Sumitomo Life Insurance Co. Cuts Stake in Colgate-Palmolive Company $CL

Sumitomo Life Insurance Co. reduced its position in shares of Colgate-Palmolive Company (NYSE:CL) by 38.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,394 shares of the company’s stock after selling 8,966 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Colgate-Palmolive were worth $1,320,000 at the end of the most recent quarter.

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

Colgate-Palmolive Stock Up 1.5%

Colgate-Palmolive stock opened at $91.02 on Friday. Colgate-Palmolive Company has a one year low of $74.54 and a one year high of $99.33. The stock has a fifty day moving average of $91.89 and a 200 day moving average of $90.14. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.67 and a current ratio of 1.03. The stock has a market cap of $72.56 billion, a PE ratio of 36.12, a price-to-earnings-growth ratio of 4.19 and a beta of 0.33.

Colgate-Palmolive (NYSE:CL) last announced its earnings results on Friday, July 31st. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.04. The business had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Colgate-Palmolive had a return on equity of 464.63% and a net margin of 9.68%.The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm posted $0.92 earnings per share. As a group, sell-side analysts predict that Colgate-Palmolive Company will post 3.86 EPS for the current year.

Colgate-Palmolive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, July 20th were issued a $0.53 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.3%. Colgate-Palmolive’s dividend payout ratio (DPR) is presently 84.13%.

Insider Activity at Colgate-Palmolive

In other news, Director John T. Cahill sold 4,170 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of the sale, the director owned 28,373 shares of the company’s stock, valued at $2,649,187.01. The trade was a 12.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Noel R. Wallace sold 161,021 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $91.92, for a total value of $14,801,050.32. Following the completion of the sale, the chief executive officer owned 362,231 shares of the company’s stock, valued at $33,296,273.52. This trade represents a 30.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CL. 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. Citigroup raised their price target on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. reduced their price target on shares of Colgate-Palmolive from $104.00 to $103.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. TD Cowen boosted their price objective on shares of Colgate-Palmolive from $85.00 to $90.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Colgate-Palmolive from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Colgate-Palmolive presently has a consensus rating of “Moderate Buy” and an average target price of $99.00.

About Colgate-Palmolive

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.