Bank of New York Mellon Corp Purchases 7,927,238 Shares of Colgate-Palmolive Company $CL

Bank of New York Mellon Corp increased its position in Colgate-Palmolive Company (NYSE:CL) by 172.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,521,545 shares of the company’s stock after purchasing an additional 7,927,238 shares during the quarter. Bank of New York Mellon Corp’s holdings in Colgate-Palmolive were worth $1,067,211,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new position in Colgate-Palmolive in the fourth quarter worth $25,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Colgate-Palmolive by 86.7% during 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. TD Capital Management LLC grew its position in shares of Colgate-Palmolive by 61.4% in the 4th quarter. TD Capital Management LLC now owns 326 shares of the company’s stock worth $26,000 after buying an additional 124 shares during the period. Triumph Capital Management grew its position in shares of Colgate-Palmolive by 62.9% in the 4th quarter. Triumph Capital Management now owns 329 shares of the company’s stock worth $26,000 after buying an additional 127 shares during the period. Finally, Jessup Wealth Management Inc bought a new position in shares of Colgate-Palmolive in the 4th quarter worth about $26,000. 80.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CL shares. Citigroup upped their price objective on shares of Colgate-Palmolive from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday. Sanford C. Bernstein assumed coverage on shares of Colgate-Palmolive in a report on Thursday, June 11th. They set a “market perform” rating and a $96.00 target price for the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $102.00 price target on shares of Colgate-Palmolive in a research report on Monday, May 4th. Rothschild & Co Redburn set a $100.00 price objective on Colgate-Palmolive and gave the company a “buy” rating in a research report on Tuesday, April 21st. Finally, Wells Fargo & Company lifted their price objective on Colgate-Palmolive from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Colgate-Palmolive presently has an average rating of “Moderate Buy” and an average target price of $96.59.

Colgate-Palmolive Stock Up 0.4%

NYSE:CL opened at $91.41 on Thursday. 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 $73.15 billion, a P/E ratio of 35.57, a P/E/G ratio of 4.80 and a beta of 0.33. Colgate-Palmolive Company has a fifty-two week low of $74.54 and a fifty-two week high of $99.33. The firm has a 50-day simple moving average of $90.22 and a two-hundred day simple moving average of $88.41.

Colgate-Palmolive (NYSE:CL) last issued its earnings results on Friday, May 1st. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.03. Colgate-Palmolive had a net margin of 10.04% and a return on equity of 386.76%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. Analysts predict that Colgate-Palmolive Company will post 3.81 earnings per share for the current fiscal year.

Colgate-Palmolive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, July 20th will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $2.12 annualized dividend and a yield of 2.3%. Colgate-Palmolive’s dividend payout ratio is 82.49%.

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.