Victory Capital Management Inc. decreased its stake in Colgate-Palmolive Co. (NYSE:CL) by 27.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,398 shares of the company’s stock after selling 4,214 shares during the period. Victory Capital Management Inc.’s holdings in Colgate-Palmolive were worth $834,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in CL. Tompkins Financial Corp raised its position in shares of Colgate-Palmolive by 121.1% in the second quarter. Tompkins Financial Corp now owns 1,698 shares of the company’s stock valued at $124,000 after buying an additional 930 shares in the last quarter. Arcadia Investment Management Corp MI raised its position in shares of Colgate-Palmolive by 28.6% in the second quarter. Arcadia Investment Management Corp MI now owns 1,800 shares of the company’s stock valued at $132,000 after buying an additional 400 shares in the last quarter. FCM Investments TX purchased a new position in shares of Colgate-Palmolive during the second quarter valued at approximately $132,000. Orrstown Financial Services Inc. raised its position in shares of Colgate-Palmolive by 26.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,280 shares of the company’s stock valued at $167,000 after buying an additional 480 shares in the last quarter. Finally, ClariVest Asset Management LLC purchased a new position in shares of Colgate-Palmolive during the second quarter valued at approximately $198,000. Institutional investors and hedge funds own 72.97% of the company’s stock.
Colgate-Palmolive Co. (NYSE:CL) opened at 73.25 on Friday. The firm has a market capitalization of $65.30 billion, a P/E ratio of 47.17 and a beta of 0.59. Colgate-Palmolive Co. has a one year low of $61.40 and a one year high of $75.38. The firm has a 50-day moving average price of $73.84 and a 200-day moving average price of $72.14.
Colgate-Palmolive (NYSE:CL) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.86 billion. Colgate-Palmolive had a return on equity of 1,980.28% and a net margin of 9.04%. Colgate-Palmolive’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. Equities analysts anticipate that Colgate-Palmolive Co. will post $2.80 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 24th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Thursday, October 20th. Colgate-Palmolive’s dividend payout ratio is currently 100.65%.
CL has been the topic of several research reports. Bank of America Corp. upgraded Colgate-Palmolive from a “neutral” rating to a “buy” rating and raised their price target for the company from $70.86 to $80.00 in a research note on Monday, September 12th. Citigroup Inc. lifted their target price on Colgate-Palmolive from $82.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Deutsche Bank AG reiterated a “hold” rating and issued a $75.00 target price (up previously from $73.00) on shares of Colgate-Palmolive in a research note on Sunday, July 24th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $75.00 target price on shares of Colgate-Palmolive in a research note on Friday, July 29th. Finally, Zacks Investment Research lowered Colgate-Palmolive from a “buy” rating to a “hold” rating in a research note on Tuesday, September 20th. Fifteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $74.46.
In other news, insider Patricia Verduin sold 3,834 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $71.85, for a total value of $275,472.90. Following the transaction, the insider now owns 55,013 shares in the company, valued at approximately $3,952,684.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen I. Sadove sold 8,803 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $74.28, for a total value of $653,886.84. Following the completion of the transaction, the director now owns 26,474 shares in the company, valued at approximately $1,966,488.72. The disclosure for this sale can be found here. 1.05% of the stock is owned by company insiders.
Colgate-Palmolive Company Profile
Colgate-Palmolive Company (Colgate) is a consumer products company, whose products are marketed in over 200 countries and territories throughout the world. The Company’s segments include Oral, Personal and Home Care, and Pet Nutrition. The Oral, Personal and Home Care product segment is operated through over five geographic segments, which include North America, Latin America, Europe/South Pacific, Asia and Africa/Eurasia.
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