Colgate-Palmolive Company $CL Stock Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its stake in shares of Colgate-Palmolive Company (NYSE:CL) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 632,740 shares of the company’s stock after selling 7,625 shares during the period. Retirement Systems of Alabama owned about 0.08% of Colgate-Palmolive worth $53,985,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. State Street Corp raised its stake in shares of Colgate-Palmolive by 97.4% in the second 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 period. Bank of New York Mellon Corp grew its stake in shares of Colgate-Palmolive by 172.5% during 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 acquiring an additional 7,927,238 shares during the period. Bank of America Corp DE bought a new position in shares of Colgate-Palmolive during the 2nd quarter valued at approximately $567,483,000. Envestnet Asset Management Inc. increased its holdings in Colgate-Palmolive by 266.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,146,337 shares of the company’s stock worth $380,136,000 after acquiring an additional 3,014,860 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Colgate-Palmolive by 151.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,276,774 shares of the company’s stock worth $364,894,000 after acquiring an additional 2,575,530 shares in the last quarter. Institutional investors own 80.41% of the company’s stock.

Insider Buying and Selling at Colgate-Palmolive

In other Colgate-Palmolive news, COO Panagiotis Tsourapas sold 19,938 shares of Colgate-Palmolive stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $98.74, for a total value of $1,968,678.12. Following the sale, the chief operating officer owned 9,111 shares of the company’s stock, valued at $899,620.14. The trade was a 68.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 company’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $100.26, for a total value of $2,005,200.00. Following the sale, the chief executive officer directly owned 359,700 shares in the company, valued at $36,063,522. This trade represents a 5.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 73,314 shares of company stock worth $7,212,109 in the last quarter. 0.43% of the stock is owned by corporate insiders.

Colgate-Palmolive Stock Up 1.4%

Shares of CL stock opened at $97.90 on Tuesday. The company’s fifty day simple moving average is $90.26 and its two-hundred day simple moving average is $90.04. Colgate-Palmolive Company has a 52 week low of $75.96 and a 52 week high of $101.18. The stock has a market cap of $77.82 billion, a P/E ratio of 38.39, a PEG ratio of 4.48 and a beta of 0.31. The company has a quick ratio of 0.30, a current ratio of 0.96 and a debt-to-equity ratio of 11.23.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings data on Friday, October 30th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. Colgate-Palmolive had a return on equity of 607.88% and a net margin of 9.65%. The firm had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. Analysts predict that Colgate-Palmolive Company will post 3.92 EPS for the current fiscal year.

Colgate-Palmolive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have commented on CL. Piper Sandler decreased their target price on shares of Colgate-Palmolive from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, September 21st. Raymond James Financial lifted their price target on shares of Colgate-Palmolive from $100.00 to $102.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Bank of America upped their price target on shares of Colgate-Palmolive from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Evercore increased their price objective on shares of Colgate-Palmolive from $100.00 to $101.00 and gave the stock an “outperform” rating in a research note on Thursday, October 8th. Finally, Jefferies Financial Group restated a “hold” rating and set a $89.00 price objective (up from $88.00) on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.22.

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.