Magellan Asset Management Ltd Reduces Holdings in Colgate-Palmolive Company (NYSE:CL)

Key Points

• Magellan Asset Management Ltd has reduced its holdings in Colgate-Palmolive by 58.9%, selling 1,308,715 shares, leaving it with approximately 911,997 shares valued at $85.45 million.
• Colgate-Palmolive reported earnings per share of $0.92 for its latest quarter, exceeding analysts' expectations of $0.89, with a revenue increase of 1.0% year-over-year.
• The company has declared a quarterly dividend of $0.52, representing an annualized dividend of $2.08 with a yield of 2.5%.

Magellan Asset Management Ltd reduced its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 58.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 911,997 shares of the company's stock after selling 1,308,715 shares during the period. Magellan Asset Management Ltd owned approximately 0.11% of Colgate-Palmolive worth $85,454,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Colgate-Palmolive by 0.6% during the first quarter. Vanguard Group Inc. now owns 81,758,257 shares of the company's stock worth $7,660,749,000 after buying an additional 455,198 shares in the last quarter. Northern Trust Corp grew its holdings in Colgate-Palmolive by 11.7% in the fourth quarter. Northern Trust Corp now owns 9,497,819 shares of the company's stock valued at $863,447,000 after purchasing an additional 993,328 shares during the period. Goldman Sachs Group Inc. grew its holdings in Colgate-Palmolive by 34.5% in the first quarter. Goldman Sachs Group Inc. now owns 7,980,387 shares of the company's stock valued at $747,762,000 after purchasing an additional 2,045,191 shares during the period. Deutsche Bank AG grew its holdings in Colgate-Palmolive by 3.7% in the first quarter. Deutsche Bank AG now owns 7,176,598 shares of the company's stock valued at $672,447,000 after purchasing an additional 253,604 shares during the period. Finally, Invesco Ltd. grew its holdings in Colgate-Palmolive by 5.0% in the first quarter. Invesco Ltd. now owns 6,867,209 shares of the company's stock valued at $643,458,000 after purchasing an additional 329,291 shares during the period. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Trading Down 0.0%

Shares of CL stock opened at $84.71 on Friday. The business's 50 day moving average is $88.76 and its two-hundred day moving average is $90.15. The company has a market cap of $68.46 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 4.41 and a beta of 0.35. The company has a quick ratio of 0.28, a current ratio of 0.89 and a debt-to-equity ratio of 6.79. Colgate-Palmolive Company has a 12 month low of $82.40 and a 12 month high of $109.30.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.03. Colgate-Palmolive had a net margin of 14.55% and a return on equity of 377.63%. The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. The business's revenue was up 1.0% compared to the same quarter last year. Equities analysts predict that Colgate-Palmolive Company will post 3.75 EPS for the current year.

Colgate-Palmolive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, July 18th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, July 18th. Colgate-Palmolive's payout ratio is currently 58.43%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CL shares. Wall Street Zen downgraded shares of Colgate-Palmolive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. UBS Group reduced their target price on shares of Colgate-Palmolive from $109.00 to $106.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Morgan Stanley set a $96.00 price target on shares of Colgate-Palmolive and gave the company an "overweight" rating in a report on Monday, August 4th. Wells Fargo & Company cut their price target on shares of Colgate-Palmolive from $88.00 to $83.00 and set an "underweight" rating on the stock in a report on Monday, August 4th. Finally, Citigroup cut their price target on shares of Colgate-Palmolive from $108.00 to $105.00 and set a "buy" rating on the stock in a report on Monday, August 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Colgate-Palmolive currently has an average rating of "Hold" and a consensus price target of $98.92.

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.

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