People s United Financial Inc. reduced its holdings in Colgate-Palmolive (NYSE:CL) by 22.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,257 shares of the company’s stock after selling 16,673 shares during the quarter. People s United Financial Inc.’s holdings in Colgate-Palmolive were worth $3,710,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in CL. Tradition Capital Management LLC boosted its position in Colgate-Palmolive by 238.6% during the second quarter. Tradition Capital Management LLC now owns 58,036 shares of the company’s stock valued at $3,761,000 after purchasing an additional 40,894 shares during the last quarter. Intermede Investment Partners Ltd acquired a new position in Colgate-Palmolive during the second quarter valued at approximately $44,133,000. Segall Bryant & Hamill LLC boosted its position in Colgate-Palmolive by 47.5% during the second quarter. Segall Bryant & Hamill LLC now owns 24,125 shares of the company’s stock valued at $1,564,000 after purchasing an additional 7,771 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Colgate-Palmolive by 2.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 3,233,699 shares of the company’s stock valued at $209,577,000 after purchasing an additional 70,318 shares during the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC boosted its position in Colgate-Palmolive by 4.3% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 54,541 shares of the company’s stock valued at $3,535,000 after purchasing an additional 2,259 shares during the last quarter. Institutional investors own 74.05% of the company’s stock.
Several research analysts recently commented on the company. ValuEngine raised Colgate-Palmolive from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Wells Fargo & Co reissued a “hold” rating and set a $64.00 price target on shares of Colgate-Palmolive in a research report on Friday, July 27th. Macquarie cut Colgate-Palmolive from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $74.00 to $65.00 in a research report on Monday, July 30th. Morgan Stanley cut Colgate-Palmolive from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 30th. Finally, Barclays set a $64.00 price objective on Colgate-Palmolive and gave the company a “hold” rating in a research report on Monday, July 30th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $72.14.
CL opened at $67.50 on Monday. Colgate-Palmolive has a 12-month low of $61.28 and a 12-month high of $77.91. The company has a market capitalization of $56.78 billion, a PE ratio of 23.52, a price-to-earnings-growth ratio of 2.93 and a beta of 0.75. The company has a quick ratio of 0.74, a current ratio of 1.06 and a debt-to-equity ratio of -34.49.
Colgate-Palmolive (NYSE:CL) last released its quarterly earnings data on Friday, July 27th. The company reported $0.77 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.77. Colgate-Palmolive had a return on equity of 2,494.79% and a net margin of 13.97%. The company had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.91 billion. During the same period last year, the firm posted $0.72 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. equities research analysts anticipate that Colgate-Palmolive will post 3.02 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Stockholders of record on Wednesday, July 18th were given a $0.42 dividend. The ex-dividend date of this dividend was Tuesday, July 17th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.49%. Colgate-Palmolive’s payout ratio is 58.54%.
Colgate-Palmolive announced that its board has authorized a stock buyback program on Monday, June 18th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to purchase up to 9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, VP Philip G. Shotts sold 17,000 shares of Colgate-Palmolive stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,112,480.00. Following the completion of the sale, the vice president now directly owns 49,949 shares of the company’s stock, valued at approximately $3,268,662.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Dennis J. Hickey sold 120,000 shares of Colgate-Palmolive stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $65.72, for a total value of $7,886,400.00. Following the sale, the insider now directly owns 202,414 shares of the company’s stock, valued at $13,302,648.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 433,302 shares of company stock valued at $28,518,498. Insiders own 1.02% of the company’s stock.
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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