Precedent Wealth Partners LLC Purchases New Stake in Colgate-Palmolive Company $CL

Precedent Wealth Partners LLC purchased a new stake in shares of Colgate-Palmolive Company (NYSE:CL) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 26,680 shares of the company’s stock, valued at approximately $2,276,000.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Colgate-Palmolive by 97.4% in the second quarter. State Street Corp now owns 94,195,992 shares of the company’s stock worth $8,635,889,000 after purchasing an additional 46,476,510 shares during the period. Bank of New York Mellon Corp increased its stake 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 valued at $1,240,652,000 after purchasing an additional 1,010,872 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in shares of Colgate-Palmolive by 1.1% during the second quarter. First Eagle Investment Management LLC now owns 8,205,699 shares of the company’s stock worth $752,298,000 after purchasing an additional 88,917 shares during the period. Bank of America Corp DE raised its holdings in shares of Colgate-Palmolive by 17.4% during the first quarter. Bank of America Corp DE now owns 6,637,597 shares of the company’s stock worth $565,722,000 after purchasing an additional 986,063 shares during the period. Finally, Amundi raised its holdings in shares of Colgate-Palmolive by 19.9% during the second 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 during the period. 80.41% of the stock is currently owned by institutional investors.

Insider Transactions at Colgate-Palmolive

In other news, Director John Cahill sold 4,170 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $93.37, for a total transaction of $389,352.90. Following the completion of the transaction, the director owned 28,373 shares in the company, valued at approximately $2,649,187.01. This represents a 12.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Panagiotis Tsourapas sold 10,000 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $92.05, for a total transaction of $920,500.00. Following the completion of the sale, the chief operating officer directly owned 64,901 shares in the company, valued at approximately $5,974,137.05. This trade represents a 13.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 175,191 shares of company stock worth $16,110,903. Insiders own 0.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CL. Evercore raised their price target on shares of Colgate-Palmolive from $100.00 to $101.00 and gave the stock an “outperform” rating in a research report on Thursday, October 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $89.00 price objective (up from $88.00) on shares of Colgate-Palmolive in a research report on Monday, August 3rd. Sanford C. Bernstein reiterated a “market perform” rating on shares of Colgate-Palmolive in a research note on Thursday, August 13th. BNP Paribas Exane dropped their price objective on shares of Colgate-Palmolive from $101.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, September 28th. Finally, Wells Fargo & Company cut their target price on shares of Colgate-Palmolive from $95.00 to $90.00 and set an “equal weight” rating on the stock in a report on Monday, October 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.00.

Colgate-Palmolive Trading Up 4.3%

NYSE:CL opened at $97.44 on Friday. The firm has a market capitalization of $77.68 billion, a P/E ratio of 38.67, a P/E/G ratio of 4.52 and a beta of 0.33. The business has a 50 day simple moving average of $89.22 and a 200 day simple moving average of $89.31. The company has a debt-to-equity ratio of 13.82, a current ratio of 1.03 and a quick ratio of 0.67. Colgate-Palmolive Company has a 12-month low of $74.54 and a 12-month high of $99.33.

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

Colgate-Palmolive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $2.12 annualized dividend and a dividend yield of 2.2%. Colgate-Palmolive’s payout ratio is 84.13%.

About Colgate-Palmolive

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.