SummitTX Capital L.P. Makes New Investment in Colgate-Palmolive Company $CL

Key Points

• SummitTX Capital initiated a 76,563-share position in Colgate-Palmolive during the first quarter, valued at approximately $6.5 million. Institutional investors collectively own 80.41% of the company’s stock.
• Analysts maintain a favorable outlook, with 12 Buy ratings and seven Holds producing a consensus “Moderate Buy” rating and an average price target of $97.82.
• Colgate-Palmolive exceeded quarterly expectations, reporting $0.97 in earnings per share and $5.32 billion in revenue, while revenue grew 8.4% year over year. The company also declared a quarterly dividend of $0.53 per share, equating to a 2.3% annualized yield.

SummitTX Capital L.P. bought a new stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 76,563 shares of the company's stock, valued at approximately $6,525,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CL. Teacher Retirement System of Texas lifted its stake in shares of Colgate-Palmolive by 35.3% in the 4th quarter. Teacher Retirement System of Texas now owns 469,624 shares of the company's stock worth $37,110,000 after purchasing an additional 122,634 shares during the period. Flputnam Investment Management Co. grew its position in Colgate-Palmolive by 7.4% during the fourth quarter. Flputnam Investment Management Co. now owns 200,972 shares of the company's stock valued at $15,881,000 after buying an additional 13,804 shares during the period. Caprock Group LLC grew its position in Colgate-Palmolive by 116.5% during the fourth quarter. Caprock Group LLC now owns 64,808 shares of the company's stock valued at $5,121,000 after buying an additional 34,879 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Colgate-Palmolive by 10.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 221,443 shares of the company's stock valued at $17,498,000 after buying an additional 21,109 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its holdings in Colgate-Palmolive by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 7,918,979 shares of the company's stock valued at $625,758,000 after buying an additional 29,876 shares during the last quarter. 80.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CL has been the topic of several analyst reports. Morgan Stanley reiterated an "overweight" rating on shares of Colgate-Palmolive in a research note on Monday, May 4th. Piper Sandler raised their target price on Colgate-Palmolive from $92.00 to $96.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $99.00 target price on shares of Colgate-Palmolive in a research report on Monday, May 4th. Citigroup boosted their price target on Colgate-Palmolive from $105.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Finally, 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. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Colgate-Palmolive presently has an average rating of "Moderate Buy" and a consensus price target of $97.82.

Colgate-Palmolive Stock Performance

CL opened at $92.00 on Tuesday. The company has a 50 day simple moving average of $90.82 and a two-hundred day simple moving average of $89.15. 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 $73.62 billion, a P/E ratio of 35.80, a PEG ratio of 4.78 and a beta of 0.33. 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 announced its quarterly earnings data on Friday, May 1st. The company reported $0.97 EPS for the quarter, beating 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 firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same period last year, the firm earned $0.91 EPS. The company's revenue was up 8.4% on a year-over-year basis. Equities analysts forecast that Colgate-Palmolive Company will post 3.81 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

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

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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