Colgate-Palmolive (NYSE:CL) Stake Lessened by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC lessened its holdings in Colgate-Palmolive (NYSE:CL) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 147,570 shares of the company’s stock after selling 877 shares during the period. Colgate-Palmolive comprises about 4.2% of Prestige Wealth Management Group LLC’s portfolio, making the stock its 8th largest holding. Prestige Wealth Management Group LLC’s holdings in Colgate-Palmolive were worth $13,416,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CL. Diamond Hill Capital Management Inc. purchased a new stake in Colgate-Palmolive during the 4th quarter worth approximately $348,718,000. FMR LLC boosted its stake in shares of Colgate-Palmolive by 65.6% in the third quarter. FMR LLC now owns 6,749,275 shares of the company’s stock worth $700,642,000 after acquiring an additional 2,674,807 shares during the last quarter. AMF Tjanstepension AB increased its position in shares of Colgate-Palmolive by 1,088.8% during the fourth quarter. AMF Tjanstepension AB now owns 2,569,394 shares of the company’s stock worth $233,584,000 after purchasing an additional 2,353,268 shares in the last quarter. Barclays PLC lifted its holdings in Colgate-Palmolive by 38.7% in the 3rd quarter. Barclays PLC now owns 7,644,189 shares of the company’s stock valued at $793,542,000 after purchasing an additional 2,132,747 shares in the last quarter. Finally, State Street Corp boosted its stake in Colgate-Palmolive by 3.8% during the 3rd quarter. State Street Corp now owns 48,436,276 shares of the company’s stock worth $5,028,170,000 after purchasing an additional 1,784,411 shares during the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.

Colgate-Palmolive Stock Performance

NYSE:CL opened at $90.91 on Tuesday. Colgate-Palmolive has a fifty-two week low of $85.32 and a fifty-two week 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 company has a 50 day moving average price of $89.40 and a 200 day moving average price of $93.95. The stock has a market capitalization of $73.78 billion, a P/E ratio of 25.83, a PEG ratio of 4.20 and a beta of 0.40.

Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, January 31st. The company reported $0.91 EPS 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 quarter last year, the company earned $0.87 earnings per share. Equities research analysts forecast that Colgate-Palmolive will post 3.75 EPS for the current year.

Colgate-Palmolive announced that its board has initiated a share buyback program on Thursday, March 20th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Colgate-Palmolive Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, April 17th will be paid a $0.52 dividend. This is a positive change from Colgate-Palmolive’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $2.08 annualized dividend and a dividend yield of 2.29%. Colgate-Palmolive’s dividend payout ratio (DPR) is presently 56.82%.

Analyst Ratings Changes

CL has been the topic of several research reports. Morgan Stanley decreased their price target on shares of Colgate-Palmolive from $111.00 to $104.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Piper Sandler decreased their target price on shares of Colgate-Palmolive from $121.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Wells Fargo & Company dropped their price target on Colgate-Palmolive from $92.00 to $83.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Stifel Nicolaus reduced their price objective on Colgate-Palmolive from $95.00 to $93.00 and set a “hold” rating on the stock in a research report on Monday, February 3rd. Finally, Raymond James restated an “outperform” rating and issued a $105.00 target price (down from $110.00) on shares of Colgate-Palmolive in a report on Monday, February 3rd. One 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $101.72.

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.