Magellan Asset Management Ltd Trims Stock Holdings in Colgate-Palmolive (NYSE:CL)

Magellan Asset Management Ltd reduced its holdings in shares of Colgate-Palmolive (NYSE:CL - Free Report) by 20.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,220,712 shares of the company's stock after selling 557,988 shares during the quarter. Colgate-Palmolive makes up approximately 2.2% of Magellan Asset Management Ltd's holdings, making the stock its 20th biggest position. Magellan Asset Management Ltd owned approximately 0.27% of Colgate-Palmolive worth $201,885,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Axxcess Wealth Management LLC grew its holdings in Colgate-Palmolive by 0.3% in the fourth quarter. Axxcess Wealth Management LLC now owns 38,786 shares of the company's stock worth $3,526,000 after purchasing an additional 117 shares during the period. Commonwealth Financial Services LLC grew its stake in shares of Colgate-Palmolive by 4.5% in the 4th quarter. Commonwealth Financial Services LLC now owns 2,716 shares of the company's stock valued at $247,000 after buying an additional 118 shares during the period. D Orazio & Associates Inc. raised its stake in Colgate-Palmolive by 4.2% during the 4th quarter. D Orazio & Associates Inc. now owns 2,982 shares of the company's stock worth $271,000 after buying an additional 120 shares during the period. Lantz Financial LLC lifted its stake in shares of Colgate-Palmolive by 0.6% in the fourth quarter. Lantz Financial LLC now owns 20,140 shares of the company's stock valued at $1,831,000 after buying an additional 122 shares in the last quarter. Finally, Pine Haven Investment Counsel Inc boosted its stake in Colgate-Palmolive by 1.0% during the 4th quarter. Pine Haven Investment Counsel Inc now owns 13,006 shares of the company's stock valued at $1,182,000 after purchasing an additional 130 shares during the last quarter. Institutional investors own 80.41% of the company's stock.

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Colgate-Palmolive Stock Performance

Shares of CL stock traded up $1.01 during mid-day trading on Tuesday, reaching $90.20. 2,117,129 shares of the company's stock traded hands, compared to its average volume of 4,537,233. The firm has a 50 day moving average price of $90.23 and a two-hundred day moving average price of $93.04. Colgate-Palmolive has a 12 month low of $85.32 and a 12 month high of $109.30. The company has a debt-to-equity ratio of 13.40, a quick ratio of 0.58 and a current ratio of 0.92. The firm has a market capitalization of $73.16 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 4.20 and a beta of 0.40.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings results on Friday, January 31st. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.01. Colgate-Palmolive had a return on equity of 477.77% and a net margin of 14.38%. During the same period in the prior year, the business posted $0.87 earnings per share. On average, research analysts forecast that Colgate-Palmolive will post 3.75 EPS for the current year.

Colgate-Palmolive declared that its Board of Directors has approved a share buyback program on Thursday, March 20th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Colgate-Palmolive Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, April 17th will be issued a $0.52 dividend. The ex-dividend date is Thursday, April 17th. This is a positive change from Colgate-Palmolive's previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.31%. Colgate-Palmolive's dividend payout ratio (DPR) is 59.09%.

Analyst Ratings Changes

Several analysts have recently issued reports on CL shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $101.00 target price on shares of Colgate-Palmolive in a research note on Wednesday, January 29th. Piper Sandler dropped their price objective on Colgate-Palmolive from $108.00 to $107.00 and set an "overweight" rating on the stock in a research note on Monday, March 31st. Morgan Stanley decreased their target price on Colgate-Palmolive from $111.00 to $104.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. StockNews.com upgraded shares of Colgate-Palmolive from a "hold" rating to a "buy" rating in a research note on Friday. Finally, UBS Group decreased their price target on Colgate-Palmolive from $104.00 to $100.00 and set a "buy" rating on the stock in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $102.06.

About Colgate-Palmolive

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.