DORCHESTER WEALTH MANAGEMENT Co reduced its stake in Colgate-Palmolive (NYSE:CL) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,301 shares of the company’s stock after selling 250 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Colgate-Palmolive were worth $1,786,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of CL. Krane Funds Advisors LLC bought a new position in Colgate-Palmolive in the 2nd quarter valued at approximately $25,000. Julex Capital Management LLC bought a new position in Colgate-Palmolive in the 3rd quarter valued at approximately $27,000. Lipe & Dalton bought a new position in Colgate-Palmolive in the 2nd quarter valued at approximately $29,000. Enterprise Trust & Investment Co bought a new position in Colgate-Palmolive in the 2nd quarter valued at approximately $36,000. Finally, Manchester Financial Inc. bought a new position in Colgate-Palmolive in the 2nd quarter valued at approximately $46,000. 76.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CL opened at $68.03 on Friday. The firm has a market cap of $58.41 billion, a PE ratio of 22.91, a P/E/G ratio of 4.48 and a beta of 0.75. The firm has a fifty day simple moving average of $71.83 and a two-hundred day simple moving average of $71.69. Colgate-Palmolive has a 1-year low of $57.41 and a 1-year high of $76.41.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Wednesday, October 23rd will be paid a dividend of $0.43 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $1.72 dividend on an annualized basis and a yield of 2.53%. Colgate-Palmolive’s dividend payout ratio is presently 57.91%.
CL has been the topic of several analyst reports. Citigroup upped their price objective on Colgate-Palmolive from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Bank of America set a $80.00 price objective on Colgate-Palmolive and gave the company a “buy” rating in a research report on Friday, July 12th. Deutsche Bank upped their price objective on Colgate-Palmolive from $74.00 to $76.00 and gave the company a “hold” rating in a research report on Friday, July 12th. ValuEngine cut Colgate-Palmolive from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Berenberg Bank initiated coverage on Colgate-Palmolive in a research report on Wednesday. They issued a “sell” rating and a $58.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. Colgate-Palmolive currently has an average rating of “Hold” and a consensus target price of $73.40.
In other news, insider Ian M. Cook sold 175,616 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $72.65, for a total value of $12,758,502.40. Following the completion of the sale, the insider now directly owns 1,125,842 shares in the company, valued at approximately $81,792,421.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Philip G. Shotts sold 8,919 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $71.05, for a total value of $633,694.95. Following the completion of the sale, the vice president now owns 50,399 shares of the company’s stock, valued at $3,580,848.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 567,548 shares of company stock valued at $40,703,240. Company insiders own 1.14% of the company’s stock.
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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