Trade Report: Today, Columbia Asset Management Reduces Stake in Colgate-Palmolive Co. (CL)

Today, Columbia Asset Management Reduces Stake in Colgate-Palmolive Co. (CL)

Columbia Asset Management lowered its position in shares of Colgate-Palmolive Co. (NYSE:CL) by 2.5% during the third quarter, Holdings Channel reports. The fund owned 7,690 shares of the company’s stock after selling 200 shares during the period. Columbia Asset Management’s holdings in Colgate-Palmolive were worth $570,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Emerald Acquisition Ltd. purchased a new position in Colgate-Palmolive during the second quarter worth approximately $214,435,000. Ameriprise Financial Inc. raised its position in shares of Colgate-Palmolive by 142.6% in the second quarter. Ameriprise Financial Inc. now owns 1,881,639 shares of the company’s stock valued at $137,710,000 after buying an additional 1,106,185 shares during the period. Vanguard Group Inc. raised its position in shares of Colgate-Palmolive by 1.8% in the second quarter. Vanguard Group Inc. now owns 60,839,484 shares of the company’s stock valued at $4,453,451,000 after buying an additional 1,103,235 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Colgate-Palmolive by 358.8% in the second quarter. Canada Pension Plan Investment Board now owns 1,231,886 shares of the company’s stock valued at $90,174,000 after buying an additional 963,376 shares during the period. Finally, Bank of Montreal Can bought a new position in shares of Colgate-Palmolive during the second quarter valued at about $64,888,000. 73.12% of the stock is currently owned by institutional investors and hedge funds.

Colgate-Palmolive Co. (NYSE:CL) opened at 66.53 on Friday. The company has a 50-day moving average of $69.86 and a 200-day moving average of $72.23. The company has a market capitalization of $59.13 billion, a P/E ratio of 43.51 and a beta of 0.73. Colgate-Palmolive Co. has a 1-year low of $61.40 and a 1-year high of $75.38.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.73 EPS for the quarter, hitting analysts’ consensus estimates of $0.73. Colgate-Palmolive had a net margin of 8.96% and a return on equity of 6,924.14%. The business earned $3.87 billion during the quarter, compared to analysts’ expectations of $3.94 billion. During the same period last year, the company posted $0.80 EPS. The business’s revenue was down 3.3% on a year-over-year basis. Equities analysts expect that Colgate-Palmolive Co. will post $2.82 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Monday, October 24th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, October 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.34%. Colgate-Palmolive’s payout ratio is currently 101.96%.

CL has been the subject of several research reports. Zacks Investment Research lowered shares of Colgate-Palmolive from a “buy” rating to a “hold” rating in a research report on Tuesday, September 20th. Bank of America Corp. upgraded shares of Colgate-Palmolive from a “neutral” rating to a “buy” rating and upped their target price for the stock from $70.86 to $80.00 in a research report on Monday, September 12th. Wells Fargo & Co. reiterated a “market perform” rating on shares of Colgate-Palmolive in a research report on Tuesday, November 15th. KeyCorp initiated coverage on shares of Colgate-Palmolive in a research report on Thursday, September 8th. They issued a “sector weight” rating for the company. Finally, B. Riley reiterated a “neutral” rating and issued a $78.00 target price on shares of Colgate-Palmolive in a research report on Wednesday, November 2nd. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Colgate-Palmolive currently has an average rating of “Hold” and an average price target of $76.04.

In other Colgate-Palmolive news, insider Patricia Verduin sold 3,834 shares of Colgate-Palmolive stock in a transaction on Monday, October 17th. The shares were sold at an average price of $72.39, for a total value of $277,543.26. Following the completion of the transaction, the insider now directly owns 55,013 shares of the company’s stock, valued at approximately $3,982,391.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.05% of the stock is currently owned by company insiders.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company (Colgate) is a consumer products company, whose products are marketed in over 200 countries and territories throughout the world. The Company’s segments include Oral, Personal and Home Care, and Pet Nutrition. The Oral, Personal and Home Care product segment is operated through over five geographic segments, which include North America, Latin America, Europe/South Pacific, Asia and Africa/Eurasia.

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