TrueMark Investments Increases Stake in Colgate-Palmolive to $1.55 Million

TrueMark Investments LLC has increased its investment in Colgate-Palmolive Company (NYSE: CL) by 2.0% in the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now holds 17,071 shares, valued at approximately $1.55 million as of the end of June. This acquisition involved purchasing an additional 334 shares during the quarter.

Other significant investors have also adjusted their positions in Colgate-Palmolive. Westend Capital Management LLC expanded its stake by 111.1% in the first quarter, now owning 266 shares worth $25,000 after acquiring 140 additional shares. Cornerstone Planning Group LLC saw a remarkable increase of 1,913.3%, bringing its holdings to 302 shares valued at $28,000 after purchasing 287 shares.

New stakes were also acquired by the Saudi Central Bank, valued at approximately $29,000, and Ransom Advisory Ltd, which invested around $33,000. Harel Insurance Investments & Financial Services Ltd. also entered the fray, purchasing shares worth about $37,000. Currently, institutional investors and hedge funds own 80.41% of Colgate-Palmolive’s stock.

Colgate-Palmolive Stock Performance

On Friday, shares of Colgate-Palmolive opened at $79.14. The company has a market capitalization of $63.96 billion and a price-to-earnings (PE) ratio of 22.23. Over the past year, the stock has fluctuated between a low of $76.68 and a high of $100.54. The firm’s debt-to-equity ratio stands at 6.79, with current and quick ratios of 0.89 and 0.57, respectively.

Colgate-Palmolive recently announced a quarterly dividend of $0.52, set to be paid on November 14, 2023. Shareholders on record as of October 17, 2023 will be eligible for this payment, marking an annualized dividend of $2.08 with a yield of 2.6%. The ex-dividend date is also noted as October 17, 2023, and the company’s dividend payout ratio (DPR) is currently 58.43%.

Analyst Ratings and Price Targets

A number of financial analysts have recently provided updates on Colgate-Palmolive’s stock. The Goldman Sachs Group revised its price target from $106.00 to $91.00 while maintaining a “buy” rating. Additionally, Piper Sandler initiated coverage with a neutral rating and a price target of $84.00.

Wells Fargo & Company lowered its target from $83.00 to $80.00, indicating an underweight rating. Similarly, JPMorgan Chase & Co. adjusted its target down from $95.00 to $88.00 while giving the stock an overweight rating. Overall, eight analysts have recommended a buy, five have issued a hold rating, and one has given a sell rating, leading to a consensus rating of “Moderate Buy” with an average price target of $92.21 according to MarketBeat.com.

Colgate-Palmolive Company, along with its subsidiaries, specializes in the manufacturing and distribution of consumer products globally. The company operates in two primary segments: Oral, Personal and Home Care, and Pet Nutrition, offering a wide range of products including toothpaste, hand soaps, and pet food.