Summit Global Investments Sells 34,374 Shares of Colgate-Palmolive Company $CL

Summit Global Investments decreased its holdings in Colgate-Palmolive Company (NYSE:CL) by 23.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 110,952 shares of the company’s stock after selling 34,374 shares during the period. Colgate-Palmolive makes up 0.6% of Summit Global Investments’ portfolio, making the stock its 20th largest holding. Summit Global Investments’ holdings in Colgate-Palmolive were worth $9,456,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Kemnay Advisory Services Inc. bought a new stake in shares of Colgate-Palmolive in the fourth quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC raised its holdings in shares of Colgate-Palmolive by 86.7% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 323 shares of the company’s stock valued at $26,000 after purchasing an additional 150 shares during the last quarter. TD Capital Management LLC lifted its position in Colgate-Palmolive by 61.4% during the fourth quarter. TD Capital Management LLC now owns 326 shares of the company’s stock valued at $26,000 after purchasing an additional 124 shares during the period. Triumph Capital Management boosted its holdings in Colgate-Palmolive by 62.9% in the fourth quarter. Triumph Capital Management now owns 329 shares of the company’s stock worth $26,000 after purchasing an additional 127 shares during the last quarter. Finally, Jessup Wealth Management Inc bought a new stake in Colgate-Palmolive in the 4th quarter worth approximately $26,000. Institutional investors own 80.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein assumed coverage on Colgate-Palmolive in a report on Thursday, June 11th. They set a “market perform” rating and a $96.00 price target on the stock. Piper Sandler lifted their price objective on Colgate-Palmolive from $92.00 to $96.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $99.00 price objective on shares of Colgate-Palmolive in a research report on Monday, May 4th. Wall Street Zen downgraded Colgate-Palmolive from a “buy” rating to a “hold” rating in a report on Sunday, March 29th. Finally, JPMorgan Chase & Co. raised their target price on Colgate-Palmolive from $96.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.41.

Colgate-Palmolive Stock Performance

NYSE:CL opened at $91.93 on Tuesday. The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.67 and a current ratio of 1.02. The stock has a 50-day simple moving average of $90.56 and a two-hundred day simple moving average of $88.69. The firm has a market capitalization of $73.56 billion, a PE ratio of 35.77, a P/E/G ratio of 4.90 and a beta of 0.33. Colgate-Palmolive Company has a 52-week low of $74.54 and a 52-week high of $99.33.

Colgate-Palmolive (NYSE:CL) last released its earnings results on Friday, May 1st. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. Analysts forecast that Colgate-Palmolive Company will post 3.81 EPS for the current year.

Colgate-Palmolive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, July 20th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, July 20th. Colgate-Palmolive’s dividend payout ratio is presently 82.49%.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company is a global consumer products company with a long history in household and personal care categories. The business traces its roots to the early 19th century and has evolved into a multinational manufacturer and marketer of everyday consumer goods focused on health, hygiene and home care.

The company’s core activities center on oral care, personal care, home care and pet nutrition. Its product portfolio includes toothpaste, toothbrushes and mouthwash in oral care; soaps, body washes and deodorants in personal care; dishwashing liquids, surface cleaners and other household products in home care; and scientifically formulated pet foods under its pet nutrition business.