Colgate-Palmolive Company $CL Stake Raised by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its holdings in shares of Colgate-Palmolive Company (NYSE:CL) by 32.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 304,117 shares of the company’s stock after purchasing an additional 75,365 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Colgate-Palmolive were worth $25,947,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp boosted its stake in Colgate-Palmolive by 97.4% in the 2nd quarter. State Street Corp now owns 94,195,992 shares of the company’s stock worth $8,635,889,000 after buying an additional 46,476,510 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Colgate-Palmolive by 172.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company’s stock valued at $1,067,211,000 after buying an additional 7,927,238 shares during the period. Bank of America Corp DE purchased a new stake in Colgate-Palmolive in the 2nd quarter valued at about $567,483,000. Envestnet Asset Management Inc. increased its stake in shares of Colgate-Palmolive by 266.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 4,146,337 shares of the company’s stock valued at $380,136,000 after acquiring an additional 3,014,860 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Colgate-Palmolive by 151.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,276,774 shares of the company’s stock valued at $364,894,000 after acquiring an additional 2,575,530 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Colgate-Palmolive Price Performance

Shares of NYSE CL opened at $97.95 on Wednesday. The company has a debt-to-equity ratio of 11.23, a current ratio of 0.96 and a quick ratio of 0.63. Colgate-Palmolive Company has a 1-year low of $75.96 and a 1-year high of $101.18. The company has a market capitalization of $77.86 billion, a price-to-earnings ratio of 38.41, a PEG ratio of 4.43 and a beta of 0.31. The business has a 50-day moving average of $90.42 and a 200-day moving average of $90.10.

Colgate-Palmolive (NYSE:CL) last announced its earnings results on Friday, October 30th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The business had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.34 billion. Colgate-Palmolive had a return on equity of 607.88% and a net margin of 9.65%. The company’s revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. On average, equities analysts anticipate that Colgate-Palmolive Company will post 3.92 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be paid a dividend of $0.53 per share. The ex-dividend date is Tuesday, October 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.2%. Colgate-Palmolive’s dividend payout ratio (DPR) is currently 83.14%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CL. Jefferies Financial Group reiterated a “hold” rating and set a $89.00 price objective (up from $88.00) on shares of Colgate-Palmolive in a report on Monday, August 3rd. Piper Sandler lowered their target price on shares of Colgate-Palmolive from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, September 21st. Wells Fargo & Company boosted their target price on shares of Colgate-Palmolive from $90.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, November 2nd. UBS Group upped their price target on shares of Colgate-Palmolive from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Finally, Evercore upped their price objective on Colgate-Palmolive from $100.00 to $101.00 and gave the stock an “outperform” rating in a report on Thursday, October 8th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Colgate-Palmolive presently has an average rating of “Moderate Buy” and a consensus target price of $101.22.

Insider Activity

In other news, COO Panagiotis Tsourapas sold 19,938 shares of the business’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $98.74, for a total transaction of $1,968,678.12. Following the transaction, the chief operating officer directly owned 9,111 shares of the company’s stock, valued at approximately $899,620.14. The trade was a 68.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Noel Wallace sold 20,000 shares of the business’s stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $100.26, for a total transaction of $2,005,200.00. Following the transaction, the chief executive officer directly owned 359,700 shares in the company, valued at approximately $36,063,522. The trade was a 5.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 73,314 shares of company stock worth $7,212,109 over the last 90 days. Company insiders own 0.43% of the company’s stock.

About Colgate-Palmolive

Colgate-Palmolive is a global consumer products company whose business spans oral care, personal care, home care and pet nutrition. Its products include toothpaste, toothbrushes, mouthwashes, soaps, shampoos, cleaning products and pet food. The company’s best-known brands include Colgate, Palmolive, elmex, Softsoap, Ajax and Hill’s Pet Nutrition. It sells products through retail and other channels in markets around the world. Founded in 1806 by William Colgate as a soap and candle business in New York City, the company has grown into an international manufacturer of household and personal care products.