Massachusetts Financial Services Co. MA raised its position in shares of Colgate-Palmolive (NYSE:CL) by 11.7% in the second quarter, HoldingsChannel.com reports. The firm owned 32,560,326 shares of the company’s stock after buying an additional 3,397,667 shares during the quarter. Colgate-Palmolive makes up 0.9% of Massachusetts Financial Services Co. MA’s investment portfolio, making the stock its 28th largest position. Massachusetts Financial Services Co. MA’s holdings in Colgate-Palmolive were worth $2,110,235,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the business. Dempze Nancy E grew its stake in shares of Colgate-Palmolive by 19.2% during the 2nd quarter. Dempze Nancy E now owns 6,880 shares of the company’s stock valued at $446,000 after purchasing an additional 1,110 shares during the period. Boston Research & Management Inc. grew its stake in shares of Colgate-Palmolive by 11.2% during the 2nd quarter. Boston Research & Management Inc. now owns 52,203 shares of the company’s stock valued at $3,383,000 after purchasing an additional 5,275 shares during the period. Supplemental Annuity Collective Trust of NJ grew its stake in shares of Colgate-Palmolive by 57.1% during the 2nd quarter. Supplemental Annuity Collective Trust of NJ now owns 11,000 shares of the company’s stock valued at $713,000 after purchasing an additional 4,000 shares during the period. Eqis Capital Management Inc. grew its stake in shares of Colgate-Palmolive by 5.0% during the 2nd quarter. Eqis Capital Management Inc. now owns 21,106 shares of the company’s stock valued at $1,368,000 after purchasing an additional 1,012 shares during the period. Finally, Palisade Asset Management LLC lifted its position in shares of Colgate-Palmolive by 6.1% during the 2nd quarter. Palisade Asset Management LLC now owns 140,815 shares of the company’s stock valued at $9,126,000 after buying an additional 8,100 shares in the last quarter. Institutional investors and hedge funds own 73.25% of the company’s stock.
NYSE CL traded down $0.21 during trading hours on Monday, reaching $66.45. The company’s stock had a trading volume of 405,849 shares, compared to its average volume of 3,442,295. The company has a current ratio of 0.40, a quick ratio of 0.28 and a debt-to-equity ratio of 64.85. Colgate-Palmolive has a 1 year low of $61.28 and a 1 year high of $77.91. The stock has a market cap of $58.15 billion, a PE ratio of 23.11, a P/E/G ratio of 2.79 and a beta of 0.75.
Colgate-Palmolive declared that its board has approved a share buyback program on Monday, June 18th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Wednesday, July 18th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Tuesday, July 17th. This represents a $1.68 dividend on an annualized basis and a yield of 2.53%. Colgate-Palmolive’s dividend payout ratio is presently 58.54%.
In related news, SVP John J. Huston sold 16,079 shares of the business’s stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $62.32, for a total value of $1,002,043.28. Following the transaction, the senior vice president now directly owns 84,512 shares of the company’s stock, valued at approximately $5,266,787.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel B. Marsili sold 19,500 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $65.40, for a total value of $1,275,300.00. Following the completion of the transaction, the insider now directly owns 78,065 shares in the company, valued at $5,105,451. The disclosure for this sale can be found here. Over the last three months, insiders sold 161,579 shares of company stock worth $10,089,283. 1.02% of the stock is owned by insiders.
A number of research analysts have recently weighed in on the company. Macquarie cut Colgate-Palmolive from an “outperform” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research report on Monday. Zacks Investment Research cut Colgate-Palmolive from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $72.00 price objective on shares of Colgate-Palmolive in a research report on Thursday, May 24th. UBS Group raised Colgate-Palmolive from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $70.00 to $75.00 in a research report on Wednesday, July 18th. Finally, Argus raised Colgate-Palmolive from a “hold” rating to a “buy” rating in a research report on Friday, May 25th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $72.93.
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. It operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The company offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; personal care products comprising bar and liquid hand soaps, shower gels, shampoos, conditioners, and deodorants and antiperspirants; and home care products, such as laundry and dishwashing detergents, fabric conditioners, household cleaners, and other related products.
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