Sumitomo Mitsui Trust Group Inc. Cuts Holdings in Colgate-Palmolive Company $CL

Sumitomo Mitsui Trust Group Inc. cut its stake in Colgate-Palmolive Company (NYSE:CL) by 3.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,920,622 shares of the company’s stock after selling 72,557 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Colgate-Palmolive worth $174,585,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Westend Capital Management LLC raised its position in Colgate-Palmolive by 111.1% in the first quarter. Westend Capital Management LLC now owns 266 shares of the company’s stock valued at $25,000 after purchasing an additional 140 shares during the period. Cornerstone Planning Group LLC raised its position in Colgate-Palmolive by 1,913.3% in the first quarter. Cornerstone Planning Group LLC now owns 302 shares of the company’s stock valued at $28,000 after purchasing an additional 287 shares during the period. Saudi Central Bank purchased a new position in Colgate-Palmolive in the first quarter valued at about $29,000. Ransom Advisory Ltd purchased a new position in Colgate-Palmolive in the first quarter valued at about $33,000. Finally, Y.D. More Investments Ltd acquired a new stake in shares of Colgate-Palmolive during the first quarter valued at about $37,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CL. Piper Sandler began coverage on Colgate-Palmolive in a research note on Friday, October 3rd. They issued a “neutral” rating and a $84.00 price target for the company. Raymond James Financial decreased their price target on Colgate-Palmolive from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, October 20th. Morgan Stanley decreased their price target on Colgate-Palmolive from $104.00 to $96.00 and set an “overweight” rating for the company in a research note on Monday, August 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Colgate-Palmolive in a research note on Friday. Finally, Bank of America decreased their price target on Colgate-Palmolive from $98.00 to $88.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.50.

Colgate-Palmolive Stock Performance

Shares of CL stock opened at $78.01 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.89 and a debt-to-equity ratio of 6.79. The business has a 50 day moving average of $81.33 and a two-hundred day moving average of $86.94. Colgate-Palmolive Company has a 52 week low of $76.68 and a 52 week high of $100.18. The company has a market cap of $63.05 billion, a P/E ratio of 21.91, a PEG ratio of 4.60 and a beta of 0.34.

Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, August 1st. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Colgate-Palmolive had a return on equity of 377.63% and a net margin of 14.55%.The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 earnings per share. As a group, analysts anticipate that Colgate-Palmolive Company will post 3.75 EPS for the current year.

Colgate-Palmolive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 17th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, October 17th. Colgate-Palmolive’s payout ratio is 58.43%.

About Colgate-Palmolive

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.