Evanson Asset Management LLC Raises Stake in Colgate-Palmolive (CL)


Evanson Asset Management LLC boosted its holdings in Colgate-Palmolive (NYSE:CL) by 26.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,766 shares of the company’s stock after acquiring an additional 3,113 shares during the quarter. Evanson Asset Management LLC’s holdings in Colgate-Palmolive were worth $957,000 at the end of the most recent quarter.


A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. First Citizens Bank & Trust Co. bought a new position in Colgate-Palmolive in the 2nd quarter valued at about $221,000. Raymond James Trust N.A. lifted its position in Colgate-Palmolive by 17.8% in the 2nd quarter. Raymond James Trust N.A. now owns 26,421 shares of the company’s stock valued at $1,712,000 after acquiring an additional 3,986 shares in the last quarter. Mitchell Sinkler & Starr PA lifted its position in Colgate-Palmolive by 9.0% in the 2nd quarter. Mitchell Sinkler & Starr PA now owns 11,456 shares of the company’s stock valued at $742,000 after acquiring an additional 950 shares in the last quarter. Private Asset Management Inc. lifted its position in Colgate-Palmolive by 1.6% in the 2nd quarter. Private Asset Management Inc. now owns 129,607 shares of the company’s stock valued at $9,290,000 after acquiring an additional 2,099 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Colgate-Palmolive by 29.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 248,529 shares of the company’s stock valued at $16,104,000 after acquiring an additional 55,960 shares in the last quarter. 73.17% of the stock is currently owned by institutional investors and hedge funds.


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In other news, insider Daniel B. Marsili sold 19,500 shares of the firm’s stock in a transaction that occurred on Monday, April 16th. The shares were sold at an average price of $71.85, for a total transaction of $1,401,075.00. Following the completion of the sale, the insider now owns 77,935 shares in the company, valued at approximately $5,599,629.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Franck J. Moison sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $61.75, for a total transaction of $4,940,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 161,579 shares of company stock valued at $10,215,058. 1.02% of the stock is currently owned by company insiders.


CL has been the topic of several recent analyst reports. Barclays set a $75.00 target price on shares of Colgate-Palmolive and gave the stock a “hold” rating in a research report on Thursday, March 15th. Zacks Investment Research cut shares of Colgate-Palmolive from a “hold” rating to a “sell” rating in a research report on Friday, April 6th. Stifel Nicolaus reissued a “hold” rating and set a $75.00 target price on shares of Colgate-Palmolive in a research report on Wednesday, April 18th. Morgan Stanley dropped their target price on shares of Colgate-Palmolive from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, April 20th. Finally, Citigroup dropped their target price on shares of Colgate-Palmolive from $80.00 to $73.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 1st. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $75.00.


Shares of CL stock traded down $0.49 during trading hours on Wednesday, hitting $65.24. 2,344,016 shares of the company were exchanged, compared to its average volume of 4,273,100. The company has a quick ratio of 0.75, a current ratio of 1.08 and a debt-to-equity ratio of 64.85. Colgate-Palmolive has a 52-week low of $61.28 and a 52-week high of $77.91. The firm has a market cap of $56.70 billion, a P/E ratio of 22.73, a PEG ratio of 2.65 and a beta of 0.75.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings results on Friday, April 27th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.01. Colgate-Palmolive had a net margin of 13.30% and a return on equity of 1,486.69%. The company had revenue of $4 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business posted $0.67 EPS. Colgate-Palmolive’s quarterly revenue was up 6.4% compared to the same quarter last year. equities analysts expect that Colgate-Palmolive will post 3.12 EPS for the current year.


Colgate-Palmolive declared that its board has authorized a share repurchase plan on Monday, June 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Stockholders of record on Wednesday, July 18th will be paid a dividend of $0.42 per share. The ex-dividend date is Tuesday, July 17th. This represents a $1.68 annualized dividend and a dividend yield of 2.58%. Colgate-Palmolive’s payout ratio is currently 58.54%.


Colgate-Palmolive Profile

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.

Institutional Ownership by Quarter for Colgate-Palmolive (NYSE:CL)