Sarasin & Partners LLP Cuts Stock Position in Colgate-Palmolive Company $CL

Key Points

• Sarasin & Partners cut its Colgate-Palmolive position by 25.6% in the second quarter, selling 639,036 shares and retaining 1.86 million shares worth approximately $170.3 million. Institutional investors still own about 80.4% of the company.
• Analysts maintain a generally positive view, with Colgate-Palmolive receiving a “Moderate Buy” consensus rating and an average price target of $99, above its reported opening price of $92.82.
• Colgate-Palmolive exceeded quarterly earnings expectations, reporting $0.99 in EPS versus a $0.95 consensus estimate, while revenue rose 4.9% year over year to $5.36 billion. The company also declared a quarterly dividend of $0.53, equivalent to a 2.3% annualized yield.

Sarasin & Partners LLP reduced its position in Colgate-Palmolive Company (NYSE:CL - Free Report) by 25.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,858,052 shares of the company's stock after selling 639,036 shares during the period. Colgate-Palmolive accounts for about 2.0% of Sarasin & Partners LLP's portfolio, making the stock its 18th largest position. Sarasin & Partners LLP owned approximately 0.23% of Colgate-Palmolive worth $170,346,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Evanson Financial LLC acquired a new stake in shares of Colgate-Palmolive in the 2nd quarter worth $272,000. Foster Group Inc. raised its position in shares of Colgate-Palmolive by 8.2% in the 2nd quarter. Foster Group Inc. now owns 4,580 shares of the company's stock valued at $420,000 after purchasing an additional 346 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in Colgate-Palmolive by 2.9% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 6,688 shares of the company's stock worth $613,000 after purchasing an additional 189 shares during the last quarter. Baron Wealth Management LLC increased its stake in Colgate-Palmolive by 29.1% during the 2nd quarter. Baron Wealth Management LLC now owns 8,860 shares of the company's stock valued at $812,000 after purchasing an additional 1,995 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Colgate-Palmolive by 12.6% in the second quarter. GAMMA Investing LLC now owns 31,969 shares of the company's stock worth $2,931,000 after buying an additional 3,567 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CL shares. The Goldman Sachs Group reissued a "buy" rating on shares of Colgate-Palmolive in a report on Friday, May 1st. Rothschild & Co Redburn set a $100.00 price target on Colgate-Palmolive and gave the stock a "buy" rating in a research report on Tuesday, April 21st. Sanford C. Bernstein assumed coverage on Colgate-Palmolive in a research note on Thursday, June 11th. They set a "market perform" rating and a $96.00 price target on the stock. Piper Sandler increased their price objective on Colgate-Palmolive from $92.00 to $96.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Finally, Bank of America reduced their price objective on Colgate-Palmolive from $105.00 to $102.00 and set a "buy" rating for the company in a research note on Friday, April 10th. Twelve 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.com, the company has an average rating of "Moderate Buy" and an average target price of $99.00.

Insider Buying and Selling

In other Colgate-Palmolive news, CEO Noel R. Wallace sold 161,021 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $91.92, for a total value of $14,801,050.32. Following the completion of the transaction, the chief executive officer owned 362,231 shares in the company, valued at approximately $33,296,273.52. This represents a 30.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.43% of the company's stock.

Colgate-Palmolive Price Performance

Shares of CL opened at $92.82 on Friday. The business's 50-day moving average is $91.07 and its two-hundred day moving average is $89.72. The company has a market capitalization of $74.00 billion, a P/E ratio of 36.83, a P/E/G ratio of 4.56 and a beta of 0.33. Colgate-Palmolive Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.30 and a current ratio of 1.03.

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

Colgate-Palmolive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, July 20th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, July 20th. Colgate-Palmolive's payout ratio is currently 84.13%.

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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