SteelPeak Wealth LLC Makes New Investment in Colgate-Palmolive Company $CL

SteelPeak Wealth LLC acquired a new stake in Colgate-Palmolive Company (NYSE:CL) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 57,696 shares of the company’s stock, valued at approximately $4,923,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp grew its stake in shares of Colgate-Palmolive by 97.4% in the 2nd quarter. State Street Corp now owns 94,195,992 shares of the company’s stock valued at $8,635,889,000 after buying an additional 46,476,510 shares during the period. Bank of New York Mellon Corp grew its holdings in Colgate-Palmolive by 8.1% during the second quarter. Bank of New York Mellon Corp now owns 13,532,417 shares of the company’s stock worth $1,240,652,000 after buying an additional 1,010,872 shares in the last quarter. First Eagle Investment Management LLC grew its stake in shares of Colgate-Palmolive by 1.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 8,205,699 shares of the company’s stock worth $752,298,000 after acquiring an additional 88,917 shares in the last quarter. Amundi grew its position in Colgate-Palmolive by 19.9% in the 2nd quarter. Amundi now owns 6,218,257 shares of the company’s stock worth $570,090,000 after purchasing an additional 1,033,918 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at approximately $567,483,000. 80.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Noel Wallace sold 161,021 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $91.92, for a total value of $14,801,050.32. Following the completion of the transaction, the chief executive officer directly owned 362,231 shares of the company’s stock, valued at $33,296,273.52. This represents a 30.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Cahill sold 4,170 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $93.37, for a total value of $389,352.90. Following the completion of the transaction, the director owned 28,373 shares of the company’s stock, valued at approximately $2,649,187.01. The trade was a 12.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 175,191 shares of company stock valued at $16,110,903 over the last three months. Corporate insiders own 0.43% of the company’s stock.

Wall Street Analyst Weigh In

CL has been the subject of a number of research analyst reports. Raymond James Financial raised their price objective on shares of Colgate-Palmolive from $100.00 to $102.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Barclays boosted their price objective on Colgate-Palmolive from $80.00 to $87.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. lowered their target price on shares of Colgate-Palmolive from $104.00 to $103.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Piper Sandler dropped their price target on Colgate-Palmolive from $98.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, September 21st. Finally, Bank of America cut their target price on shares of Colgate-Palmolive from $102.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.95.

Colgate-Palmolive Stock Up 1.5%

Shares of Colgate-Palmolive stock opened at $94.02 on Friday. The company’s 50 day moving average price is $89.05 and its 200-day moving average price is $89.02. Colgate-Palmolive Company has a 52-week low of $74.54 and a 52-week high of $99.33. The stock has a market capitalization of $74.95 billion, a price-to-earnings ratio of 37.31, a P/E/G ratio of 4.50 and a beta of 0.33. The company has a debt-to-equity ratio of 13.82, a quick ratio of 0.67 and a current ratio of 1.03.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings data on Friday, July 31st. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.95 by $0.04. The firm had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.36 billion. Colgate-Palmolive had a net margin of 9.68% and a return on equity of 464.63%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 earnings per share. Equities research analysts forecast that Colgate-Palmolive Company will post 3.87 EPS for the current year.

Colgate-Palmolive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 20th will be issued a $0.53 dividend. The ex-dividend date is Tuesday, October 20th. This represents a $2.12 annualized dividend and a yield of 2.3%. Colgate-Palmolive’s dividend payout ratio is 84.13%.

Colgate-Palmolive Company Profile

Colgate-Palmolive Company (NYSE: CL) is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its portfolio includes toothpaste, toothbrushes, mouthwash, liquid hand soap, body wash, deodorants, household cleaning products and pet food and treats.

The company markets well-known brands such as Colgate, Palmolive, elmex, meridol, Softsoap, Irish Spring, Ajax, Protex and Hill’s Science Diet. Colgate-Palmolive also provides veterinary and nutritional products through Hill’s Pet Nutrition, which serves pet owners and animal health professionals.

Founded in 1806 by William Colgate, the company developed from a soap and candle business into a diversified consumer goods manufacturer.