Jag Capital Management LLC Cuts Position in Colgate-Palmolive Company (NYSE:CL)

Jag Capital Management LLC cut its holdings in Colgate-Palmolive Company (NYSE:CL) by 6.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 31,678 shares of the company’s stock after selling 2,095 shares during the period. Jag Capital Management LLC’s holdings in Colgate-Palmolive were worth $2,968,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank purchased a new position in Colgate-Palmolive in the fourth quarter valued at about $912,375,000. Diamond Hill Capital Management Inc. purchased a new stake in shares of Colgate-Palmolive during the 4th quarter worth approximately $348,718,000. AMF Tjanstepension AB increased its stake in shares of Colgate-Palmolive by 1,088.8% during the 4th 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 during the last quarter. Deutsche Bank AG raised its holdings in shares of Colgate-Palmolive by 35.6% in the 4th quarter. Deutsche Bank AG now owns 6,922,994 shares of the company’s stock worth $629,369,000 after purchasing an additional 1,816,865 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Colgate-Palmolive in the 4th quarter worth approximately $132,405,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group increased their price objective on Colgate-Palmolive from $105.00 to $109.00 and gave the company a “buy” rating in a report on Thursday, April 17th. Piper Sandler dropped their price target on Colgate-Palmolive from $108.00 to $107.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Barclays decreased their price objective on Colgate-Palmolive from $89.00 to $86.00 and set an “equal weight” rating for the company in a report on Friday, April 11th. Wells Fargo & Company boosted their price objective on Colgate-Palmolive from $83.00 to $88.00 and gave the company an “underweight” rating in a research note on Wednesday, April 2nd. Finally, Citigroup upped their price objective on shares of Colgate-Palmolive from $103.00 to $108.00 and gave the company a “buy” rating in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Colgate-Palmolive currently has a consensus rating of “Hold” and a consensus price target of $101.69.

Colgate-Palmolive Trading Up 1.2%

Shares of CL opened at $88.80 on Friday. Colgate-Palmolive Company has a twelve month low of $85.32 and a twelve month high of $109.30. The stock has a market cap of $71.97 billion, a PE ratio of 25.09, a P/E/G ratio of 4.66 and a beta of 0.38. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 8.96. The business’s 50-day moving average price is $90.86 and its 200-day moving average price is $90.60.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings data on Friday, April 25th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. Colgate-Palmolive had a net margin of 14.52% and a return on equity of 461.04%. The company had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.92 billion. During the same quarter in the previous year, the company earned $0.86 earnings per share. Colgate-Palmolive’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, equities analysts forecast that Colgate-Palmolive Company will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 18th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, July 18th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.34%. Colgate-Palmolive’s dividend payout ratio (DPR) is currently 58.76%.

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

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.