Fort L.P. Acquires New Stake in Colgate-Palmolive (CL)
Fort L.P. acquired a new stake in shares of Colgate-Palmolive (NYSE:CL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,902 shares of the company’s stock, valued at approximately $123,000.
A number of other institutional investors also recently modified their holdings of the stock. HC Financial Advisors Inc. purchased a new stake in shares of Colgate-Palmolive during the fourth quarter valued at $1,744,000. Argent Trust Co lifted its holdings in shares of Colgate-Palmolive by 72.4% during the fourth quarter. Argent Trust Co now owns 8,599 shares of the company’s stock valued at $648,000 after purchasing an additional 3,612 shares during the last quarter. Global X Management Co. LLC lifted its holdings in shares of Colgate-Palmolive by 7.2% during the first quarter. Global X Management Co. LLC now owns 12,371 shares of the company’s stock valued at $887,000 after purchasing an additional 829 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Colgate-Palmolive by 11.3% during the first quarter. Wells Fargo & Company MN now owns 9,886,686 shares of the company’s stock valued at $708,678,000 after purchasing an additional 1,003,612 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Colgate-Palmolive by 41.3% during the first quarter. Victory Capital Management Inc. now owns 82,096 shares of the company’s stock valued at $5,885,000 after purchasing an additional 23,989 shares during the last quarter. Institutional investors own 74.74% of the company’s stock.
In other news, insider Daniel B. Marsili sold 19,500 shares of the firm’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $63.25, for a total transaction of $1,233,375.00. Following the completion of the sale, the insider now directly owns 78,065 shares of the company’s stock, valued at approximately $4,937,611.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mukul Deoras sold 11,334 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $65.10, for a total value of $737,843.40. Following the sale, the insider now directly owns 32,625 shares of the company’s stock, valued at $2,123,887.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 433,302 shares of company stock valued at $28,518,498. Company insiders own 1.02% of the company’s stock.
Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Friday, July 27th. The company reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. The firm had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.91 billion. Colgate-Palmolive had a return on equity of 2,494.79% and a net margin of 13.97%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.72 EPS. research analysts forecast that Colgate-Palmolive will post 3.02 earnings per share for the current year.
Colgate-Palmolive announced that its board has authorized a share buyback program on Monday, June 18th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to repurchase up to 9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Wednesday, July 18th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.51%. The ex-dividend date was Tuesday, July 17th. Colgate-Palmolive’s dividend payout ratio is currently 58.54%.
Several brokerages have recently commented on CL. ValuEngine raised Colgate-Palmolive from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Citigroup reduced their target price on Colgate-Palmolive from $70.00 to $68.00 and set a “neutral” rating for the company in a report on Tuesday, July 31st. Barclays set a $64.00 target price on Colgate-Palmolive and gave the company a “hold” rating in a report on Monday, July 30th. Macquarie downgraded Colgate-Palmolive from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $74.00 to $65.00 in a report on Monday, July 30th. Finally, Wells Fargo & Co reaffirmed a “hold” rating and set a $64.00 target price on shares of Colgate-Palmolive in a report on Friday, July 27th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. Colgate-Palmolive currently has a consensus rating of “Hold” and an average target price of $72.14.
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. It operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The company offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; personal care products comprising bar and liquid hand soaps, shower gels, shampoos, conditioners, and deodorants and antiperspirants; and home care products, such as laundry and dishwashing detergents, fabric conditioners, household cleaners, and other related products.
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