Reliant Investment Management LLC Makes New $1.94 Million Investment in Colgate-Palmolive Company $CL

Key Points

• Reliant Investment Management acquired 22,757 Colgate-Palmolive shares worth approximately $1.94 million in the third quarter. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly earnings of $0.99 per share, exceeding estimates by $0.04, while revenue rose 4.9% year over year to $5.36 billion.
• The company declared a quarterly dividend of $0.53 per share, equivalent to a $2.12 annualized payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.11.

Reliant Investment Management LLC acquired a new stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,757 shares of the company's stock, valued at approximately $1,942,000.

Other hedge funds have also recently modified their holdings of the company. State Street Corp increased its stake in shares of Colgate-Palmolive by 97.4% in the 2nd quarter. State Street Corp now owns 94,195,992 shares of the company's stock worth $8,635,889,000 after acquiring an additional 46,476,510 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Colgate-Palmolive by 8.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,532,417 shares of the company's stock valued at $1,240,652,000 after acquiring an additional 1,010,872 shares during the period. First Eagle Investment Management LLC lifted its position in Colgate-Palmolive by 1.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 8,205,699 shares of the company's stock valued at $752,298,000 after acquiring an additional 88,917 shares during the period. Bank of America Corp DE boosted its stake in Colgate-Palmolive by 17.4% during the first quarter. Bank of America Corp DE now owns 6,637,597 shares of the company's stock worth $565,722,000 after acquiring an additional 986,063 shares in the last quarter. Finally, Amundi boosted its stake in Colgate-Palmolive by 19.9% during the second quarter. Amundi now owns 6,218,257 shares of the company's stock worth $570,090,000 after acquiring an additional 1,033,918 shares in the last quarter. Institutional investors own 80.41% of the company's stock.

Insiders Place Their Bets

In other Colgate-Palmolive news, CEO Noel Wallace sold 161,021 shares of Colgate-Palmolive stock in a transaction 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 completion of the sale, the chief executive officer owned 362,231 shares of the company's stock, valued at approximately $33,296,273.52. This trade represents a 30.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Panagiotis Tsourapas sold 10,000 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $92.05, for a total value of $920,500.00. Following the completion of the transaction, the chief operating officer owned 64,901 shares of the company's stock, valued at $5,974,137.05. This represents a 13.35% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 175,191 shares of company stock valued at $16,110,903. Corporate insiders own 0.43% of the company's stock.

Colgate-Palmolive Trading Up 3.2%

Shares of NYSE CL opened at $92.80 on Thursday. The firm's 50 day moving average price is $89.04 and its 200-day moving average price is $88.93. The company has a market cap of $73.98 billion, a PE ratio of 36.83, a P/E/G ratio of 4.30 and a beta of 0.33. Colgate-Palmolive Company has a 52-week low of $74.54 and a 52-week high of $99.33. 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 (NYSE:CL - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.04. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The company had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter last year, the firm earned $0.92 earnings per share. The firm's quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts expect that Colgate-Palmolive Company will post 3.87 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 20th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, October 20th. Colgate-Palmolive's dividend payout ratio (DPR) is currently 84.13%.

Wall Street Analysts Forecast Growth

CL has been the topic of a number of recent research reports. Jefferies Financial Group restated a "hold" rating and issued a $89.00 price objective (up from $88.00) on shares of Colgate-Palmolive in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $101.00 target price (up from $99.00) on shares of Colgate-Palmolive in a report on Monday, August 3rd. Bank of America dropped their price target on Colgate-Palmolive from $102.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, October 9th. Sanford C. Bernstein restated a "market perform" rating on shares of Colgate-Palmolive in a research note on Thursday, August 13th. Finally, Wells Fargo & Company cut their price target on Colgate-Palmolive from $95.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Monday, October 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Colgate-Palmolive has a consensus rating of "Moderate Buy" and an average target price of $98.11.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company NYSE: CL is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its portfolio includes toothpaste, toothbrushes, mouthwashes, body washes, deodorants, soaps, household cleaning products and pet food and treats.

The company markets many of its products under well-known brands, including Colgate, Palmolive, elmex, meridol, Protex, Softsoap, Ajax, Irish Spring, Speed Stick, Tom's of Maine and Hill's Science Diet.

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