Wealth Enhancement Advisory Services LLC raised its stake in shares of Colgate-Palmolive Co. (NYSE:CL) by 12.0% during the second quarter, Holdings Channel reports. The fund owned 27,101 shares of the company’s stock after buying an additional 2,898 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Colgate-Palmolive were worth $1,984,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in CL. Tompkins Financial Corp boosted 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 during the period. Arcadia Investment Management Corp MI boosted 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 during the period. FCM Investments TX purchased a new position in shares of Colgate-Palmolive during the second quarter valued at about $132,000. Orrstown Financial Services Inc. boosted 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 during the period. Finally, ClariVest Asset Management LLC purchased a new position in shares of Colgate-Palmolive during the second quarter valued at about $198,000. 72.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Colgate-Palmolive Co. (NYSE:CL) traded up 0.31% during mid-day trading on Tuesday, hitting $72.30. The company’s stock had a trading volume of 1,132,762 shares. Colgate-Palmolive Co. has a 1-year low of $61.40 and a 1-year high of $75.38. The stock has a market cap of $64.45 billion, a PE ratio of 46.56 and a beta of 0.63. The company has a 50-day moving average price of $73.08 and a 200-day moving average price of $72.57.
Colgate-Palmolive (NYSE:CL) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.01. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.86 billion. Colgate-Palmolive had a return on equity of 1,980.28% and a net margin of 9.04%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 EPS. Analysts predict that Colgate-Palmolive Co. will post $2.79 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Monday, October 24th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Thursday, October 20th. Colgate-Palmolive’s dividend payout ratio (DPR) is currently 100.65%.
CL has been the topic of a number of recent research reports. Bank of America Corp. upgraded Colgate-Palmolive from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $70.86 to $80.00 in a report on Monday, September 12th. Zacks Investment Research cut Colgate-Palmolive from a “buy” rating to a “hold” rating in a report on Tuesday, September 20th. JPMorgan Chase & Co. restated a “hold” rating and issued a $75.00 target price on shares of Colgate-Palmolive in a report on Friday, July 29th. Goldman Sachs Group Inc. restated a “neutral” rating and issued a $76.00 target price (up from $74.00) on shares of Colgate-Palmolive in a report on Friday, July 15th. Finally, Exane BNP Paribas cut Colgate-Palmolive from an “outperform” rating to a “neutral” rating in a report on Friday, July 29th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Colgate-Palmolive currently has an average rating of “Hold” and an average target price of $74.68.
In related news, COO Noel R. Wallace sold 78,849 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $74.69, for a total value of $5,889,231.81. Following the completion of the sale, the chief operating officer now owns 236,295 shares in the company, valued at approximately $17,648,873.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Patricia Verduin sold 3,834 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $71.85, for a total transaction of $275,472.90. Following the completion of the sale, the insider now owns 55,013 shares of the company’s stock, valued at approximately $3,952,684.05. The disclosure for this sale can be found here. 1.05% of the stock is owned by 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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