Franklin Resources Inc. Trims Stake in Colgate-Palmolive (NYSE:CL)

Franklin Resources Inc. lowered its stake in Colgate-Palmolive (NYSE:CL - Free Report) by 5.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,763,061 shares of the company's stock after selling 261,899 shares during the quarter. Franklin Resources Inc. owned 0.58% of Colgate-Palmolive worth $479,771,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CL. Continuum Advisory LLC boosted its stake in shares of Colgate-Palmolive by 46.5% in the 2nd quarter. Continuum Advisory LLC now owns 394 shares of the company's stock worth $38,000 after buying an additional 125 shares during the last quarter. Reston Wealth Management LLC bought a new stake in shares of Colgate-Palmolive during the 3rd quarter valued at about $42,000. Capital Performance Advisors LLP bought a new stake in shares of Colgate-Palmolive during the 3rd quarter valued at about $53,000. Prospera Private Wealth LLC purchased a new stake in shares of Colgate-Palmolive during the 3rd quarter valued at about $64,000. Finally, Gradient Investments LLC boosted its holdings in shares of Colgate-Palmolive by 150.4% in the second quarter. Gradient Investments LLC now owns 666 shares of the company's stock worth $65,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CL. TD Cowen reduced their target price on shares of Colgate-Palmolive from $115.00 to $110.00 and set a "buy" rating for the company in a report on Monday, October 28th. Piper Sandler started coverage on Colgate-Palmolive in a report on Tuesday, September 24th. They issued an "overweight" rating and a $121.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered Colgate-Palmolive from a "buy" rating to a "hold" rating and boosted their price target for the company from $107.00 to $109.00 in a report on Monday, September 9th. StockNews.com raised Colgate-Palmolive from a "hold" rating to a "buy" rating in a research note on Monday, November 25th. Finally, JPMorgan Chase & Co. boosted their price objective on Colgate-Palmolive from $113.00 to $114.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $105.11.

Insider Buying and Selling

In related news, CFO Stanley J. Sutula III sold 45,410 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $94.11, for a total value of $4,273,535.10. Following the completion of the transaction, the chief financial officer now owns 36,726 shares of the company's stock, valued at approximately $3,456,283.86. This trade represents a 55.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.34% of the stock is currently owned by company insiders.

Colgate-Palmolive Price Performance

Colgate-Palmolive stock traded down $0.12 during midday trading on Friday, reaching $93.44. 3,019,615 shares of the stock traded hands, compared to its average volume of 4,372,780. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 9.46. Colgate-Palmolive has a 12 month low of $75.50 and a 12 month high of $109.30. The stock's fifty day moving average is $95.73 and its 200-day moving average is $98.58. The stock has a market cap of $76.34 billion, a P/E ratio of 26.77, a PEG ratio of 3.31 and a beta of 0.43.

Colgate-Palmolive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, January 21st will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, January 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.14%. Colgate-Palmolive's dividend payout ratio is currently 57.31%.

Colgate-Palmolive Company Profile

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.