Colgate-Palmolive (CL) Stake Decreased by Investec Asset Management North America Inc.
Investec Asset Management North America Inc. reduced its stake in shares of Colgate-Palmolive (NYSE:CL) by 83.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 5,417 shares of the company’s stock after selling 28,041 shares during the period. Investec Asset Management North America Inc.’s holdings in Colgate-Palmolive were worth $351,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Rainier Group Investment Advisory LLC purchased a new position in Colgate-Palmolive in the first quarter valued at approximately $107,000. Quadrant Capital Group LLC raised its holdings in Colgate-Palmolive by 142.4% in the first quarter. Quadrant Capital Group LLC now owns 1,602 shares of the company’s stock valued at $108,000 after buying an additional 941 shares during the period. Centerpoint Advisors LLC purchased a new position in Colgate-Palmolive in the first quarter valued at approximately $112,000. Princeton Capital Management LLC purchased a new position in Colgate-Palmolive in the first quarter valued at approximately $117,000. Finally, Kaizen Advisory LLC raised its holdings in Colgate-Palmolive by 134.8% in the second quarter. Kaizen Advisory LLC now owns 1,979 shares of the company’s stock valued at $128,000 after buying an additional 1,136 shares during the period. Institutional investors and hedge funds own 74.74% of the company’s stock.
In other news, VP Philip G. Shotts sold 17,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The shares were 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 owns 49,949 shares of the company’s stock, valued at $3,268,662.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Dennis J. Hickey sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $65.72, for a total transaction of $7,886,400.00. Following the sale, the insider now directly owns 202,414 shares of the company’s stock, valued at approximately $13,302,648.08. The disclosure for this sale can be found here. Insiders have sold 433,302 shares of company stock valued at $28,518,498 in the last three months. Corporate insiders own 1.02% of the company’s stock.
Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, July 27th. The company reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77. Colgate-Palmolive had a net margin of 13.97% and a return on equity of 2,494.79%. The business had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.91 billion. During the same quarter last year, the company earned $0.72 earnings per share. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. equities research analysts predict that Colgate-Palmolive will post 3.02 EPS for the current fiscal year.
Colgate-Palmolive announced that its board has authorized a share repurchase program on Monday, June 18th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to buy up to 9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Stockholders of record on Wednesday, July 18th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Tuesday, July 17th. Colgate-Palmolive’s payout ratio is currently 58.54%.
Several research analysts recently commented on CL shares. Sanford C. Bernstein restated a “market perform” rating and issued a $72.00 price target on shares of Colgate-Palmolive in a report on Thursday, May 24th. Argus upgraded shares of Colgate-Palmolive from a “hold” rating to a “buy” rating in a research note on Friday, May 25th. They noted that the move was a valuation call. Morgan Stanley dropped their price objective on shares of Colgate-Palmolive from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 21st. Zacks Investment Research lowered shares of Colgate-Palmolive from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Finally, Wells Fargo & Co lowered shares of Colgate-Palmolive to a “hold” rating in a research note on Tuesday, July 17th. 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 stock currently has an average rating of “Hold” and a consensus price target of $72.14.
Colgate-Palmolive Company Profile
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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