yield.

Handelsbanken Fonder AB boosted its stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 6.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 332,176 shares of the company's stock after acquiring an additional 18,816 shares during the quarter. Handelsbanken Fonder AB's holdings in Colgate-Palmolive were worth $30,454,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Colgate-Palmolive during the fourth quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC grew its position in Colgate-Palmolive by 86.7% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 323 shares of the company's stock valued at $26,000 after buying an additional 150 shares during the last quarter. TD Capital Management LLC grew its position in 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 last quarter. Triumph Capital Management increased its stake in Colgate-Palmolive by 62.9% in the 4th quarter. Triumph Capital Management now owns 329 shares of the company's stock valued at $26,000 after buying an additional 127 shares during the period. Finally, Jessup Wealth Management Inc purchased a new position in Colgate-Palmolive during the 4th quarter worth $26,000. 80.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. TD Cowen raised their target price on shares of Colgate-Palmolive from $85.00 to $90.00 and gave the stock a "hold" rating in a research note 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 note on Monday, August 3rd. Royal Bank Of Canada increased their price target 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. Sanford C. Bernstein started coverage on Colgate-Palmolive in a report on Thursday, June 11th. They issued a "market perform" rating and a $96.00 price objective on the stock. Finally, Morgan Stanley reiterated an "overweight" rating and set a $104.00 target price on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Twelve investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $99.00.

Colgate-Palmolive Price Performance

Shares of NYSE CL opened at $92.39 on Wednesday. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.67 and a current ratio of 1.03. Colgate-Palmolive Company has a one year low of $74.54 and a one year high of $99.33. The firm has a market capitalization of $73.65 billion, a P/E ratio of 36.66, a PEG ratio of 4.55 and a beta of 0.33. The company's fifty day moving average is $91.30 and its two-hundred day moving average is $89.88.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.99 earnings per share (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 during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter last year, the firm posted $0.92 EPS. The business's revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Colgate-Palmolive Company will post 3.86 EPS for the current fiscal year.

Colgate-Palmolive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, July 20th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $2.12 dividend on an annualized basis and a yield of 2.3%. Colgate-Palmolive's dividend payout ratio (DPR) is 84.13%.

Insider Buying and Selling

In related news, CEO Noel R. Wallace sold 161,021 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $91.92, for a total value of $14,801,050.32. Following the completion of the transaction, the chief executive officer directly owned 362,231 shares of the company's stock, valued at $33,296,273.52. This trade represents a 30.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John T. Cahill sold 4,170 shares of Colgate-Palmolive stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total value of $389,352.90. Following the transaction, the director directly owned 28,373 shares of the company's stock, valued at approximately $2,649,187.01. This represents a 12.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.43% of the stock is currently owned by company insiders.

About Colgate-Palmolive

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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