Raiffeisen Bank International AG Sells 341,735 Shares of Colgate-Palmolive Company $CL

Raiffeisen Bank International AG lessened its position in shares of Colgate-Palmolive Company (NYSE:CL) by 96.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 13,211 shares of the company’s stock after selling 341,735 shares during the quarter. Raiffeisen Bank International AG’s holdings in Colgate-Palmolive were worth $1,221,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CL. Norges Bank purchased a new stake in Colgate-Palmolive during the fourth quarter valued at approximately $861,670,000. Bank of New York Mellon Corp boosted its holdings in shares of Colgate-Palmolive by 172.5% in the first quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company’s stock valued at $1,067,211,000 after purchasing an additional 7,927,238 shares during the period. Bank of America Corp DE purchased a new stake in shares of Colgate-Palmolive in the 2nd quarter worth $567,483,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Colgate-Palmolive by 8,040.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,655,987 shares of the company’s stock worth $380,666,000 after buying an additional 4,598,789 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in shares of Colgate-Palmolive during the 4th quarter worth $236,682,000. 80.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Noel Wallace sold 161,021 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $91.92, for a total transaction of $14,801,050.32. Following the sale, the chief executive officer owned 362,231 shares in the company, valued at approximately $33,296,273.52. This trade represents a 30.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Panagiotis Tsourapas sold 10,000 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $92.05, for a total value of $920,500.00. Following the completion of the transaction, the chief operating officer directly owned 64,901 shares of the company’s stock, valued at $5,974,137.05. The trade was a 13.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 175,191 shares of company stock valued at $16,110,903. Corporate insiders own 0.43% of the company’s stock.

Colgate-Palmolive Trading Down 1.4%

NYSE:CL opened at $88.80 on Friday. The firm has a fifty day simple moving average of $91.88 and a 200-day simple moving average of $89.87. The company has a current ratio of 1.03, a quick ratio of 0.67 and a debt-to-equity ratio of 13.82. The company has a market capitalization of $70.79 billion, a P/E ratio of 35.24, a PEG ratio of 4.14 and a beta of 0.33. Colgate-Palmolive Company has a 12 month low of $74.54 and a 12 month high of $99.33.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.95 by $0.04. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The business had revenue of $5.36 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the previous year, the business posted $0.92 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that Colgate-Palmolive Company will post 3.87 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, July 20th were issued a $0.53 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $2.12 dividend on an annualized basis and a yield of 2.4%. Colgate-Palmolive’s payout ratio is presently 84.13%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CL. Piper Sandler raised their price target on Colgate-Palmolive from $92.00 to $96.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $101.00 target price on shares of Colgate-Palmolive in a report on Monday, August 3rd. TD Cowen raised their target price on shares of Colgate-Palmolive from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Monday, August 3rd. Morgan Stanley restated an “overweight” rating and issued a $104.00 price target on shares of Colgate-Palmolive in a report on Monday, August 3rd. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Colgate-Palmolive in a research note on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.00.

About Colgate-Palmolive

Colgate-Palmolive Company is a global consumer products company with a long history in household and personal care categories. The business traces its roots to the early 19th century and has evolved into a multinational manufacturer and marketer of everyday consumer goods focused on health, hygiene and home care.

The company’s core activities center on oral care, personal care, home care and pet nutrition. Its product portfolio includes toothpaste, toothbrushes and mouthwash in oral care; soaps, body washes and deodorants in personal care; dishwashing liquids, surface cleaners and other household products in home care; and scientifically formulated pet foods under its pet nutrition business.