Parr Mcknight Wealth Management Group LLC Sells 18,339 Shares of Colgate-Palmolive Company $CL

Key Points

• Parr Mcknight Wealth Management Group sharply cut its Colgate-Palmolive position in the first quarter, selling 18,339 shares and reducing its stake by 87% to 2,729 shares worth about $233,000.
• Colgate-Palmolive reported strong quarterly results, with EPS of $0.97 beating estimates and revenue of $5.32 billion exceeding expectations. Revenue rose 8.4% year over year.
• The company declared a quarterly dividend of $0.53 per share, implying an annualized dividend of $2.12 and a yield of about 2.3%. Analysts currently have a consensus rating of Moderate Buy with a target price of $96.29.

Parr Mcknight Wealth Management Group LLC lowered its stake in Colgate-Palmolive Company (NYSE:CL - Free Report) by 87.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,729 shares of the company's stock after selling 18,339 shares during the quarter. Parr Mcknight Wealth Management Group LLC's holdings in Colgate-Palmolive were worth $233,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Teacher Retirement System of Texas grew its holdings in shares of Colgate-Palmolive by 35.3% during the fourth quarter. Teacher Retirement System of Texas now owns 469,624 shares of the company's stock valued at $37,110,000 after buying an additional 122,634 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Colgate-Palmolive by 114.2% in the 4th quarter. GAMMA Investing LLC now owns 23,329 shares of the company's stock worth $1,843,000 after acquiring an additional 12,437 shares during the last quarter. Avior Wealth Management LLC bought a new position in Colgate-Palmolive in the 4th quarter valued at about $1,135,000. Flputnam Investment Management Co. lifted its position in Colgate-Palmolive by 7.4% in the 4th quarter. Flputnam Investment Management Co. now owns 200,972 shares of the company's stock valued at $15,881,000 after acquiring an additional 13,804 shares in the last quarter. Finally, Destination Wealth Management boosted its stake in Colgate-Palmolive by 3.2% during the 3rd quarter. Destination Wealth Management now owns 528,099 shares of the company's stock valued at $42,216,000 after purchasing an additional 16,226 shares during the last quarter. 80.41% of the stock is owned by institutional investors.

Colgate-Palmolive Price Performance

Shares of NYSE:CL opened at $93.15 on Tuesday. The company has a market capitalization of $74.54 billion, a P/E ratio of 36.25, a price-to-earnings-growth ratio of 4.86 and a beta of 0.33. The company's 50-day moving average is $90.06 and its 200 day moving average is $88.26. The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.67 and a current ratio of 1.02. Colgate-Palmolive Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.94 by $0.03. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.22 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The company's revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that Colgate-Palmolive Company will post 3.81 earnings per share for the current year.

Colgate-Palmolive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, July 20th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, July 20th. Colgate-Palmolive's dividend payout ratio (DPR) is currently 82.49%.

Wall Street Analysts Forecast Growth

CL has been the topic of a number of recent research reports. Sanford C. Bernstein initiated coverage on Colgate-Palmolive in a report on Thursday, June 11th. They issued a "market perform" rating and a $96.00 target price on the stock. Wells Fargo & Company increased their price target on Colgate-Palmolive from $92.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $99.00 price objective on shares of Colgate-Palmolive in a report on Monday, May 4th. The Goldman Sachs Group reiterated a "buy" rating on shares of Colgate-Palmolive in a report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Colgate-Palmolive from a "buy" rating to a "hold" rating in a research report on Sunday, March 29th. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Colgate-Palmolive Profile

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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