Retirement Systems of Alabama Sells 7,625 Shares of Colgate-Palmolive Company $CL

Retirement Systems of Alabama reduced its stake in shares of Colgate-Palmolive Company (NYSE:CL) by 1.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 632,740 shares of the company’s stock after selling 7,625 shares during the quarter. Retirement Systems of Alabama’s holdings in Colgate-Palmolive were worth $53,985,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Virginia Estate & Retirement Planning Advisors Inc. lifted its stake in shares of Colgate-Palmolive by 1,409.1% in the 3rd quarter. Virginia Estate & Retirement Planning Advisors Inc. now owns 332 shares of the company’s stock valued at $28,000 after purchasing an additional 310 shares during the last quarter. Parvin Asset Management LLC purchased a new position in shares of Colgate-Palmolive in the 2nd quarter worth approximately $32,000. Park Place Capital Corp increased its position in shares of Colgate-Palmolive by 55.5% during the 2nd quarter. Park Place Capital Corp now owns 356 shares of the company’s stock valued at $33,000 after purchasing an additional 127 shares during the last quarter. Cherry Tree Wealth Management LLC increased its position in shares of Colgate-Palmolive by 7,840.0% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 397 shares of the company’s stock valued at $36,000 after purchasing an additional 392 shares during the last quarter. Finally, Montgomery Financial Services LLC bought a new position in shares of Colgate-Palmolive during the 2nd quarter valued at approximately $36,000. 80.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Colgate-Palmolive

In other news, insider John Hazlin sold 23,376 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $99.15, for a total transaction of $2,317,730.40. Following the transaction, the insider owned 27,021 shares of the company’s stock, valued at approximately $2,679,132.15. This represents a 46.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Noel Wallace sold 20,000 shares of the firm’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $100.26, for a total value of $2,005,200.00. Following the transaction, the chief executive officer owned 359,700 shares in the company, valued at approximately $36,063,522. This represents a 5.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 73,314 shares of company stock valued at $7,212,109. 0.43% of the stock is currently owned by corporate insiders.

Colgate-Palmolive Stock Performance

Colgate-Palmolive stock opened at $97.90 on Tuesday. The company has a 50 day moving average price of $90.26 and a 200-day moving average price of $90.04. The company has a debt-to-equity ratio of 11.23, a quick ratio of 0.30 and a current ratio of 0.96. Colgate-Palmolive Company has a fifty-two week low of $75.96 and a fifty-two week high of $101.18. The company has a market capitalization of $77.82 billion, a PE ratio of 38.39, a P/E/G ratio of 4.48 and a beta of 0.31.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Friday, October 30th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.34 billion. Colgate-Palmolive had a return on equity of 607.88% and a net margin of 9.65%. Colgate-Palmolive’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. As a group, equities analysts forecast that Colgate-Palmolive Company will post 3.92 earnings per share for the current year.

Colgate-Palmolive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 20th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, October 20th. Colgate-Palmolive’s dividend payout ratio is currently 83.14%.

Wall Street Analyst Weigh In

CL has been the topic of several recent research reports. Raymond James Financial increased their price target on Colgate-Palmolive from $100.00 to $102.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Evercore lifted their price objective on shares of Colgate-Palmolive from $100.00 to $101.00 and gave the stock an “outperform” rating in a research note on Thursday, October 8th. Piper Sandler cut their price objective on shares of Colgate-Palmolive from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, September 21st. JPMorgan Chase & Co. reduced their target price on shares of Colgate-Palmolive from $104.00 to $102.00 and set an “overweight” rating on the stock in a research note on Monday, November 2nd. Finally, UBS Group increased their target price on shares of Colgate-Palmolive from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $101.22.

Colgate-Palmolive Company Profile

Colgate-Palmolive is a global consumer products company whose business spans oral care, personal care, home care and pet nutrition. Its products include toothpaste, toothbrushes, mouthwashes, soaps, shampoos, cleaning products and pet food.

The company’s best-known brands include Colgate, Palmolive, elmex, Softsoap, Ajax and Hill’s Pet Nutrition. It sells products through retail and other channels in markets around the world.

Founded in 1806 by William Colgate as a soap and candle business in New York City, the company has grown into an international manufacturer of household and personal care products.