Colgate-Palmolive (NYSE:CL) Stake Lessened by Main Street Research LLC
Main Street Research LLC cut its stake in Colgate-Palmolive (NYSE:CL) by 5.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 12,578 shares of the company’s stock after selling 751 shares during the period. Main Street Research LLC’s holdings in Colgate-Palmolive were worth $925,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Krane Funds Advisors LLC bought a new position in shares of Colgate-Palmolive in the second quarter valued at approximately $25,000. Investec Asset Management North America Inc. boosted its holdings in Colgate-Palmolive by 12.4% during the second quarter. Investec Asset Management North America Inc. now owns 8,830 shares of the company’s stock worth $633,000 after buying an additional 972 shares in the last quarter. Manning & Napier Group LLC boosted its holdings in Colgate-Palmolive by 1.4% during the second quarter. Manning & Napier Group LLC now owns 656,289 shares of the company’s stock worth $47,035,000 after buying an additional 9,351 shares in the last quarter. Meadow Creek Investment Management LLC boosted its holdings in Colgate-Palmolive by 93.0% during the second quarter. Meadow Creek Investment Management LLC now owns 45,100 shares of the company’s stock worth $3,232,000 after buying an additional 21,736 shares in the last quarter. Finally, First Hawaiian Bank boosted its holdings in Colgate-Palmolive by 7.7% during the second quarter. First Hawaiian Bank now owns 6,966 shares of the company’s stock worth $500,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 76.06% of the company’s stock.
In other Colgate-Palmolive news, insider Ian M. Cook sold 175,616 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $72.65, for a total value of $12,758,502.40. Following the completion of the sale, the insider now owns 1,125,842 shares in the company, valued at approximately $81,792,421.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Henning I. Jakobsen sold 33,854 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $73.45, for a total transaction of $2,486,576.30. Following the completion of the sale, the chief financial officer now owns 73,693 shares of the company’s stock, valued at approximately $5,412,750.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 567,548 shares of company stock valued at $40,703,240. 1.14% of the stock is owned by insiders.
Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings results on Friday, July 26th. The company reported $0.72 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.72. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.88 billion. Colgate-Palmolive had a net margin of 14.77% and a negative return on equity of 10,821.98%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. As a group, equities research analysts anticipate that Colgate-Palmolive will post 2.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Wednesday, October 23rd will be given a $0.43 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $1.72 annualized dividend and a dividend yield of 2.52%. Colgate-Palmolive’s dividend payout ratio (DPR) is presently 57.91%.
A number of analysts recently weighed in on CL shares. Wells Fargo & Co raised their target price on shares of Colgate-Palmolive from $68.00 to $70.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. ValuEngine cut shares of Colgate-Palmolive from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley raised their target price on shares of Colgate-Palmolive from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Citigroup raised their target price on shares of Colgate-Palmolive from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Piper Jaffray Companies started coverage on shares of Colgate-Palmolive in a report on Tuesday, August 13th. They set an “overweight” rating for the company. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $73.40.
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. The company operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. It offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; and personal care products, such as liquid hand soaps, bar soaps, shower gels, deodorants and antiperspirants, skin care products, and shampoos and conditioners.
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