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

TrueMark Investments LLC has increased its stake in the Colgate-Palmolive Company (NYSE: CL) by 2.0% during the second quarter of 2023. According to a recent disclosure with the Securities & Exchange Commission, TrueMark now holds 17,071 shares of the consumer goods giant, having acquired an additional 334 shares during this period. The value of TrueMark’s holdings in Colgate-Palmolive stands at approximately $1.55 million as of the end of the last quarter.

Investor interest in Colgate-Palmolive has been notable, with several other large institutional investors also adjusting their positions. For instance, Westend Capital Management LLC increased its stake by an impressive 111.1% in the first quarter, now owning 266 shares valued at $25,000 after acquiring 140 additional shares. Similarly, Cornerstone Planning Group LLC saw its stake rise by 1,913.3% during the same period, bringing its total to 302 shares worth $28,000 following a purchase of 287 shares.

Several notable firms have recently entered the Colgate-Palmolive landscape as well. Saudi Central Bank acquired a new stake in the company valued at about $29,000, while Ransom Advisory Ltd and Harel Insurance Investments & Financial Services Ltd made similar moves, with stakes worth approximately $33,000 and $37,000, respectively. Currently, institutional investors and hedge funds hold around 80.41% of Colgate-Palmolive’s stock.

Colgate-Palmolive’s Market Performance

As of the latest trading session, shares of Colgate-Palmolive opened at $79.14. The company’s stock has experienced fluctuations, with a 50-day simple moving average of $81.96 and a 200-day simple moving average of $87.34. Colgate-Palmolive boasts a market capitalization of $63.96 billion, a price-to-earnings ratio of 22.23, and a price-to-earnings-growth ratio of 4.64. The stock has a beta of 0.34, indicating lower volatility compared to the overall market.

Over the past year, Colgate-Palmolive shares have reached a low of $76.68 and a high of $100.54. Financial metrics reveal a debt-to-equity ratio of 6.79, a current ratio of 0.89, and a quick ratio of 0.57, which could inform investors’ assessments of the company’s financial health.

Dividend Announcement and Analyst Ratings

Colgate-Palmolive recently announced a quarterly dividend payment scheduled for November 14, 2023. Investors on record as of October 17, 2023, will receive a dividend of $0.52 per share, equating to an annualized dividend of $2.08 and a yield of 2.6%. The dividend payout ratio stands at 58.43%, reflecting the company’s commitment to returning value to shareholders.

Equities research analysts have been active in revising their price targets for Colgate-Palmolive. The Goldman Sachs Group recently lowered its price target from $106.00 to $91.00, maintaining a “buy” rating. Piper Sandler initiated coverage with a “neutral” rating and a price target of $84.00. Weiss Ratings reaffirmed a “hold (c)” rating, while Wells Fargo & Company reduced its price target from $83.00 to $80.00, assigning an “underweight” rating. Additionally, JPMorgan Chase & Co. lowered its target from $95.00 to $88.00, maintaining an “overweight” rating.

MarketBeat.com reports that a total of eight analysts have issued a “buy” rating for the stock, five have rated it as a “hold,” and one analyst has given it a “sell” rating. The consensus rating is categorized as a “Moderate Buy,” with a target price averaging $92.21.

Colgate-Palmolive Company, headquartered in New York City, manufactures and sells a wide array of consumer products worldwide. Its operations are divided into two segments: Oral, Personal and Home Care, and Pet Nutrition, offering products ranging from toothpaste and shampoos to pet food. As investor interest continues to evolve, stakeholders will be closely monitoring developments within this iconic company.