CIBC Bancorp USA Inc. Takes $24.24 Million Position in Colgate-Palmolive Company $CL

CIBC Bancorp USA Inc. acquired a new stake in shares of Colgate-Palmolive Company (NYSE:CL) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 303,218 shares of the company’s stock, valued at approximately $24,239,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vermillion & White Wealth Management Group LLC raised its stake in Colgate-Palmolive by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 335 shares of the company’s stock valued at $30,000 after buying an additional 155 shares during the last quarter. Copia Wealth Management purchased a new position in shares of Colgate-Palmolive in the 3rd quarter worth $29,000. Cloud Capital Management LLC purchased a new position in shares of Colgate-Palmolive in the 3rd quarter worth $30,000. Kelleher Financial Advisors bought a new stake in shares of Colgate-Palmolive in the third quarter worth $35,000. Finally, JPL Wealth Management LLC purchased a new stake in Colgate-Palmolive during the third quarter valued at $38,000. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on CL. Morgan Stanley raised their target price on Colgate-Palmolive from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Colgate-Palmolive in a research report on Wednesday, January 21st. Bank of America increased their price objective on shares of Colgate-Palmolive from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. UBS Group boosted their target price on shares of Colgate-Palmolive from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, January 14th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Colgate-Palmolive in a report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $94.75.

Insiders Place Their Bets

In related news, CFO Stanley J. Sutula III sold 97,843 shares of Colgate-Palmolive stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $94.27, for a total transaction of $9,223,659.61. Following the sale, the chief financial officer owned 55,310 shares of the company’s stock, valued at approximately $5,214,073.70. This trade represents a 63.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Hazlin sold 20,989 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $94.25, for a total value of $1,978,213.25. Following the completion of the transaction, the insider directly owned 17,645 shares in the company, valued at approximately $1,663,041.25. This represents a 54.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 184,683 shares of company stock worth $17,486,693. Company insiders own 0.34% of the company’s stock.

Colgate-Palmolive Stock Down 2.6%

Shares of CL stock opened at $87.56 on Thursday. The company has a debt-to-equity ratio of 18.82, a current ratio of 0.83 and a quick ratio of 0.54. Colgate-Palmolive Company has a one year low of $74.54 and a one year high of $99.33. The company’s fifty day moving average price is $90.85 and its 200-day moving average price is $83.34. The company has a market capitalization of $70.58 billion, a price-to-earnings ratio of 33.42, a PEG ratio of 4.03 and a beta of 0.28.

Colgate-Palmolive (NYSE:CL) last issued its earnings results on Friday, January 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.04. The company had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.13 billion. Colgate-Palmolive had a net margin of 10.45% and a return on equity of 353.72%. Colgate-Palmolive’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. Sell-side analysts expect that Colgate-Palmolive Company will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Monday, April 20th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Colgate-Palmolive’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Monday, April 20th. Colgate-Palmolive’s dividend payout ratio is currently 79.39%.

Colgate-Palmolive Profile

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.