Colgate-Palmolive Company $CL Stock Bought by Wedmont Private Capital

Wedmont Private Capital lifted its position in shares of Colgate-Palmolive Company (NYSE:CL) by 60.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,113 shares of the company’s stock after buying an additional 11,736 shares during the period. Wedmont Private Capital’s holdings in Colgate-Palmolive were worth $2,655,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Corient Private Wealth LP boosted its position in Colgate-Palmolive by 29.0% during the 2nd quarter. Corient Private Wealth LP now owns 639,604 shares of the company’s stock worth $58,639,000 after acquiring an additional 143,812 shares during the period. Bank of America Corp DE bought a new stake in shares of Colgate-Palmolive during the second quarter valued at about $567,483,000. Brandywine Financial Group lifted its holdings in Colgate-Palmolive by 35,612.3% in the first quarter. Brandywine Financial Group now owns 72,853 shares of the company’s stock worth $6,209,000 after purchasing an additional 72,649 shares during the period. SEB Asset Management AB acquired a new stake in Colgate-Palmolive in the first quarter worth about $91,149,000. Finally, Robinhood Asset Management LLC bought a new position in Colgate-Palmolive in the 2nd quarter valued at about $11,554,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Stock Performance

CL opened at $88.19 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.03 and a debt-to-equity ratio of 13.82. The firm has a market cap of $70.31 billion, a PE ratio of 35.00, a P/E/G ratio of 4.11 and a beta of 0.33. The business has a fifty day simple moving average of $89.10 and a 200-day simple moving average of $88.77. Colgate-Palmolive Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33.

Colgate-Palmolive (NYSE:CL) last announced its earnings results on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.04. The company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.36 billion. Colgate-Palmolive had a return on equity of 464.63% and a net margin of 9.68%. Colgate-Palmolive’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 earnings per share. As a group, equities analysts predict that Colgate-Palmolive Company will post 3.87 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 20th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, October 20th. Colgate-Palmolive’s dividend payout ratio (DPR) is presently 84.13%.

Insider Activity

In related news, COO Panagiotis Tsourapas sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $92.05, for a total value of $920,500.00. Following the completion of the sale, the chief operating officer owned 64,901 shares in the company, valued at approximately $5,974,137.05. This represents a 13.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Noel Wallace sold 161,021 shares of Colgate-Palmolive stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $91.92, for a total transaction of $14,801,050.32. Following the transaction, the chief executive officer owned 362,231 shares in the company, valued at approximately $33,296,273.52. The trade was a 30.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 175,191 shares of company stock worth $16,110,903 over the last 90 days. 0.43% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CL shares. Sanford C. Bernstein restated a “market perform” rating on shares of Colgate-Palmolive in a research report on Thursday, August 13th. Morgan Stanley reissued an “overweight” rating and set a $104.00 target price on shares of Colgate-Palmolive in a report on Monday, August 3rd. Weiss Ratings downgraded Colgate-Palmolive from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 2nd. Piper Sandler dropped their price objective on Colgate-Palmolive from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, September 21st. Finally, Citigroup upped their price objective on Colgate-Palmolive from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Twelve equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Colgate-Palmolive currently has a consensus rating of “Moderate Buy” and an average price target of $98.65.

Colgate-Palmolive Profile

Colgate-Palmolive Company (NYSE: CL) is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its portfolio includes toothpaste, toothbrushes, mouthwashes, body washes, deodorants, soaps, household cleaning products and pet food and treats.

The company markets many of its products under well-known brands, including Colgate, Palmolive, elmex, meridol, Protex, Softsoap, Ajax, Irish Spring, Speed Stick, Tom’s of Maine and Hill’s Science Diet.