Colgate-Palmolive (CL) Shares Sold by Prio Wealth Limited Partnership
Prio Wealth Limited Partnership lessened its stake in Colgate-Palmolive (NYSE:CL) by 1.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 166,796 shares of the company’s stock after selling 2,773 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Colgate-Palmolive were worth $10,810,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. HC Financial Advisors Inc. bought a new position in Colgate-Palmolive in the 4th quarter worth about $1,744,000. Argent Trust Co boosted its stake in Colgate-Palmolive by 72.4% in the 4th quarter. Argent Trust Co now owns 8,599 shares of the company’s stock worth $648,000 after purchasing an additional 3,612 shares during the period. Global X Management Co. LLC boosted its stake in Colgate-Palmolive by 7.2% in the 1st quarter. Global X Management Co. LLC now owns 12,371 shares of the company’s stock worth $887,000 after purchasing an additional 829 shares during the period. Wells Fargo & Company MN boosted its stake in Colgate-Palmolive by 11.3% in the 1st quarter. Wells Fargo & Company MN now owns 9,886,686 shares of the company’s stock worth $708,678,000 after purchasing an additional 1,003,612 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in Colgate-Palmolive by 14.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 40,312 shares of the company’s stock worth $2,890,000 after purchasing an additional 5,015 shares during the period. Institutional investors own 73.86% of the company’s stock.
Several research analysts have commented on CL shares. Morgan Stanley cut their target price on Colgate-Palmolive from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, April 20th. UBS Group upgraded Colgate-Palmolive from a “neutral” rating to a “buy” rating and raised their target price for the stock from $70.00 to $75.00 in a research note on Wednesday, July 18th. Zacks Investment Research raised Colgate-Palmolive from a “sell” rating to a “hold” rating in a report on Tuesday, April 17th. Argus raised Colgate-Palmolive from a “hold” rating to a “buy” rating in a report on Friday, May 25th. They noted that the move was a valuation call. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $72.00 price target on shares of Colgate-Palmolive in a report on Thursday, May 24th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $72.14.
Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, July 27th. The company reported $0.77 earnings per share for the quarter, meeting the consensus estimate of $0.77. Colgate-Palmolive had a return on equity of 2,494.79% and a net margin of 13.97%. The firm had revenue of $3.89 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter last year, the firm posted $0.72 EPS. The company’s revenue was up 1.6% compared to the same quarter last year. research analysts expect that Colgate-Palmolive will post 3.02 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Wednesday, July 18th will be issued a dividend of $0.42 per share. The ex-dividend date is Tuesday, July 17th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.57%. Colgate-Palmolive’s dividend payout ratio is 58.54%.
Colgate-Palmolive declared that its Board of Directors has authorized a share buyback plan on Monday, June 18th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In related news, COO Noel R. Wallace sold 44,625 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $66.22, for a total transaction of $2,955,067.50. Following the transaction, the chief operating officer now directly owns 235,026 shares of the company’s stock, valued at approximately $15,563,421.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Justin Skala sold 90,069 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $66.36, for a total value of $5,976,978.84. Following the transaction, the vice president now directly owns 65,061 shares in the company, valued at $4,317,447.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 364,694 shares of company stock worth $23,628,346. 1.02% of the stock is currently owned by insiders.
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. It operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The company offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; personal care products comprising bar and liquid hand soaps, shower gels, shampoos, conditioners, and deodorants and antiperspirants; and home care products, such as laundry and dishwashing detergents, fabric conditioners, household cleaners, and other related products.
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