Colgate-Palmolive (NYSE:CL) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its stake in Colgate-Palmolive (NYSE:CL) by 11.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 189,525 shares of the company’s stock after selling 23,334 shares during the period. CIBC Asset Management Inc’s holdings in Colgate-Palmolive were worth $19,660,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CL. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Colgate-Palmolive in the second quarter valued at $25,000. Continuum Advisory LLC grew its stake in Colgate-Palmolive by 46.5% in the 2nd quarter. Continuum Advisory LLC now owns 394 shares of the company’s stock valued at $38,000 after acquiring an additional 125 shares during the last quarter. Reston Wealth Management LLC purchased a new position in Colgate-Palmolive during the 3rd quarter valued at about $42,000. Capital Performance Advisors LLP acquired a new position in Colgate-Palmolive during the third quarter worth about $53,000. Finally, Gradient Investments LLC lifted its holdings in shares of Colgate-Palmolive by 150.4% in the second quarter. Gradient Investments LLC now owns 666 shares of the company’s stock valued at $65,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.

Insider Activity

In related news, CFO Stanley J. Sutula III sold 45,410 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $94.11, for a total value of $4,273,535.10. Following the completion of the sale, the chief financial officer now owns 36,726 shares of the company’s stock, valued at $3,456,283.86. This represents a 55.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Martina Hundmejean sold 2,313 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $103.86, for a total transaction of $240,228.18. Following the transaction, the director now directly owns 11,755 shares in the company, valued at approximately $1,220,874.30. The trade was a 16.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Colgate-Palmolive Stock Up 2.3 %

CL stock opened at $93.58 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 9.46. The firm has a 50 day simple moving average of $99.60 and a 200-day simple moving average of $98.43. The company has a market capitalization of $76.46 billion, a P/E ratio of 26.81, a PEG ratio of 3.25 and a beta of 0.42. Colgate-Palmolive has a twelve month low of $75.17 and a twelve month high of $109.30.

Colgate-Palmolive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 18th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Friday, October 18th. Colgate-Palmolive’s payout ratio is currently 57.31%.

Wall Street Analysts Forecast Growth

CL has been the subject of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of Colgate-Palmolive from $100.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday, October 28th. Sanford C. Bernstein boosted their price target on Colgate-Palmolive from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Tuesday, July 30th. TD Cowen decreased their price objective on Colgate-Palmolive from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. UBS Group boosted their target price on shares of Colgate-Palmolive from $119.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Barclays raised their price target on shares of Colgate-Palmolive from $91.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $105.11.

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.