M&T Bank Corp Has $7.83 Million Stock Holdings in Colgate-Palmolive Company $CL

Key Points

• M&T Bank cut its stake in Colgate‑Palmolive by 62.3% in Q4, selling 163,559 shares and finishing the quarter with 99,143 shares valued at about $7.83 million.
• Colgate beat Q4 estimates with EPS of $0.95 and revenue of $5.23 billion (up 5.8% y/y), while analysts have trimmed price targets yet maintain a consensus "Moderate Buy" with an average target near $95.56.
• The company raised its quarterly dividend to $0.53 ($2.12 annualized, ~2.5% yield), even as insiders sold roughly 184,683 shares (about $17.5 million) over the past 90 days.

M&T Bank Corp cut its holdings in Colgate-Palmolive Company (NYSE:CL - Free Report) by 62.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,143 shares of the company's stock after selling 163,559 shares during the quarter. M&T Bank Corp's holdings in Colgate-Palmolive were worth $7,834,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Maseco LLP acquired a new stake in shares of Colgate-Palmolive in the fourth quarter worth $27,000. Copia Wealth Management acquired a new stake in shares of Colgate-Palmolive in the third quarter worth $29,000. Cloud Capital Management LLC acquired a new stake in shares of Colgate-Palmolive in the third quarter worth $30,000. Global Wealth Strategies & Associates lifted its stake in shares of Colgate-Palmolive by 300.0% in the fourth quarter. Global Wealth Strategies & Associates now owns 400 shares of the company's stock worth $32,000 after buying an additional 300 shares during the last quarter. Finally, Grove Bank & Trust lifted its stake in shares of Colgate-Palmolive by 182.6% in the fourth quarter. Grove Bank & Trust now owns 407 shares of the company's stock worth $32,000 after buying an additional 263 shares during the last quarter. 80.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CL has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on shares of Colgate-Palmolive from $100.00 to $92.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 8th. JPMorgan Chase & Co. reduced their price objective on shares of Colgate-Palmolive from $97.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, April 17th. Weiss Ratings restated a "hold (c)" rating on shares of Colgate-Palmolive in a research note on Wednesday, January 21st. Bank of America reduced their price objective on shares of Colgate-Palmolive from $105.00 to $102.00 and set a "buy" rating for the company in a research note on Friday, April 10th. Finally, Morgan Stanley reduced their price objective on shares of Colgate-Palmolive from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Colgate-Palmolive currently has an average rating of "Moderate Buy" and a consensus target price of $95.56.

Colgate-Palmolive Trading Up 1.1%

Shares of CL stock opened at $84.65 on Friday. Colgate-Palmolive Company has a 1 year low of $74.54 and a 1 year high of $99.33. The firm's fifty day simple moving average is $88.79 and its 200 day simple moving average is $83.87. The firm has a market capitalization of $67.92 billion, a P/E ratio of 32.31, a price-to-earnings-growth ratio of 4.28 and a beta of 0.34. The company has a current ratio of 0.83, a quick ratio of 0.54 and a debt-to-equity ratio of 18.82.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its earnings results on Friday, January 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.04. Colgate-Palmolive had a net margin of 10.45% and a return on equity of 353.72%. The business had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. Colgate-Palmolive's revenue was up 5.8% compared to the same quarter last year. As a group, sell-side analysts predict that Colgate-Palmolive Company will post 3.85 EPS for the current year.

Colgate-Palmolive Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Monday, April 20th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.5%. This is an increase from Colgate-Palmolive's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Monday, April 20th. Colgate-Palmolive's payout ratio is presently 80.92%.

Insider Activity at Colgate-Palmolive

In related news, CFO Stanley J. Sutula III sold 97,843 shares of the business's stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $94.27, for a total transaction of $9,223,659.61. Following the transaction, the chief financial officer owned 55,310 shares of the company's stock, valued at approximately $5,214,073.70. The trade was a 63.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Hazlin sold 20,989 shares of the business's stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $94.25, for a total transaction of $1,978,213.25. Following the transaction, the insider directly owned 17,645 shares in the company, valued at $1,663,041.25. This trade represents a 54.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 184,683 shares of company stock worth $17,486,693. 0.43% of the stock is owned by 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.

Want to see what other hedge funds are holding CL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Colgate-Palmolive Company (NYSE:CL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.