Elevation Point Wealth Partners LLC Raises Holdings in Colgate-Palmolive (NYSE:CL)

Elevation Point Wealth Partners LLC lifted its holdings in shares of Colgate-Palmolive (NYSE:CL) by 8.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,572 shares of the company’s stock after buying an additional 273 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Colgate-Palmolive were worth $335,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Kohmann Bosshard Financial Services LLC purchased a new stake in Colgate-Palmolive in the 4th quarter valued at approximately $26,000. Centricity Wealth Management LLC purchased a new stake in Colgate-Palmolive in the 4th quarter valued at approximately $27,000. Vermillion Wealth Management Inc. purchased a new stake in Colgate-Palmolive in the 4th quarter valued at approximately $31,000. Union Bancaire Privee UBP SA purchased a new stake in Colgate-Palmolive in the 4th quarter valued at approximately $32,000. Finally, Briaud Financial Planning Inc purchased a new stake in Colgate-Palmolive in the 4th quarter valued at approximately $32,000. 80.41% of the stock is owned by hedge funds and other institutional investors.

Colgate-Palmolive Stock Down 0.2%

Shares of NYSE CL opened at $90.10 on Tuesday. Colgate-Palmolive has a 12-month low of $85.32 and a 12-month high of $109.30. The company has a market cap of $73.02 billion, a P/E ratio of 25.60, a P/E/G ratio of 4.20 and a beta of 0.38. 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 stock has a fifty day moving average price of $91.78 and a 200 day moving average price of $90.95.

Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings results on Friday, April 25th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. Colgate-Palmolive had a return on equity of 477.77% and a net margin of 14.38%. The firm had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.92 billion. During the same period in the prior year, the firm earned $0.86 EPS. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. Research analysts anticipate that Colgate-Palmolive will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, July 18th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, July 18th. This represents a $2.08 annualized dividend and a yield of 2.31%. Colgate-Palmolive’s dividend payout ratio is currently 58.76%.

Colgate-Palmolive announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 20th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to purchase up to 6.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CL. Barclays reduced their target price on Colgate-Palmolive from $89.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. Wall Street Zen lowered Colgate-Palmolive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Piper Sandler reduced their price target on Colgate-Palmolive from $108.00 to $107.00 and set an “overweight” rating on the stock in a research note on Monday, March 31st. JPMorgan Chase & Co. increased their price target on Colgate-Palmolive from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. Finally, UBS Group increased their price target on Colgate-Palmolive from $105.00 to $109.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Colgate-Palmolive currently has a consensus rating of “Hold” and a consensus price target of $102.12.

About Colgate-Palmolive

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.