VIRGINIA RETIREMENT SYSTEMS ET Al Invests $111.11 Million in Colgate-Palmolive Company $CL

Key Points

• Virginia Retirement Systems purchased 1.21 million Colgate-Palmolive shares worth approximately $111.1 million, making CL its 25th-largest holding and representing about 0.7% of its portfolio.
• Colgate-Palmolive exceeded quarterly earnings expectations, reporting $0.99 in EPS versus the $0.95 consensus, while revenue rose 4.9% year over year to $5.36 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $99, and the company pays a quarterly dividend of $0.53 per share, yielding approximately 2.4% annually.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Colgate-Palmolive Company (NYSE:CL - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,211,938 shares of the company's stock, valued at approximately $111,110,000. Colgate-Palmolive comprises approximately 0.7% of VIRGINIA RETIREMENT SYSTEMS ET Al's investment portfolio, making the stock its 25th largest holding. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.15% of Colgate-Palmolive as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CL. Kemnay Advisory Services Inc. purchased a new stake in Colgate-Palmolive in the fourth quarter valued at $25,000. CBIZ Investment Advisory Services LLC raised its stake in shares of Colgate-Palmolive by 86.7% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 323 shares of the company's stock valued at $26,000 after buying an additional 150 shares during the last quarter. TD Capital Management LLC lifted its holdings in shares of Colgate-Palmolive by 61.4% in the 4th quarter. TD Capital Management LLC now owns 326 shares of the company's stock valued at $26,000 after buying an additional 124 shares during the period. Triumph Capital Management lifted its holdings in shares of Colgate-Palmolive by 62.9% in the 4th quarter. Triumph Capital Management now owns 329 shares of the company's stock valued at $26,000 after buying an additional 127 shares during the period. Finally, Jessup Wealth Management Inc purchased a new stake in shares of Colgate-Palmolive in the fourth quarter worth about $26,000. 80.41% of the stock is currently owned by institutional investors and hedge funds.

Colgate-Palmolive Trading Up 0.0%

Shares of NYSE:CL opened at $88.80 on Monday. Colgate-Palmolive Company has a 1 year low of $74.54 and a 1 year high of $99.33. The firm has a market capitalization of $70.79 billion, a price-to-earnings ratio of 35.24, a price-to-earnings-growth ratio of 4.14 and a beta of 0.33. The company has a debt-to-equity ratio of 13.82, a current ratio of 1.03 and a quick ratio of 0.67. The business's 50 day moving average price is $91.88 and its 200-day moving average price is $89.82.

Colgate-Palmolive (NYSE:CL - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.95 by $0.04. The company 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%. The firm's revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.92 EPS. On average, equities research analysts forecast that Colgate-Palmolive Company will post 3.87 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, July 20th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.4%. Colgate-Palmolive's payout ratio is currently 84.13%.

Insider Buying and Selling

In other Colgate-Palmolive news, COO Panagiotis Tsourapas sold 10,000 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $92.05, for a total transaction of $920,500.00. Following the completion of the sale, the chief operating officer directly owned 64,901 shares in the company, valued at approximately $5,974,137.05. The trade was a 13.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Noel R. Wallace sold 161,021 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 362,231 shares of the company's stock, valued at $33,296,273.52. The trade was a 30.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 175,191 shares of company stock worth $16,110,903 in the last 90 days. Insiders own 0.43% of the company's stock.

Analysts Set New Price Targets

CL has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target on Colgate-Palmolive from $104.00 to $103.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. Wells Fargo & Company lifted their target price on shares of Colgate-Palmolive from $92.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, July 8th. Barclays boosted their target price on shares of Colgate-Palmolive from $80.00 to $87.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Morgan Stanley restated an "overweight" rating and set a $104.00 price target on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Finally, Citigroup upped their price objective on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Twelve investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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