Allstate Corp Buys Shares of 22,959 Colgate-Palmolive (NYSE:CL)

Allstate Corp purchased a new position in shares of Colgate-Palmolive (NYSE:CL) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 22,959 shares of the company’s stock, valued at approximately $2,087,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. denkapparat Operations GmbH acquired a new position in Colgate-Palmolive in the 4th quarter valued at about $334,000. Premier Fund Managers Ltd lifted its holdings in Colgate-Palmolive by 367.5% in the fourth quarter. Premier Fund Managers Ltd now owns 48,141 shares of the company’s stock valued at $4,371,000 after acquiring an additional 37,843 shares during the last quarter. Orion Portfolio Solutions LLC grew its position in Colgate-Palmolive by 6.8% in the fourth quarter. Orion Portfolio Solutions LLC now owns 46,240 shares of the company’s stock worth $4,204,000 after acquiring an additional 2,943 shares during the period. Pictet Asset Management Holding SA increased its stake in Colgate-Palmolive by 13.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 456,501 shares of the company’s stock worth $41,501,000 after acquiring an additional 53,942 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Colgate-Palmolive by 3.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 880,132 shares of the company’s stock valued at $80,013,000 after purchasing an additional 28,322 shares during the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CL shares. Stifel Nicolaus cut 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. Wells Fargo & Company decreased their price objective on shares of Colgate-Palmolive from $92.00 to $83.00 and set an “underweight” rating on the stock in a report on Tuesday, January 7th. TD Cowen dropped their target price on shares of Colgate-Palmolive from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. UBS Group decreased their price target on Colgate-Palmolive from $104.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Finally, Piper Sandler dropped their price objective on Colgate-Palmolive from $121.00 to $112.00 and set an “overweight” rating for the company in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $102.06.

Colgate-Palmolive Stock Performance

NYSE CL opened at $92.73 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 13.40. The business’s 50 day moving average is $89.69 and its two-hundred day moving average is $93.61. The stock has a market capitalization of $75.25 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 4.20 and a beta of 0.40. Colgate-Palmolive has a 12-month low of $85.32 and a 12-month high of $109.30.

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

Colgate-Palmolive Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, April 17th will be given a dividend of $0.52 per share. This is a positive change from Colgate-Palmolive’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, April 17th. Colgate-Palmolive’s dividend payout ratio is presently 59.09%.

Colgate-Palmolive announced that its board has initiated a share buyback plan on Thursday, March 20th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Colgate-Palmolive Company 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.