DNB Asset Management AS Decreases Stock Holdings in Colgate-Palmolive (NYSE:CL)

DNB Asset Management AS trimmed its position in shares of Colgate-Palmolive (NYSE:CL) by 6.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 157,640 shares of the company’s stock after selling 10,238 shares during the quarter. DNB Asset Management AS’s holdings in Colgate-Palmolive were worth $11,588,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at about $25,000. Meridian Wealth Management LLC purchased a new stake in shares of Colgate-Palmolive during the first quarter valued at about $29,000. Lipe & Dalton purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at about $29,000. Enterprise Trust & Investment Co purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at about $36,000. Finally, Manchester Financial Inc. purchased a new stake in shares of Colgate-Palmolive during the second quarter valued at about $46,000. 76.06% of the stock is owned by institutional investors and hedge funds.

In related news, CFO Henning I. Jakobsen sold 33,854 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $73.45, for a total value of $2,486,576.30. Following the transaction, the chief financial officer now owns 73,693 shares in the company, valued at approximately $5,412,750.85. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ian M. Cook sold 175,616 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $72.65, for a total transaction of $12,758,502.40. Following the completion of the transaction, the insider now owns 1,125,842 shares in the company, valued at approximately $81,792,421.30. The disclosure for this sale can be found here. Insiders sold a total of 549,798 shares of company stock valued at $39,483,460 over the last ninety days. 1.14% of the stock is currently owned by insiders.

Shares of Colgate-Palmolive stock opened at $67.85 on Thursday. The firm has a market capitalization of $59.55 billion, a P/E ratio of 22.85, a PEG ratio of 4.56 and a beta of 0.75. The company has a 50 day moving average price of $72.05 and a 200 day moving average price of $71.69. Colgate-Palmolive has a 52 week low of $57.41 and a 52 week high of $76.41.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Friday, July 26th. The company reported $0.72 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.72. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.88 billion. Colgate-Palmolive had a net margin of 14.77% and a negative return on equity of 10,821.98%. Colgate-Palmolive’s revenue was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.77 EPS. As a group, analysts anticipate that Colgate-Palmolive will post 2.83 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Wednesday, October 23rd will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Tuesday, October 22nd. Colgate-Palmolive’s payout ratio is currently 57.91%.

Several analysts have commented on CL shares. Bank of America set a $80.00 price target on shares of Colgate-Palmolive and gave the company a “buy” rating in a research report on Friday, July 12th. Piper Jaffray Companies started coverage on shares of Colgate-Palmolive in a research report on Tuesday, August 13th. They set an “overweight” rating for the company. Deutsche Bank increased their price target on shares of Colgate-Palmolive from $74.00 to $76.00 and gave the company a “hold” rating in a research report on Friday, July 12th. Wells Fargo & Co increased their price target on shares of Colgate-Palmolive from $68.00 to $70.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Finally, Citigroup increased their price target on shares of Colgate-Palmolive from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. Colgate-Palmolive has a consensus rating of “Hold” and a consensus price target of $73.40.

Colgate-Palmolive Profile

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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