Principal Financial Group Inc. Sells 18,659 Shares of Colgate-Palmolive Company $CL

Key Points

• Principal Financial Group reduced its Colgate-Palmolive stake by 1.8%, selling 18,659 shares and retaining 990,355 shares worth approximately $90.8 million. Institutional investors and hedge funds collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly earnings of $0.99 per share, beating estimates of $0.95, while revenue rose 4.9% year over year to $5.36 billion. Shares opened at $91.90, down 1.1%, and analysts maintain a “Moderate Buy” consensus with a $99 price target.
• The company paid a quarterly dividend of $0.53 per share, equivalent to an annualized $2.12 dividend and a 2.3% yield. CEO Noel Wallace and Director John Cahill also sold shares, with the CEO’s transaction primarily covering tax obligations tied to equity awards.

Principal Financial Group Inc. decreased its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 990,355 shares of the company's stock after selling 18,659 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Colgate-Palmolive worth $90,796,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Colgate-Palmolive in the 4th quarter valued at $861,670,000. Bank of New York Mellon Corp lifted its holdings in shares of Colgate-Palmolive by 172.5% during the 1st quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company's stock worth $1,067,211,000 after acquiring an additional 7,927,238 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Colgate-Palmolive by 8,040.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,655,987 shares of the company's stock worth $380,666,000 after purchasing an additional 4,598,789 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Colgate-Palmolive in the fourth quarter valued at about $236,682,000. Finally, Deutsche Bank AG boosted its stake in shares of Colgate-Palmolive by 33.9% in the 4th quarter. Deutsche Bank AG now owns 10,845,857 shares of the company's stock valued at $857,040,000 after purchasing an additional 2,746,920 shares in the last quarter. 80.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Colgate-Palmolive

In other Colgate-Palmolive news, CEO Noel R. Wallace sold 161,021 shares of the business'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 transaction, the chief executive officer directly owned 362,231 shares of the company's stock, valued at approximately $33,296,273.52. The trade was a 30.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total transaction of $389,352.90. Following the sale, the director directly owned 28,373 shares of the company's stock, valued at approximately $2,649,187.01. This trade represents a 12.81% decrease in their position. The SEC filing for this sale provides additional information. 0.43% of the stock is owned by insiders.

Colgate-Palmolive Stock Down 1.1%

Shares of NYSE CL opened at $91.90 on Friday. The company's 50 day moving average price is $91.67 and its 200-day moving average price is $89.99. 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 52-week low of $74.54 and a 52-week high of $99.33. The company has a market capitalization of $73.26 billion, a P/E ratio of 36.47, a price-to-earnings-growth ratio of 4.54 and a beta of 0.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.04. The company had revenue of $5.36 billion during the quarter, compared to analysts' expectations of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. Colgate-Palmolive's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. Equities analysts forecast that Colgate-Palmolive Company will post 3.86 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, July 20th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. Colgate-Palmolive's dividend payout ratio (DPR) is 84.13%.

Analyst Upgrades and Downgrades

CL has been the subject of a number of recent research reports. Barclays upped their target price on Colgate-Palmolive from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. Jefferies Financial Group restated a "hold" rating on shares of Colgate-Palmolive in a report on Monday, August 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Sanford C. Bernstein reissued a "market perform" rating on shares of Colgate-Palmolive in a report on Thursday. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Colgate-Palmolive in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $99.00.

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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