Varma Mutual Pension Insurance Co Cuts Stake in Colgate-Palmolive Company $CL

Key Points

• Varma Mutual Pension Insurance Co. cut its Colgate-Palmolive stake by 11.3% in the second quarter, selling 24,000 shares and retaining 187,917 shares valued at approximately $17.2 million.
• Analysts remain broadly positive, with 12 Buy ratings and seven Hold ratings producing a “Moderate Buy” consensus and an average price target of $99, versus the stock’s reported $91.02 opening price.
• Colgate-Palmolive exceeded quarterly earnings expectations, reporting $0.99 EPS versus $0.95 expected and 4.9% year-over-year revenue growth. The company also maintained a quarterly dividend of $0.53, equivalent to a 2.3% annualized yield.

Varma Mutual Pension Insurance Co lowered its stake in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) by 11.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 187,917 shares of the company's stock after selling 24,000 shares during the quarter. Varma Mutual Pension Insurance Co's holdings in Colgate-Palmolive were worth $17,228,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Colgate-Palmolive during the 4th quarter valued at approximately $861,670,000. Bank of New York Mellon Corp raised its holdings in shares of Colgate-Palmolive by 172.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company's stock worth $1,067,211,000 after purchasing an additional 7,927,238 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Colgate-Palmolive by 8,040.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,655,987 shares of the company's stock valued at $380,666,000 after purchasing an additional 4,598,789 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in Colgate-Palmolive in the fourth quarter valued at approximately $236,682,000. Finally, Deutsche Bank AG grew its holdings in Colgate-Palmolive by 33.9% during the fourth quarter. Deutsche Bank AG now owns 10,845,857 shares of the company's stock valued at $857,040,000 after purchasing an additional 2,746,920 shares during the period. Hedge funds and other institutional investors own 80.41% of the company's stock.

Wall Street Analyst Weigh In

CL has been the topic of several research reports. Citigroup boosted their target price on Colgate-Palmolive from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. The Goldman Sachs Group reiterated a "buy" rating on shares of Colgate-Palmolive in a research note on Friday, May 1st. Weiss Ratings reissued a "hold (c+)" rating on shares of Colgate-Palmolive in a report on Friday, July 31st. Morgan Stanley restated an "overweight" rating and issued a $104.00 price objective on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Finally, Piper Sandler upped their price objective on shares of Colgate-Palmolive from $92.00 to $96.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $99.00.

Colgate-Palmolive Stock Up 1.5%

CL stock opened at $91.02 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.03 and a debt-to-equity ratio of 13.82. The firm has a market capitalization of $72.56 billion, a PE ratio of 36.12, a PEG ratio of 4.26 and a beta of 0.33. Colgate-Palmolive Company has a twelve month low of $74.54 and a twelve month high of $99.33. The stock has a 50-day simple moving average of $91.89 and a two-hundred day simple moving average of $90.14.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.04. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The firm had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the prior year, the firm posted $0.92 earnings per share. The company's revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts predict that Colgate-Palmolive Company will post 3.86 EPS for the current fiscal year.

Colgate-Palmolive Announces Dividend

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

Insider Activity at Colgate-Palmolive

In other news, CEO Noel R. Wallace sold 161,021 shares of the business's stock in a transaction on 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John T. Cahill sold 4,170 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of the transaction, the director directly owned 28,373 shares in the company, valued at approximately $2,649,187.01. The trade was a 12.81% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.43% of the company's stock.

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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