Magellan Asset Management Ltd Has $85.45 Million Position in Colgate-Palmolive Company (NYSE:CL)

Magellan Asset Management Ltd reduced its stake in shares of Colgate-Palmolive Company (NYSE:CL) by 58.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 911,997 shares of the company’s stock after selling 1,308,715 shares during the quarter. Magellan Asset Management Ltd’s holdings in Colgate-Palmolive were worth $85,454,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC boosted its position in Colgate-Palmolive by 4.4% during the 4th quarter. Brighton Jones LLC now owns 10,578 shares of the company’s stock worth $962,000 after acquiring an additional 450 shares during the last quarter. Bernard Wealth Management Corp. bought a new stake in shares of Colgate-Palmolive during the 4th quarter worth approximately $36,000. F M Investments LLC raised its stake in shares of Colgate-Palmolive by 16.5% during the 4th quarter. F M Investments LLC now owns 5,677 shares of the company’s stock worth $516,000 after purchasing an additional 806 shares in the last quarter. Phoenix Financial Ltd. raised its stake in shares of Colgate-Palmolive by 15.5% during the 4th quarter. Phoenix Financial Ltd. now owns 2,585 shares of the company’s stock worth $235,000 after purchasing an additional 347 shares in the last quarter. Finally, Scotia Capital Inc. raised its stake in shares of Colgate-Palmolive by 3.3% during the 4th quarter. Scotia Capital Inc. now owns 63,733 shares of the company’s stock worth $5,794,000 after purchasing an additional 2,028 shares in the last quarter. 80.41% of the stock is currently owned by institutional investors and hedge funds.

Colgate-Palmolive Price Performance

Shares of NYSE:CL opened at $84.71 on Friday. The stock’s 50 day moving average is $88.76 and its 200-day moving average is $90.15. Colgate-Palmolive Company has a twelve month low of $82.40 and a twelve month high of $109.30. The firm has a market capitalization of $68.46 billion, a price-to-earnings ratio of 23.79, a PEG ratio of 4.41 and a beta of 0.35. The company has a quick ratio of 0.28, a current ratio of 0.89 and a debt-to-equity ratio of 6.79.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings results on Friday, August 1st. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.03. Colgate-Palmolive had a return on equity of 377.63% and a net margin of 14.55%. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. Colgate-Palmolive’s revenue was up 1.0% compared to the same quarter last year. Sell-side analysts forecast that Colgate-Palmolive Company will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 18th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, July 18th. Colgate-Palmolive’s dividend payout ratio is 58.43%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CL. Barclays increased their price target on Colgate-Palmolive from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Wells Fargo & Company dropped their target price on Colgate-Palmolive from $88.00 to $83.00 and set an “underweight” rating for the company in a report on Monday, August 4th. JPMorgan Chase & Co. dropped their target price on Colgate-Palmolive from $99.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, August 4th. Wall Street Zen cut Colgate-Palmolive from a “buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Finally, Morgan Stanley set a $96.00 target price on Colgate-Palmolive and gave the company an “overweight” rating in a research report on Monday, August 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $98.92.

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.