Tradition Capital Management LLC Acquires 40,894 Shares of Colgate-Palmolive (CL)
Tradition Capital Management LLC raised its position in Colgate-Palmolive (NYSE:CL) by 238.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,036 shares of the company’s stock after buying an additional 40,894 shares during the quarter. Tradition Capital Management LLC’s holdings in Colgate-Palmolive were worth $3,761,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in CL. HC Financial Advisors Inc. acquired a new position in shares of Colgate-Palmolive in the fourth quarter valued at about $1,744,000. Argent Trust Co increased its holdings in shares of Colgate-Palmolive by 72.4% in the fourth quarter. Argent Trust Co now owns 8,599 shares of the company’s stock valued at $648,000 after purchasing an additional 3,612 shares during the period. Global X Management Co. LLC increased its holdings in shares of Colgate-Palmolive by 7.2% in the first quarter. Global X Management Co. LLC now owns 12,371 shares of the company’s stock valued at $887,000 after purchasing an additional 829 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Colgate-Palmolive by 11.3% in the first quarter. Wells Fargo & Company MN now owns 9,886,686 shares of the company’s stock valued at $708,678,000 after purchasing an additional 1,003,612 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Colgate-Palmolive by 14.2% in the first quarter. Daiwa Securities Group Inc. now owns 40,312 shares of the company’s stock valued at $2,890,000 after purchasing an additional 5,015 shares during the period. 74.05% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. ValuEngine raised Colgate-Palmolive from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Citigroup lowered their target price on Colgate-Palmolive from $70.00 to $68.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 31st. Barclays set a $64.00 target price on Colgate-Palmolive and gave the stock a “hold” rating in a research note on Monday, July 30th. Macquarie downgraded Colgate-Palmolive from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $74.00 to $65.00 in a research note on Monday, July 30th. Finally, Wells Fargo & Co restated a “hold” rating and issued a $64.00 target price on shares of Colgate-Palmolive in a research note on Friday, July 27th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $72.14.
Colgate-Palmolive (NYSE:CL) last issued its earnings results on Friday, July 27th. The company reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates 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 the consensus estimate of $3.91 billion. During the same quarter in the prior year, the business earned $0.72 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. research analysts predict that Colgate-Palmolive will post 3.02 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Wednesday, July 18th were given a dividend of $0.42 per share. The ex-dividend date was Tuesday, July 17th. This represents a $1.68 dividend on an annualized basis and a yield of 2.49%. Colgate-Palmolive’s dividend payout ratio is currently 58.54%.
Colgate-Palmolive declared that its Board of Directors has initiated a share repurchase program on Monday, June 18th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other Colgate-Palmolive news, insider Daniel B. Marsili sold 19,500 shares of the stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $63.25, for a total transaction of $1,233,375.00. Following the transaction, the insider now owns 78,065 shares in the company, valued at $4,937,611.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Dennis J. Hickey sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $65.72, for a total value of $7,886,400.00. Following the transaction, the insider now owns 202,414 shares in the company, valued at approximately $13,302,648.08. The disclosure for this sale can be found here. Insiders have sold 433,302 shares of company stock worth $28,518,498 in the last quarter. 1.02% of the stock is currently owned by company 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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