Cardinal Point Capital Management ULC Increases Stake in Colgate-Palmolive Company $CL

Cardinal Point Capital Management ULC boosted its holdings in Colgate-Palmolive Company (NYSE:CL) by 39.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 15,206 shares of the company’s stock after purchasing an additional 4,325 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Colgate-Palmolive were worth $1,382,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CL. Price T Rowe Associates Inc. MD raised its holdings in Colgate-Palmolive by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,009,078 shares of the company’s stock valued at $3,186,651,000 after buying an additional 5,269,140 shares during the period. Nuveen LLC purchased a new position in Colgate-Palmolive in the first quarter valued at approximately $217,593,000. Goldman Sachs Group Inc. raised its stake in shares of Colgate-Palmolive by 34.5% during the first quarter. Goldman Sachs Group Inc. now owns 7,980,387 shares of the company’s stock valued at $747,762,000 after purchasing an additional 2,045,191 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of Colgate-Palmolive by 45.0% during the first quarter. Diamond Hill Capital Management Inc. now owns 5,562,968 shares of the company’s stock valued at $521,250,000 after purchasing an additional 1,727,105 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at approximately $83,837,000. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CL shares. Barclays dropped their price objective on shares of Colgate-Palmolive from $87.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 1st. UBS Group dropped their price objective on shares of Colgate-Palmolive from $99.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Raymond James Financial dropped their price objective on shares of Colgate-Palmolive from $105.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday. Wells Fargo & Company decreased their price target on shares of Colgate-Palmolive from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Thursday, September 25th. Finally, The Goldman Sachs Group decreased their price target on shares of Colgate-Palmolive from $106.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Colgate-Palmolive presently has an average rating of “Moderate Buy” and an average price target of $91.50.

Colgate-Palmolive Stock Performance

CL stock opened at $78.47 on Friday. The company has a market capitalization of $63.42 billion, a P/E ratio of 22.04, a PEG ratio of 4.69 and a beta of 0.34. The company has a 50-day simple moving average of $81.47 and a 200 day simple moving average of $87.01. Colgate-Palmolive Company has a fifty-two week low of $76.68 and a fifty-two week high of $100.18. The company has a quick ratio of 0.57, a current ratio of 0.89 and a debt-to-equity ratio of 6.79.

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

Colgate-Palmolive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 17th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, October 17th. This represents a $2.08 dividend on an annualized basis and a yield of 2.7%. Colgate-Palmolive’s payout ratio is currently 58.43%.

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.