AustralianSuper Cuts Stake in Colgate-Palmolive by 3.4%

AustralianSuper Pty Ltd has reduced its stake in Colgate-Palmolive Company (NYSE:CL) by 3.4% during the second quarter of 2023, according to a recent disclosure with the U.S. Securities and Exchange Commission (SEC). Following the sale of 45,476 shares, the institutional investor now holds 1,298,993 shares, equivalent to approximately 0.16% of the company’s total shares. The total value of this stake is estimated at $118,078,000.

Several other institutional investors have also adjusted their holdings in Colgate-Palmolive, reflecting ongoing activity in the market. For instance, Grimes & Company Inc. increased its position by 1.0%, acquiring an additional 118 shares to reach a total of 12,495 shares, valued at $1,136,000. Similarly, RFG Advisory LLC raised its stake by 1.4%, bringing its ownership to 9,227 shares, worth $839,000, after adding 123 shares during the quarter.

Other notable changes include Redhawk Wealth Advisors Inc., which grew its holdings by 2.4%, now owning 5,467 shares valued at $497,000, and MONECO Advisors LLC, which lifted its stake by 2.2% to 6,051 shares, worth $567,000. Sowell Financial Services LLC also boosted its holdings by 2.5%, resulting in ownership of 5,478 shares valued at $498,000. Institutional investors currently hold 80.41% of Colgate-Palmolive’s stock.

Stock Performance and Dividend Announcement

On Monday, shares of Colgate-Palmolive opened at $78.01, reflecting a 0.6% decline. The company has a market capitalization of $63.05 billion and a price-to-earnings (P/E) ratio of 21.91. Over the past year, the stock has fluctuated between a low of $76.68 and a high of $100.18. The firm’s fifty-day simple moving average stands at $81.33, while the two-hundred-day moving average is $86.90.

Colgate-Palmolive also announced a quarterly dividend of $0.52, set to be paid on November 14, 2023. Shareholders of record on October 17, 2023 will receive this dividend, which represents an annualized payout of $2.08 and a yield of 2.7%. The company’s current payout ratio is 58.43%.

Analyst Ratings and Market Outlook

Analysts have been active in issuing reports on Colgate-Palmolive. Weiss Ratings reaffirmed a “hold (c)” rating for the stock. In recent evaluations, JPMorgan Chase & Co. lowered its price target from $95.00 to $88.00, maintaining an “overweight” rating. Deutsche Bank Aktiengesellschaft set a price objective of $86.00, while Goldman Sachs Group adjusted its target from $106.00 to $91.00, retaining a “buy” rating.

Piper Sandler initiated coverage with a “neutral” rating and a target price of $84.00. Currently, eight analysts have rated the stock as a buy, five have issued hold ratings, and one has assigned a sell rating. According to data from MarketBeat.com, Colgate-Palmolive holds an average rating of “Moderate Buy” with a consensus price target of $91.50.

Colgate-Palmolive Company, based in the United States, manufactures and sells a variety of consumer products globally, operating through segments that include Oral, Personal and Home Care, as well as Pet Nutrition. This broad product range positions the company as a significant player in the consumer goods sector.