Magellan Asset Management Ltd Has $201.89 Million Stake in Colgate-Palmolive (NYSE:CL)

Magellan Asset Management Ltd reduced its position in shares of Colgate-Palmolive (NYSE:CL) by 20.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,220,712 shares of the company’s stock after selling 557,988 shares during the period. Colgate-Palmolive makes up about 2.2% of Magellan Asset Management Ltd’s portfolio, making the stock its 20th biggest holding. Magellan Asset Management Ltd owned approximately 0.27% of Colgate-Palmolive worth $201,885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC bought a new position in Colgate-Palmolive in the 4th quarter valued at approximately $26,000. Centricity Wealth Management LLC bought a new stake in shares of Colgate-Palmolive in the 4th quarter valued at about $27,000. Union Bancaire Privee UBP SA acquired a new stake in shares of Colgate-Palmolive in the fourth quarter valued at about $32,000. Briaud Financial Planning Inc bought a new position in shares of Colgate-Palmolive during the fourth quarter worth about $32,000. Finally, Wintrust Investments LLC acquired a new stake in Colgate-Palmolive during the 4th quarter valued at approximately $33,000. 80.41% of the stock is currently owned by institutional investors and hedge funds.

Colgate-Palmolive Stock Down 0.3 %

Shares of CL stock opened at $93.65 on Thursday. Colgate-Palmolive has a 1-year low of $85.32 and a 1-year high of $109.30. The company has a market cap of $75.96 billion, a price-to-earnings ratio of 26.61, a price-to-earnings-growth ratio of 4.20 and a beta of 0.40. The company has a debt-to-equity ratio of 13.40, a current ratio of 0.92 and a quick ratio of 0.58. The stock’s fifty day moving average price is $90.03 and its 200 day moving average price is $93.36.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Friday, January 31st. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.90 by $0.01. Colgate-Palmolive had a net margin of 14.38% and a return on equity of 477.77%. During the same quarter in the previous year, the business posted $0.87 earnings per share. On average, research analysts expect that Colgate-Palmolive will post 3.75 earnings per share for the current fiscal year.

Colgate-Palmolive Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, April 17th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, April 17th. This is a positive change from Colgate-Palmolive’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.22%. Colgate-Palmolive’s payout ratio is currently 59.09%.

Colgate-Palmolive declared that its Board of Directors has approved a share repurchase program on Thursday, March 20th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Piper Sandler decreased their price objective on shares of Colgate-Palmolive from $108.00 to $107.00 and set an “overweight” rating for the company in a research report on Monday. Stifel Nicolaus lowered their price objective on Colgate-Palmolive from $95.00 to $93.00 and set a “hold” rating for the company in a research report on Monday, February 3rd. Barclays upped their target price on Colgate-Palmolive from $83.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, March 27th. Wells Fargo & Company lifted their target price on Colgate-Palmolive from $83.00 to $88.00 and gave the stock an “underweight” rating in a report on Wednesday. Finally, StockNews.com cut Colgate-Palmolive from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.06.

Colgate-Palmolive Profile

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, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.