Prestige Wealth Management Group LLC Invests $10.80 Million in Colgate-Palmolive (NYSE:CL)

Prestige Wealth Management Group LLC acquired a new stake in Colgate-Palmolive (NYSE:CL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 150,649 shares of the company’s stock, valued at approximately $10,797,000. Colgate-Palmolive comprises about 6.5% of Prestige Wealth Management Group LLC’s investment portfolio, making the stock its 3rd largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in CL. California Public Employees Retirement System grew its holdings in Colgate-Palmolive by 17.8% in the second quarter. California Public Employees Retirement System now owns 4,261,327 shares of the company’s stock worth $305,409,000 after purchasing an additional 642,784 shares during the period. MidWestOne Financial Group Inc. acquired a new stake in Colgate-Palmolive in the second quarter worth $633,000. Voloridge Investment Management LLC grew its holdings in Colgate-Palmolive by 297.4% in the second quarter. Voloridge Investment Management LLC now owns 73,485 shares of the company’s stock worth $5,267,000 after purchasing an additional 54,992 shares during the period. Worldquant Millennium Advisors LLC grew its holdings in Colgate-Palmolive by 19.4% in the second quarter. Worldquant Millennium Advisors LLC now owns 142,881 shares of the company’s stock worth $10,240,000 after purchasing an additional 23,232 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Colgate-Palmolive by 16,117.1% in the second quarter. Nuveen Asset Management LLC now owns 6,435,107 shares of the company’s stock worth $461,204,000 after purchasing an additional 6,395,426 shares during the period. Hedge funds and other institutional investors own 75.95% of the company’s stock.

CL has been the subject of a number of research reports. Wells Fargo & Co raised their price target on shares of Colgate-Palmolive from $68.00 to $70.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. UBS Group raised their price objective on shares of Colgate-Palmolive from $80.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Deutsche Bank raised their price objective on shares of Colgate-Palmolive from $74.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, July 12th. Zacks Investment Research lowered shares of Colgate-Palmolive from a “buy” rating to a “hold” rating and set a $77.00 price objective on the stock. in a research note on Friday, June 7th. Finally, Citigroup raised their price objective on shares of Colgate-Palmolive from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $74.07.

In related news, CFO Henning I. Jakobsen sold 858 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $74.60, for a total transaction of $64,006.80. Following the completion of the transaction, the chief financial officer now owns 39,031 shares of the company’s stock, valued at $2,911,712.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Philip G. Shotts sold 407 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $74.60, for a total transaction of $30,362.20. Following the transaction, the vice president now directly owns 41,323 shares of the company’s stock, valued at approximately $3,082,695.80. The disclosure for this sale can be found here. Insiders sold 569,298 shares of company stock valued at $40,914,565 in the last quarter. Corporate insiders own 1.14% of the company’s stock.

CL stock traded down $0.21 during mid-day trading on Wednesday, hitting $72.28. The company had a trading volume of 1,844,500 shares, compared to its average volume of 3,022,701. The firm has a market cap of $60.88 billion, a PE ratio of 24.34, a price-to-earnings-growth ratio of 4.57 and a beta of 0.75. The company has a debt-to-equity ratio of 32.25, a quick ratio of 0.78 and a current ratio of 1.13. Colgate-Palmolive has a 12 month low of $57.41 and a 12 month high of $76.41. The stock’s fifty day moving average price is $72.23 and its two-hundred day moving average price is $71.12.

Colgate-Palmolive (NYSE:CL) last posted its earnings results on Friday, July 26th. The company reported $0.72 earnings per share for the quarter, hitting the consensus estimate of $0.72. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.88 billion. Colgate-Palmolive had a net margin of 14.77% and a negative return on equity of 10,821.98%. The company’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $0.77 earnings per share. Equities analysts anticipate that Colgate-Palmolive will post 2.84 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Wednesday, October 23rd will be paid a $0.43 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $1.72 annualized dividend and a dividend yield of 2.38%. Colgate-Palmolive’s payout ratio is 57.91%.

About Colgate-Palmolive

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. It offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; and personal care products, such as liquid hand soaps, bar soaps, shower gels, deodorants and antiperspirants, skin care products, and shampoos and conditioners.

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Institutional Ownership by Quarter for Colgate-Palmolive (NYSE:CL)

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