Westpac Banking Corp Sells 13,550 Shares of Colgate-Palmolive (NYSE:CL)

Westpac Banking Corp lessened its stake in shares of Colgate-Palmolive (NYSE:CL) by 9.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 122,978 shares of the company’s stock after selling 13,550 shares during the period. Colgate-Palmolive comprises approximately 0.7% of Westpac Banking Corp’s investment portfolio, making the stock its 25th biggest holding. Westpac Banking Corp’s holdings in Colgate-Palmolive were worth $11,180,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Kohmann Bosshard Financial Services LLC purchased a new position in Colgate-Palmolive during the 4th quarter valued at about $26,000. Centricity Wealth Management LLC bought a new position in shares of Colgate-Palmolive during the fourth quarter valued at approximately $27,000. Union Bancaire Privee UBP SA purchased a new position in Colgate-Palmolive during the fourth quarter valued at approximately $32,000. Briaud Financial Planning Inc bought a new position in Colgate-Palmolive in the fourth quarter worth approximately $32,000. Finally, Wintrust Investments LLC purchased a new stake in Colgate-Palmolive during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Colgate-Palmolive Price Performance

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

Colgate-Palmolive (NYSE:CL) last posted its earnings results on Friday, January 31st. The company reported $0.91 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 quarter last year, the business earned $0.87 EPS. Research analysts expect that Colgate-Palmolive will post 3.75 EPS for the current year.

Colgate-Palmolive declared that its Board of Directors has authorized a share repurchase program on Thursday, March 20th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Colgate-Palmolive Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CL shares. Wells Fargo & Company lifted their price target on Colgate-Palmolive from $83.00 to $88.00 and gave the company an “underweight” rating in a report on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $101.00 target price on shares of Colgate-Palmolive in a research note on Wednesday, January 29th. Barclays increased their price target on shares of Colgate-Palmolive from $83.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, March 27th. UBS Group cut their price objective on shares of Colgate-Palmolive from $104.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Finally, Raymond James reissued an “outperform” rating and set a $105.00 target price (down previously from $110.00) on shares of Colgate-Palmolive in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Colgate-Palmolive presently has an average rating of “Hold” and an average price target 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.