Synovus Financial Corp Has $3.09 Million Stake in Colgate-Palmolive Company $CL

Key Points

• Synovus Financial Corp increased its stake in Colgate-Palmolive by 20.3%, owning 33,022 shares worth approximately $3.09 million at the last reporting period.
• Colgate-Palmolive recently reported $0.92 earnings per share for the quarter, exceeding analysts' expectations of $0.89, and showing a 1.0% increase in quarterly revenue compared to last year.
• The company declared a $0.52 quarterly dividend, which translates to an annual yield of 2.5% with a payout ratio of 58.43%.

Synovus Financial Corp lifted its holdings in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 20.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,022 shares of the company's stock after purchasing an additional 5,576 shares during the quarter. Synovus Financial Corp's holdings in Colgate-Palmolive were worth $3,094,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Southeast Asset Advisors LLC acquired a new stake in shares of Colgate-Palmolive during the first quarter worth about $426,000. Sax Wealth Advisors LLC raised its position in shares of Colgate-Palmolive by 3.5% during the first quarter. Sax Wealth Advisors LLC now owns 23,560 shares of the company's stock worth $2,208,000 after purchasing an additional 796 shares during the period. Van Hulzen Asset Management LLC raised its position in shares of Colgate-Palmolive by 14.1% during the first quarter. Van Hulzen Asset Management LLC now owns 2,228 shares of the company's stock worth $209,000 after purchasing an additional 276 shares during the period. Allstate Corp raised its position in shares of Colgate-Palmolive by 65.8% during the first quarter. Allstate Corp now owns 38,063 shares of the company's stock worth $3,567,000 after purchasing an additional 15,104 shares during the period. Finally, 1832 Asset Management L.P. raised its position in shares of Colgate-Palmolive by 403.0% during the first quarter. 1832 Asset Management L.P. now owns 46,785 shares of the company's stock worth $4,384,000 after purchasing an additional 37,484 shares during the period. Institutional investors and hedge funds own 80.41% of the company's stock.

Colgate-Palmolive Stock Up 0.7%

CL stock traded up $0.62 during mid-day trading on Friday, reaching $84.04. The company had a trading volume of 3,934,689 shares, compared to its average volume of 4,656,227. The company has a debt-to-equity ratio of 6.79, a current ratio of 0.89 and a quick ratio of 0.57. The stock has a 50 day simple moving average of $87.15 and a two-hundred day simple moving average of $89.86. The company has a market capitalization of $67.92 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 4.37 and a beta of 0.35. Colgate-Palmolive Company has a 52 week low of $82.40 and a 52 week high of $109.30.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.03 billion. Colgate-Palmolive had a return on equity of 377.63% and a net margin of 14.55%.The business's revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. As a group, equities analysts predict that Colgate-Palmolive Company will post 3.75 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, July 18th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, July 18th. Colgate-Palmolive's dividend payout ratio (DPR) is currently 58.43%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. UBS Group decreased their price objective on Colgate-Palmolive from $109.00 to $106.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Morgan Stanley decreased their price objective on Colgate-Palmolive from $104.00 to $96.00 and set an "overweight" rating for the company in a report on Monday, August 4th. JPMorgan Chase & Co. decreased their price objective on Colgate-Palmolive from $99.00 to $95.00 and set an "overweight" rating for the company in a report on Monday, August 4th. Wall Street Zen downgraded Colgate-Palmolive from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, Wells Fargo & Company decreased their price objective on Colgate-Palmolive from $88.00 to $83.00 and set an "underweight" rating for the company in a report on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Colgate-Palmolive currently has an average rating of "Moderate Buy" and a consensus target price of $98.92.

Colgate-Palmolive Profile

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products in the United States and internationally. It operates through two segments: Oral, Personal and Home Care; and Pet Nutrition. The Oral, Personal and Home Care segment offers toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.