Banque Pictet & Cie SA raised its stake in Colgate-Palmolive (NYSE:CL) by 17.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,255,971 shares of the company’s stock after buying an additional 338,634 shares during the period. Colgate-Palmolive makes up about 2.9% of Banque Pictet & Cie SA’s investment portfolio, making the stock its 8th biggest position. Banque Pictet & Cie SA’s holdings in Colgate-Palmolive were worth $146,209,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. HC Financial Advisors Inc. bought a new position in shares of Colgate-Palmolive in the 4th quarter valued at approximately $1,744,000. Argent Trust Co raised its stake in shares of Colgate-Palmolive by 72.4% in the 4th quarter. Argent Trust Co now owns 8,599 shares of the company’s stock valued at $648,000 after acquiring an additional 3,612 shares in the last quarter. Global X Management Co. LLC raised its stake in shares of Colgate-Palmolive by 7.2% in the 1st quarter. Global X Management Co. LLC now owns 12,371 shares of the company’s stock valued at $887,000 after acquiring an additional 829 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Colgate-Palmolive by 11.3% in the 1st quarter. Wells Fargo & Company MN now owns 9,886,686 shares of the company’s stock valued at $708,678,000 after acquiring an additional 1,003,612 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Colgate-Palmolive by 14.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 40,312 shares of the company’s stock valued at $2,890,000 after acquiring an additional 5,015 shares in the last quarter. 74.72% of the stock is owned by institutional investors.
A number of brokerages recently weighed in on CL. ValuEngine raised Colgate-Palmolive from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Citigroup cut their price objective on Colgate-Palmolive from $70.00 to $68.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 31st. Barclays set a $64.00 price objective on Colgate-Palmolive and gave the company a “hold” rating in a research note on Monday, July 30th. Macquarie downgraded 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 note on Monday, July 30th. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $64.00 price objective on shares of Colgate-Palmolive in a research note on Friday, July 27th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $72.14.
Shares of NYSE CL opened at $67.40 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of -34.49. The company has a market capitalization of $58.57 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 3.02 and a beta of 0.75. Colgate-Palmolive has a 12 month low of $61.28 and a 12 month high of $77.91.
Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings results on Friday, July 27th. The company reported $0.77 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.77. The company had revenue of $3.89 billion for 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 company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.72 EPS. research analysts forecast that Colgate-Palmolive will post 3.02 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Wednesday, July 18th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Tuesday, July 17th. Colgate-Palmolive’s dividend payout ratio is currently 58.54%.
Colgate-Palmolive announced that its board has initiated a share repurchase plan on Monday, June 18th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Daniel B. Marsili sold 19,500 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 78,065 shares in the company, valued at $4,937,611.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mukul Deoras sold 11,334 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $65.10, for a total value of $737,843.40. Following the sale, the insider now owns 32,625 shares in the company, valued at $2,123,887.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 433,302 shares of company stock worth $28,518,498. Company 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.
Further Reading: How are Outstanding Shares Different from Authorized Shares?
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