Drive Wealth Management LLC invests $216,000 in Colgate-Palmolive (NYSE:CL)

VaselineSeptember 2, 2024

0 4 minutes read

Drive Wealth Management LLC purchased a new stake in Colgate-Palmolive (NYSE:CL – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 2,221 shares of the company’s stock, valued at approximately $216,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CL. Norges Bank bought a new position in Colgate-Palmolive in the fourth quarter valued at about $731,843,000. Price T Rowe Associates Inc. MD raised its stake in shares of Colgate-Palmolive by 27.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,067,130 shares of the company’s stock valued at $3,698,096,000 after buying an additional 8,933,912 shares in the last quarter. Swedbank AB acquired a new position in Colgate-Palmolive in the first quarter worth $286,370,000. Magellan Asset Management Ltd boosted its holdings in Colgate-Palmolive by 4,162.6% during the fourth quarter. Magellan Asset Management Ltd now owns 2,016,290 shares of the company’s stock worth $160,718,000 after buying an additional 1,968,988 shares during the last quarter. Finally, Confluence Investment Management LLC bought a new stake in Colgate-Palmolive in the 1st quarter worth $130,622,000. 80.41% of shares are owned by institutional investors and hedge funds.

Changes in Analyst Ratings

A number of equities research analysts have recently issued reports on CL shares. BNP Paribas assumed coverage on shares of Colgate-Palmolive in a report on Monday, June 24th. They issued an “outperform” rating and a $109.00 target price on the stock. Argus lifted their price objective on Colgate-Palmolive from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Evercore ISI boosted their target price on Colgate-Palmolive from $100.00 to $106.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft boosted their target price on Colgate-Palmolive from $104.00 to $107.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, HSBC reaffirmed a “hold” rating on shares of Colgate-Palmolive in a research report on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.11, based on data from MarketBeat.com.

Want more great investment ideas?

Get the latest analysis on CL

Insider trading at Colgate-Palmolive

In other Colgate-Palmolive news, EVP Gregory Malcolm sold 10,533 shares of Colgate-Palmolive stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $103.10, for a total transaction of $1,085,952.30. Following the completion of the transaction, the executive vice president now owns 10,377 shares in the company, valued at $1,069,868.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this link. In related news, Director Martina Hundmejean sold 2,313 shares of Colgate-Palmolive stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $103.86, for a total value of $240,228.18. Following the completion of the sale, the director now owns 11,755 shares of the company’s stock, valued at $1,220,874.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this hyperlink. Also, EVP Gregory Malcolm sold 10,533 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $103.10, for a total value of $1,085,952.30. Following the completion of the transaction, the executive vice president now directly owns 10,377 shares in the company, valued at approximately $1,069,868.70. The disclosure for this sale can be found here. Insiders have sold a total of 43,490 shares of company stock worth $4,486,063 over the last ninety days. 0.34% of shares are currently owned by corporate insiders.

Colgate-Palmolive trading up 0.7%

NYSE CL opened at $106.50 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.70, and a debt-to-equity ratio of 16.90. The stock has a 50-day moving average of $100.11 and a 200-day moving average of $93.75. The firm has a market cap of $87.38 billion, a PE ratio of 33.70, a price-to-earnings-growth ratio of 3.73 and a beta of 0.39. Colgate-Palmolive has a 1 year low of $67.62 and a 1 year high of $106.72.

Colgate-Palmolive (NYSE:CL – Get Your Free Report ) last issued its quarterly earnings data on Friday, July 26th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.04. Colgate-Palmolive had a return on equity of 470.19% and a net margin of 14.21%. The company had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5 billion. During the same period in the previous year, the firm posted EPS of $0.77. The company’s revenue increased by 4.9% year-on-year. As a group, sell-side analysts anticipate that Colgate-Palmolive will post 3.57 EPS for the current year.

Colgate-Palmolive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Friday, July 19th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, July 19. This represents an annualized dividend of $2.00 and a dividend yield of 1.88%. Colgate-Palmolive’s payout ratio is 63.29%.

About Colgate-Palmolive

(Free report)

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products in the United States and internationally. It operates through two segments: Oral, personal and home care; and Pet Nutrition. The oral, personal and home care segment offers toothpaste, toothbrushes, mouthwash, hand soaps and liquids, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners and other related items.