Worldquant Millennium Quantitative Strategies LLC purchased a new stake in shares of Colgate-Palmolive (NYSE:CL) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 67,178 shares of the company’s stock, valued at approximately $4,354,000.
Several other hedge funds have also modified their holdings of the company. Rainier Group Investment Advisory LLC purchased a new position in Colgate-Palmolive in the first quarter valued at about $107,000. Quadrant Capital Group LLC grew its stake in Colgate-Palmolive by 142.4% in the first quarter. Quadrant Capital Group LLC now owns 1,602 shares of the company’s stock valued at $108,000 after purchasing an additional 941 shares in the last quarter. CSat Investment Advisory L.P. purchased a new position in Colgate-Palmolive in the second quarter valued at about $111,000. Centerpoint Advisors LLC purchased a new position in Colgate-Palmolive in the first quarter valued at about $112,000. Finally, Bridgeworth LLC purchased a new position in Colgate-Palmolive in the second quarter valued at about $120,000. Institutional investors and hedge funds own 74.81% of the company’s stock.
In other news, insider Daniel B. Marsili sold 19,500 shares of the company’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $65.40, for a total transaction of $1,275,300.00. Following the completion of the sale, the insider now owns 78,065 shares in the company, valued at approximately $5,105,451. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Philip G. Shotts sold 17,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $65.44, for a total value of $1,112,480.00. Following the sale, the vice president now owns 49,949 shares of the company’s stock, valued at approximately $3,268,662.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 415,279 shares of company stock valued at $27,384,156. 1.02% of the stock is currently owned by corporate insiders.
Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, July 27th. The company reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. The company had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.91 billion. Colgate-Palmolive had a return on equity of 2,494.79% and a net margin of 13.97%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 EPS. equities research analysts forecast that Colgate-Palmolive will post 3.02 earnings per share for the current year.
Colgate-Palmolive declared that its board has authorized a stock repurchase program on Monday, June 18th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to reacquire up to 9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Friday, October 19th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, October 18th. This represents a $1.68 annualized dividend and a dividend yield of 2.47%. Colgate-Palmolive’s dividend payout ratio (DPR) is presently 58.54%.
CL has been the topic of a number of recent research reports. Macquarie downgraded Colgate-Palmolive from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $74.00 to $65.00 in a research note on Monday, July 30th. 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. Argus upgraded Colgate-Palmolive from a “hold” rating to a “buy” rating in a research note on Friday, May 25th. They noted that the move was a valuation call. Sanford C. Bernstein restated a “market perform” rating and issued a $72.00 target price on shares of Colgate-Palmolive in a research note on Thursday, May 24th. Finally, Wells Fargo & Co downgraded Colgate-Palmolive to a “hold” rating in a research note on Tuesday, July 17th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $72.14.
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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