1832 Asset Management L.P. Reduces Position in Colgate-Palmolive Company $CL

1832 Asset Management L.P. reduced its holdings in shares of Colgate-Palmolive Company (NYSE:CL) by 25.1% in the second quarter, Holdings Channel.com reports. The fund owned 35,055 shares of the company’s stock after selling 11,730 shares during the quarter. 1832 Asset Management L.P.’s holdings in Colgate-Palmolive were worth $3,186,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CL. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Colgate-Palmolive in the 2nd quarter worth approximately $44,000. Beacon Pointe Advisors LLC raised its stake in Colgate-Palmolive by 1.0% in the second quarter. Beacon Pointe Advisors LLC now owns 136,027 shares of the company’s stock worth $12,365,000 after buying an additional 1,351 shares in the last quarter. NBW Capital LLC purchased a new stake in Colgate-Palmolive during the second quarter worth $272,000. Quantbot Technologies LP bought a new stake in Colgate-Palmolive during the 2nd quarter valued at $690,000. Finally, M&T Bank Corp increased its holdings in shares of Colgate-Palmolive by 5.4% in the 2nd quarter. M&T Bank Corp now owns 284,265 shares of the company’s stock valued at $25,840,000 after acquiring an additional 14,613 shares during the period. Institutional investors own 80.41% of the company’s stock.

Colgate-Palmolive Stock Performance

Shares of CL stock opened at $78.04 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.60 and a debt-to-equity ratio of 5.90. Colgate-Palmolive Company has a 12-month low of $74.54 and a 12-month high of $100.18. The business’s 50 day moving average is $78.42 and its two-hundred day moving average is $84.10. The company has a market capitalization of $62.91 billion, a P/E ratio of 21.86, a P/E/G ratio of 5.53 and a beta of 0.30.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings results on Friday, October 31st. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. Colgate-Palmolive had a net margin of 14.47% and a return on equity of 333.39%. The firm had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.17 billion. During the same period last year, the company posted $0.91 EPS. Colgate-Palmolive’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts expect that Colgate-Palmolive Company will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 17th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, October 17th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.7%. Colgate-Palmolive’s payout ratio is currently 58.26%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Colgate-Palmolive in a report on Wednesday, October 8th. Evercore ISI lowered their target price on shares of Colgate-Palmolive from $100.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. The Goldman Sachs Group reduced their price target on Colgate-Palmolive from $106.00 to $91.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Citigroup lowered their price objective on Colgate-Palmolive from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, November 3rd. Finally, Piper Sandler started coverage on Colgate-Palmolive in a research note on Friday, October 3rd. They set a “neutral” rating and a $84.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Colgate-Palmolive presently has an average rating of “Moderate Buy” and an average target price of $89.87.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products in the United States and internationally. It operates through two segments: Oral, Personal and Home Care; and Pet Nutrition. The Oral, Personal and Home Care segment offers toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.