CX Institutional lowered its stake in Colgate-Palmolive (NYSE:CL) by 9.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,468 shares of the company’s stock after selling 148 shares during the period. CX Institutional’s holdings in Colgate-Palmolive were worth $108,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC acquired a new position in shares of Colgate-Palmolive in the second quarter valued at approximately $25,000. Lipe & Dalton purchased a new stake in shares of Colgate-Palmolive in the second quarter valued at approximately $29,000. Meridian Wealth Management LLC purchased a new stake in shares of Colgate-Palmolive in the first quarter valued at approximately $29,000. Enterprise Trust & Investment Co purchased a new stake in shares of Colgate-Palmolive in the second quarter valued at approximately $36,000. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of Colgate-Palmolive in the first quarter valued at approximately $43,000. 75.95% of the stock is currently owned by institutional investors and hedge funds.
CL opened at $70.51 on Friday. The business’s fifty day moving average is $72.36 and its two-hundred day moving average is $71.62. The company has a market cap of $60.60 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 4.55 and a beta of 0.75. Colgate-Palmolive has a one year low of $57.41 and a one year high of $76.41.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Wednesday, October 23rd will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $1.72 dividend on an annualized basis and a yield of 2.44%. Colgate-Palmolive’s payout ratio is 57.91%.
In other Colgate-Palmolive news, Chairman Ian M. Cook sold 19,500 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $73.05, for a total transaction of $1,424,475.00. Following the sale, the chairman now directly owns 1,030,575 shares in the company, valued at $75,283,503.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Henning I. Jakobsen sold 858 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $74.60, for a total value of $64,006.80. Following the sale, the chief financial officer now owns 39,031 shares in the company, valued at $2,911,712.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 569,298 shares of company stock worth $40,930,165. 1.14% of the stock is owned by company insiders.
CL has been the topic of a number of analyst reports. Bank of America set a $80.00 price target on Colgate-Palmolive and gave the company a “buy” rating in a research note on Friday, July 12th. Morgan Stanley lifted their price target on Colgate-Palmolive from $72.00 to $74.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. UBS Group lifted their price target on Colgate-Palmolive from $80.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Deutsche Bank lifted their price target on Colgate-Palmolive from $74.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, July 12th. Finally, Piper Jaffray Companies initiated coverage on Colgate-Palmolive in a research note on Tuesday, August 13th. They issued an “overweight” rating on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. Colgate-Palmolive presently has an average rating of “Hold” and a consensus target price of $74.07.
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.
Further Reading: Cash Asset Ratio
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