Norges Bank Purchases New Position in Colgate-Palmolive Company $CL

Norges Bank purchased a new stake in Colgate-Palmolive Company (NYSE:CL) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,904,453 shares of the company’s stock, valued at approximately $861,670,000. Norges Bank owned approximately 1.35% of Colgate-Palmolive at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CL. CBIZ Investment Advisory Services LLC boosted its stake in Colgate-Palmolive by 86.7% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 323 shares of the company’s stock valued at $26,000 after buying an additional 150 shares in the last quarter. Maseco LLP acquired a new stake in Colgate-Palmolive in the 4th quarter valued at $27,000. Global Wealth Strategies & Associates boosted its stake in Colgate-Palmolive by 300.0% in the 4th quarter. Global Wealth Strategies & Associates now owns 400 shares of the company’s stock valued at $32,000 after buying an additional 300 shares in the last quarter. Grove Bank & Trust boosted its stake in Colgate-Palmolive by 182.6% in the 4th quarter. Grove Bank & Trust now owns 407 shares of the company’s stock valued at $32,000 after buying an additional 263 shares in the last quarter. Finally, Camelot Portfolios LLC acquired a new stake in Colgate-Palmolive in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 80.41% of the company’s stock.

Colgate-Palmolive Price Performance

Colgate-Palmolive stock opened at $90.26 on Friday. The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.67 and a current ratio of 1.02. The firm has a market cap of $72.22 billion, a P/E ratio of 35.12, a P/E/G ratio of 4.68 and a beta of 0.31. The business’s fifty day moving average is $86.29 and its two-hundred day moving average is $85.64. Colgate-Palmolive Company has a 52 week low of $74.54 and a 52 week high of $99.33.

Colgate-Palmolive (NYSE:CL) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. Colgate-Palmolive had a return on equity of 386.76% and a net margin of 10.04%.The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.22 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. Equities research analysts forecast that Colgate-Palmolive Company will post 3.82 earnings per share for the current fiscal year.

Colgate-Palmolive Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, April 20th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. This is a boost from Colgate-Palmolive’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Monday, April 20th. Colgate-Palmolive’s payout ratio is currently 82.49%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CL shares. Wall Street Zen lowered Colgate-Palmolive from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. Piper Sandler decreased their price target on Colgate-Palmolive from $96.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. TD Cowen reissued a “hold” rating and issued a $85.00 price objective on shares of Colgate-Palmolive in a research note on Tuesday, March 31st. Evercore boosted their price objective on Colgate-Palmolive from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Finally, Wells Fargo & Company reduced their price objective on Colgate-Palmolive from $100.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.88.

About Colgate-Palmolive

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.