PNC Financial Services Group Inc. Sells 62,956 Shares of Colgate-Palmolive Company $CL

Key Points

• PNC Financial Services cut its Colgate-Palmolive stake by 6.6% in the fourth quarter, selling 62,956 shares and leaving it with 890,391 shares valued at about $70.4 million.
• Colgate-Palmolive reported better-than-expected quarterly results, posting EPS of $0.97 versus $0.94 expected and revenue of $5.32 billion versus $5.22 billion estimated, with revenue up 8.4% year over year.
• The company also raised its quarterly dividend to $0.53 from $0.52, while analysts currently view the stock as a Moderate Buy with an average price target of $95.88.

PNC Financial Services Group Inc. lowered its stake in Colgate-Palmolive Company (NYSE:CL - Free Report) by 6.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 890,391 shares of the company's stock after selling 62,956 shares during the period. PNC Financial Services Group Inc. owned 0.11% of Colgate-Palmolive worth $70,359,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CL. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Colgate-Palmolive by 8,040.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,655,987 shares of the company's stock valued at $380,666,000 after buying an additional 4,598,789 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in shares of Colgate-Palmolive by 46.7% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 8,077,549 shares of the company's stock valued at $645,719,000 after buying an additional 2,572,796 shares in the last quarter. Amundi boosted its holdings in shares of Colgate-Palmolive by 41.6% during the 3rd quarter. Amundi now owns 6,294,445 shares of the company's stock valued at $487,505,000 after buying an additional 1,850,412 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Colgate-Palmolive by 360.9% during the 3rd quarter. Two Sigma Investments LP now owns 2,126,249 shares of the company's stock valued at $169,972,000 after buying an additional 1,664,949 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Colgate-Palmolive by 3,896.0% during the 4th quarter. SG Americas Securities LLC now owns 1,189,005 shares of the company's stock valued at $93,955,000 after buying an additional 1,159,250 shares in the last quarter. Institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Price Performance

CL opened at $90.48 on Friday. The stock has a 50-day moving average price of $86.08 and a 200-day moving average price of $85.11. The company has a debt-to-equity ratio of 16.33, a current ratio of 1.02 and a quick ratio of 0.67. The firm has a market cap of $72.59 billion, a PE ratio of 35.21, a P/E/G ratio of 4.69 and a beta of 0.31. Colgate-Palmolive Company has a 1 year low of $74.54 and a 1 year high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.03. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.22 billion. Colgate-Palmolive had a return on equity of 386.76% and a net margin of 10.04%.Colgate-Palmolive's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 EPS. Sell-side analysts predict that Colgate-Palmolive Company will post 3.82 earnings per share for the current fiscal year.

Colgate-Palmolive Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, April 20th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 20th. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. This is a boost from Colgate-Palmolive's previous quarterly dividend of $0.52. Colgate-Palmolive's payout ratio is presently 82.49%.

Analysts Set New Price Targets

A number of analysts have recently commented on CL shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $99.00 target price on shares of Colgate-Palmolive in a report on Monday, May 4th. Wells Fargo & Company dropped their target price on shares of Colgate-Palmolive from $100.00 to $92.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 8th. The Goldman Sachs Group restated a "buy" rating on shares of Colgate-Palmolive in a report on Friday, May 1st. Piper Sandler dropped their target price on shares of Colgate-Palmolive from $96.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, April 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $102.00 target price on shares of Colgate-Palmolive in a report on Monday, May 4th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $95.88.

Colgate-Palmolive Company 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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