Summit Global Investments Has $26.37 Million Holdings in Colgate-Palmolive (NYSE:CL)

Summit Global Investments grew its holdings in shares of Colgate-Palmolive (NYSE:CL) by 74.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 290,029 shares of the company’s stock after buying an additional 123,322 shares during the quarter. Colgate-Palmolive accounts for about 1.6% of Summit Global Investments’ investment portfolio, making the stock its 6th biggest position. Summit Global Investments’ holdings in Colgate-Palmolive were worth $26,367,000 at the end of the most recent quarter.

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

Colgate-Palmolive Stock Up 0.0 %

Colgate-Palmolive stock opened at $90.30 on Friday. Colgate-Palmolive has a fifty-two week low of $85.32 and a fifty-two week high of $109.30. The company has a market cap of $73.28 billion, a PE ratio of 25.65, a PEG ratio of 4.20 and a beta of 0.40. The company has a debt-to-equity ratio of 13.40, a quick ratio of 0.58 and a current ratio of 0.92. The business’s 50-day simple moving average is $89.33 and its two-hundred day simple moving average is $94.27.

Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings results on Friday, January 31st. The company reported $0.91 earnings per share 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 period in the prior year, the firm posted $0.87 EPS. Equities analysts anticipate that Colgate-Palmolive will post 3.75 EPS for the current year.

Colgate-Palmolive declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 20th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Colgate-Palmolive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, April 17th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.30%. This is a positive change from Colgate-Palmolive’s previous quarterly dividend of $0.50. The ex-dividend date is Thursday, April 17th. Colgate-Palmolive’s dividend payout ratio is presently 56.82%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CL. Royal Bank of Canada reiterated a “sector perform” rating and issued a $101.00 target price on shares of Colgate-Palmolive in a report on Wednesday, January 29th. Stifel Nicolaus reduced their price target on shares of Colgate-Palmolive from $95.00 to $93.00 and set a “hold” rating for the company in a report on Monday, February 3rd. UBS Group dropped 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 note on Monday, February 3rd. TD Cowen reduced their price objective on shares of Colgate-Palmolive from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company dropped their target price on Colgate-Palmolive from $92.00 to $83.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $101.72.

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.