The Manufacturers Life Insurance Company Sells 142,646 Shares of Colgate-Palmolive Company $CL

Key Points

• The Manufacturers Life Insurance Company cut its Colgate-Palmolive stake by 17.5%, selling 142,646 shares and retaining 670,877 shares valued at approximately $61.5 million. Institutional investors collectively own 80.41% of the company.
• Colgate-Palmolive reported quarterly EPS of $0.99, beating estimates by $0.04, while revenue rose 4.9% year over year to $5.36 billion. The company maintains a quarterly dividend of $0.53 per share, equivalent to a 2.3% annual yield.
• CL shares opened at $91.27, down 1.4%, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $99.00. Recent insider sales included transactions by CEO Noel Wallace and Director John Cahill, with the CEO’s sale tied to tax withholding obligations.

The Manufacturers Life Insurance Company decreased its stake in Colgate-Palmolive Company (NYSE:CL - Free Report) by 17.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 670,877 shares of the company's stock after selling 142,646 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Colgate-Palmolive worth $61,506,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Van Hulzen Asset Management LLC boosted its holdings in Colgate-Palmolive by 2.2% in the second quarter. Van Hulzen Asset Management LLC now owns 80,200 shares of the company's stock valued at $7,353,000 after acquiring an additional 1,693 shares during the last quarter. Verity Asset Management Inc. lifted its position in shares of Colgate-Palmolive by 38.7% in the 2nd quarter. Verity Asset Management Inc. now owns 3,574 shares of the company's stock worth $328,000 after purchasing an additional 997 shares during the period. Park Place Capital Corp boosted its stake in shares of Colgate-Palmolive by 55.5% in the 2nd quarter. Park Place Capital Corp now owns 356 shares of the company's stock valued at $33,000 after purchasing an additional 127 shares during the last quarter. L2 Asset Management LLC raised its stake in Colgate-Palmolive by 5.5% during the second quarter. L2 Asset Management LLC now owns 4,579 shares of the company's stock worth $420,000 after buying an additional 237 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in Colgate-Palmolive by 38.0% during the second quarter. OMERS ADMINISTRATION Corp now owns 79,779 shares of the company's stock worth $7,314,000 after buying an additional 21,981 shares during the last quarter. 80.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Colgate-Palmolive news, Director John T. Cahill sold 4,170 shares of Colgate-Palmolive stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $93.37, for a total transaction of $389,352.90. Following the transaction, the director directly owned 28,373 shares of the company's stock, valued at $2,649,187.01. The trade was a 12.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Noel R. Wallace sold 161,021 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $91.92, for a total transaction of $14,801,050.32. Following the transaction, the chief executive officer directly owned 362,231 shares in the company, valued at $33,296,273.52. The trade was a 30.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.43% of the company's stock.

Colgate-Palmolive Stock Down 1.4%

CL stock opened at $91.27 on Wednesday. The stock's 50 day simple moving average is $91.94 and its 200 day simple moving average is $90.10. The company has a market cap of $72.76 billion, a P/E ratio of 36.22, a price-to-earnings-growth ratio of 4.33 and a beta of 0.33. 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 Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33.

Colgate-Palmolive (NYSE:CL - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.99 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.04. The business had revenue of $5.36 billion during the quarter, compared to analyst estimates of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. Colgate-Palmolive's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. On average, research analysts expect that Colgate-Palmolive Company will post 3.86 earnings per share for the current fiscal year.

Colgate-Palmolive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, July 20th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, July 20th. Colgate-Palmolive's payout ratio is currently 84.13%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays increased their price target on Colgate-Palmolive from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Colgate-Palmolive in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $101.00 price target on shares of Colgate-Palmolive in a report on Monday, August 3rd. Citigroup lifted their price objective on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $99.00.

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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