Summit Global Investments Buys 123,322 Shares of Colgate-Palmolive (NYSE:CL)

Summit Global Investments boosted its holdings in Colgate-Palmolive (NYSE:CL - Free Report) by 74.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 290,029 shares of the company's stock after purchasing an additional 123,322 shares during the quarter. Colgate-Palmolive makes up 1.6% of Summit Global Investments' portfolio, making the stock its 6th biggest holding. Summit Global Investments' holdings in Colgate-Palmolive were worth $26,367,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Colgate-Palmolive during the 4th quarter valued at $26,000. Centricity Wealth Management LLC acquired a new stake in Colgate-Palmolive during the fourth quarter worth about $27,000. Union Bancaire Privee UBP SA purchased a new position in shares of Colgate-Palmolive in the 4th quarter worth about $32,000. Briaud Financial Planning Inc acquired a new position in shares of Colgate-Palmolive in the 4th quarter valued at about $32,000. Finally, Wintrust Investments LLC purchased a new stake in shares of Colgate-Palmolive during the 4th quarter worth about $33,000. 80.41% of the stock is currently owned by hedge funds and other institutional investors.

Colgate-Palmolive Stock Up 2.7 %

Shares of CL stock traded up $2.46 during trading hours on Wednesday, hitting $92.05. 4,700,411 shares of the company were exchanged, compared to its average volume of 4,234,850. The stock has a market capitalization of $74.70 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 4.20 and a beta of 0.40. The business's 50-day simple moving average is $89.44 and its two-hundred day simple moving average is $93.82. The company has a debt-to-equity ratio of 13.40, a quick ratio of 0.58 and a current ratio of 0.92. Colgate-Palmolive has a one year low of $85.32 and a one year high of $109.30.

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Colgate-Palmolive (NYSE:CL - Get Free Report) last released its earnings results on Friday, January 31st. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.01. Colgate-Palmolive had a net margin of 14.38% and a return on equity of 477.77%. During the same quarter last year, the business earned $0.87 earnings per share. Sell-side analysts predict that Colgate-Palmolive will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive announced that its board has approved a stock repurchase plan on Thursday, March 20th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Colgate-Palmolive Increases Dividend

The business also recently declared 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. This is an increase from Colgate-Palmolive's previous quarterly dividend of $0.50. The ex-dividend date is Thursday, April 17th. This represents a $2.08 annualized dividend and a dividend yield of 2.26%. Colgate-Palmolive's dividend payout ratio (DPR) is 56.82%.

Analyst Upgrades and Downgrades

CL has been the topic of a number of recent research reports. Raymond James reaffirmed an "outperform" rating and set a $105.00 price target (down from $110.00) on shares of Colgate-Palmolive in a research report on Monday, February 3rd. Barclays decreased their price target on shares of Colgate-Palmolive from $96.00 to $83.00 and set an "equal weight" rating for the company in a research report on Friday, January 17th. Wells Fargo & Company reduced their price objective on Colgate-Palmolive from $92.00 to $83.00 and set an "underweight" rating on the stock in a research note on Tuesday, January 7th. 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. Finally, Piper Sandler dropped their target price on Colgate-Palmolive from $121.00 to $112.00 and set an "overweight" rating on the stock in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $101.72.

Colgate-Palmolive 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.