Summit Global Investments Acquires 31,509 Shares of Colgate-Palmolive Company $CL

Summit Global Investments boosted its holdings in Colgate-Palmolive Company (NYSE:CL) by 17.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 207,219 shares of the company’s stock after buying an additional 31,509 shares during the period. Colgate-Palmolive makes up 1.0% of Summit Global Investments’ investment portfolio, making the stock its 13th biggest holding. Summit Global Investments’ holdings in Colgate-Palmolive were worth $16,565,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CL. Norges Bank bought a new position in shares of Colgate-Palmolive in the second quarter worth $960,390,000. Schroder Investment Management Group raised its stake in Colgate-Palmolive by 242.3% in the second quarter. Schroder Investment Management Group now owns 5,324,115 shares of the company’s stock valued at $483,962,000 after purchasing an additional 3,768,784 shares in the last quarter. Pacer Advisors Inc. lifted its position in Colgate-Palmolive by 3,052.2% during the third quarter. Pacer Advisors Inc. now owns 2,697,047 shares of the company’s stock valued at $215,602,000 after purchasing an additional 2,611,485 shares during the last quarter. Acadian Asset Management LLC grew its stake in Colgate-Palmolive by 42.9% in the 2nd quarter. Acadian Asset Management LLC now owns 6,124,347 shares of the company’s stock worth $556,663,000 after buying an additional 1,839,853 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp increased its holdings in shares of Colgate-Palmolive by 2,890.5% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 1,417,542 shares of the company’s stock worth $128,855,000 after buying an additional 1,370,140 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Colgate-Palmolive Trading Up 0.2%

NYSE:CL opened at $85.14 on Friday. The firm has a market capitalization of $68.63 billion, a P/E ratio of 23.85, a P/E/G ratio of 5.73 and a beta of 0.30. The company has a quick ratio of 0.60, a current ratio of 0.93 and a debt-to-equity ratio of 5.90. The company has a fifty day moving average of $80.58 and a 200 day moving average of $81.42. Colgate-Palmolive Company has a 52 week low of $74.54 and a 52 week high of $100.18.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings results on Friday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.17 billion. Colgate-Palmolive had a net margin of 14.47% and a return on equity of 333.39%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. On average, research analysts predict that Colgate-Palmolive Company will post 3.75 earnings per share for the current year.

Colgate-Palmolive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Wednesday, January 21st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, January 21st. This represents a $2.08 dividend on an annualized basis and a yield of 2.4%. Colgate-Palmolive’s dividend payout ratio is presently 58.26%.

Analysts Set New Price Targets

CL has been the subject of several research reports. The Goldman Sachs Group cut their target price 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. Piper Sandler set a $88.00 price objective on Colgate-Palmolive and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Evercore ISI decreased their price objective on Colgate-Palmolive from $100.00 to $94.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Barclays set a $83.00 target price on Colgate-Palmolive in a research note on Friday, January 16th. Finally, Deutsche Bank Aktiengesellschaft set a $86.00 price target on shares of Colgate-Palmolive in a research note on Friday, October 10th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $89.44.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company is a global consumer products company with a long history in household and personal care categories. The business traces its roots to the early 19th century and has evolved into a multinational manufacturer and marketer of everyday consumer goods focused on health, hygiene and home care.

The company’s core activities center on oral care, personal care, home care and pet nutrition. Its product portfolio includes toothpaste, toothbrushes and mouthwash in oral care; soaps, body washes and deodorants in personal care; dishwashing liquids, surface cleaners and other household products in home care; and scientifically formulated pet foods under its pet nutrition business.