Corebridge Financial Inc. Trims Position in Colgate-Palmolive (NYSE:CL)

Corebridge Financial Inc. lowered its position in Colgate-Palmolive (NYSE:CL) by 2.6% in the fourth quarter, HoldingsChannel reports. The firm owned 193,762 shares of the company’s stock after selling 5,098 shares during the period. Corebridge Financial Inc.’s holdings in Colgate-Palmolive were worth $17,615,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CL. Congress Wealth Management LLC DE boosted its holdings in Colgate-Palmolive by 5.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 159,069 shares of the company’s stock valued at $14,461,000 after purchasing an additional 8,792 shares during the last quarter. Dillon & Associates Inc. increased its holdings in shares of Colgate-Palmolive by 0.5% during the 4th quarter. Dillon & Associates Inc. now owns 31,104 shares of the company’s stock worth $2,830,000 after buying an additional 150 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Colgate-Palmolive by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 81,303,059 shares of the company’s stock valued at $7,391,261,000 after buying an additional 588,230 shares during the period. Blueprint Investment Partners LLC lifted its holdings in Colgate-Palmolive by 57.5% in the fourth quarter. Blueprint Investment Partners LLC now owns 3,871 shares of the company’s stock valued at $352,000 after acquiring an additional 1,413 shares during the last quarter. Finally, Guardian Partners Inc. purchased a new position in Colgate-Palmolive in the fourth quarter worth approximately $306,000. 80.41% of the stock is currently owned by institutional investors and hedge funds.

Colgate-Palmolive Stock Up 0.7 %

Shares of Colgate-Palmolive stock opened at $90.91 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 13.40. Colgate-Palmolive has a 52-week low of $85.32 and a 52-week high of $109.30. The company has a market capitalization of $73.78 billion, a P/E ratio of 25.83, a P/E/G ratio of 4.20 and a beta of 0.40. The company has a 50 day moving average of $89.40 and a 200 day moving average of $93.95.

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 net margin of 14.38% and a return on equity of 477.77%. During the same quarter in the previous year, the company posted $0.87 earnings per share. As a group, research analysts forecast that Colgate-Palmolive will post 3.75 EPS for the current fiscal year.

Colgate-Palmolive Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, April 17th will be issued a $0.52 dividend. The ex-dividend date is Thursday, April 17th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.29%. This is an increase from Colgate-Palmolive’s previous quarterly dividend of $0.50. Colgate-Palmolive’s dividend payout ratio is presently 56.82%.

Colgate-Palmolive announced that its board has authorized a stock repurchase program on Thursday, March 20th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. StockNews.com downgraded Colgate-Palmolive from a “buy” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Company reduced 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. Piper Sandler lowered their target price on shares of Colgate-Palmolive from $121.00 to $112.00 and set an “overweight” rating for the company in a research note on Monday, January 6th. UBS Group reduced their price target on shares of 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, Barclays lowered their price objective on shares of Colgate-Palmolive from $96.00 to $83.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Colgate-Palmolive currently has an average rating of “Hold” and an average price target of $101.72.

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.