Rakuten Investment Management Inc. Buys New Stake in Colgate-Palmolive Company $CL

Rakuten Investment Management Inc. purchased a new position in shares of Colgate-Palmolive Company (NYSE:CL) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 128,693 shares of the company’s stock, valued at approximately $11,891,000.

Several other institutional investors and hedge funds also recently modified their holdings of CL. Norges Bank acquired a new position in shares of Colgate-Palmolive during the fourth quarter valued at $861,670,000. Bank of New York Mellon Corp lifted its holdings in Colgate-Palmolive by 172.5% in the first quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company’s stock worth $1,067,211,000 after purchasing an additional 7,927,238 shares during the period. Bank of America Corp DE bought a new position in Colgate-Palmolive in the 2nd quarter valued at about $567,483,000. Northwestern Mutual Wealth Management Co. grew its position in Colgate-Palmolive by 8,040.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,655,987 shares of the company’s stock valued at $380,666,000 after buying an additional 4,598,789 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Colgate-Palmolive during the 4th quarter valued at about $236,682,000. Institutional investors own 80.41% of the company’s stock.

Colgate-Palmolive Stock Down 0.2%

NYSE CL opened at $90.75 on Friday. Colgate-Palmolive Company has a 12 month low of $74.54 and a 12 month high of $99.33. The company has a market capitalization of $72.34 billion, a P/E ratio of 36.01, a PEG ratio of 4.25 and a beta of 0.33. The company’s 50 day simple moving average is $92.02 and its 200 day simple moving average is $90.06. The company has a debt-to-equity ratio of 13.82, a current ratio of 1.03 and a quick ratio of 0.67.

Colgate-Palmolive (NYSE:CL) last issued its earnings results on Friday, July 31st. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.04. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The firm had revenue of $5.36 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the firm posted $0.92 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts expect that Colgate-Palmolive Company will post 3.86 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

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

Wall Street Analyst Weigh In

CL has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Colgate-Palmolive from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Citigroup raised their price objective on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Royal Bank Of Canada boosted their target price on Colgate-Palmolive from $102.00 to $104.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Colgate-Palmolive in a research report on Friday, July 31st. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Twelve equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Colgate-Palmolive has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Insider Transactions at Colgate-Palmolive

In other Colgate-Palmolive news, CEO Noel R. Wallace sold 161,021 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 362,231 shares in the company, valued at $33,296,273.52. The trade was a 30.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John T. Cahill sold 4,170 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of the sale, the director directly owned 28,373 shares of the company’s stock, valued at $2,649,187.01. This represents a 12.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 175,191 shares of company stock valued at $16,110,903 over the last three months. 0.43% of the stock is owned by corporate insiders.

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.