Truist Financial Corp Buys 44,018 Shares of Colgate-Palmolive (NYSE:CL)

Posted by Defense World Staff on Aug 8th, 2023

Truist Financial Corp increased its holdings in Colgate-Palmolive (NYSE:CL – Free Report) by 17.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 300,792 shares of the company’s stock after buying an additional 44,018 shares during the period. Truist Financial Corp’s holdings in Colgate-Palmolive were worth $22,605,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of Colgate-Palmolive by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,444,508 shares of the company’s stock worth $185,376,000 after purchasing an additional 94,837 shares in the last quarter. Covestor Ltd increased its position in shares of Colgate-Palmolive by 71.9% during the first quarter. Covestor Ltd now owns 2,451 shares of the company’s stock worth $186,000 after purchasing an additional 1,025 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Colgate-Palmolive by 8.5% during the first quarter. Mackenzie Financial Corp now owns 1,882,813 shares of the company’s stock worth $142,774,000 after purchasing an additional 146,936 shares in the last quarter. First Western Trust Bank acquired a new position in shares of Colgate-Palmolive during the first quarter worth $569,000. Finally, Wsfs Capital Management LLC acquired a new position in shares of Colgate-Palmolive during the first quarter worth $288,000. Institutional investors own 79.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CL shares. Citigroup boosted their price objective on shares of Colgate-Palmolive from $88.00 to $92.00 in a report on Monday, May 1st. StockNews.com lowered shares of Colgate-Palmolive from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays upped their price target on shares of Colgate-Palmolive from $77.00 to $81.00 and gave the company an “equal weight” rating in a report on Tuesday, August 1st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Colgate-Palmolive from $88.00 to $91.00 and gave the company a “buy” rating in a report on Monday, July 31st. Finally, Wells Fargo & Company upped their price target on shares of Colgate-Palmolive from $76.00 to $81.00 in a report on Monday, May 1st. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.33.

Get Our Latest Stock Analysis on CL

Colgate-Palmolive Stock Up 0.8 %

CL opened at $76.90 on Tuesday. Colgate-Palmolive has a twelve month low of $67.84 and a twelve month high of $83.81. The company has a quick ratio of 0.73, a current ratio of 1.17 and a debt-to-equity ratio of 28.43. The company has a 50-day moving average price of $76.40 and a 200 day moving average price of $75.82. The company has a market cap of $63.57 billion, a PE ratio of 42.72, a price-to-earnings-growth ratio of 3.25 and a beta of 0.49.

Colgate-Palmolive (NYSE:CL – Get Free Report) last released its quarterly earnings results on Friday, July 28th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.02. Colgate-Palmolive had a net margin of 8.02% and a return on equity of 386.76%. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the firm earned $0.72 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. Sell-side analysts expect that Colgate-Palmolive will post 3.16 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 21st will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Thursday, July 20th. Colgate-Palmolive’s payout ratio is presently 106.67%.

Insider Activity

In other news, insider Panagiotis Tsourapas sold 13,698 shares of Colgate-Palmolive stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $81.08, for a total transaction of $1,110,633.84. Following the sale, the insider now owns 6,906 shares of the company’s stock, valued at approximately $559,938.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Panagiotis Tsourapas sold 13,698 shares of Colgate-Palmolive stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $81.08, for a total value of $1,110,633.84. Following the completion of the sale, the insider now owns 6,906 shares in the company, valued at approximately $559,938.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Daniels sold 24,703 shares of Colgate-Palmolive stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $79.70, for a total transaction of $1,968,829.10. Following the completion of the sale, the insider now owns 52,769 shares of the company’s stock, valued at approximately $4,205,689.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,078 shares of company stock valued at $4,763,549. 0.34% of the stock is currently owned by company insiders.

Colgate-Palmolive Profile

(Free Report)

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. The company operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The Oral, Personal and Home Care segment offers toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.