Investment firm Hudson Bay Capital Management LP significantly increased its holdings in Colgate-Palmolive Company (NYSE: CL) by a remarkable 4,211.6% during the second quarter of 2023. According to the firm’s recent filing with the Securities and Exchange Commission, Hudson Bay now owns 105,721 shares of Colgate-Palmolive, having purchased an additional 103,269 shares in this period. The total value of their stake is approximately $9,610,000 as of the latest reporting.
Other institutional investors have also adjusted their positions in Colgate-Palmolive. For instance, Cidel Asset Management Inc. raised its holdings by 13.6%, owning 329,060 shares valued at $29,912,000 after acquiring an additional 39,413 shares. Similarly, Sequoia Financial Advisors LLC increased its stake by 18.6%, now holding 30,273 shares worth $2,752,000 after purchasing 4,738 shares in the last quarter.
Vanguard Group Inc. also reported an increase in its holdings by 1.2%, now owning a substantial 82,751,689 shares valued at approximately $7.52 billion. Other notable changes include Welch Group LLC, which raised its position by 1.5% and Arista Wealth Management LLC, which acquired a new stake valued at around $571,000. Currently, approximately 80.41% of Colgate-Palmolive’s stock is owned by hedge funds and institutional investors.
Colgate-Palmolive’s Market Performance and Dividend Declaration
As of Monday, Colgate-Palmolive’s shares opened at $78.32. The company boasts a market capitalization of $63.13 billion, with a price-to-earnings (P/E) ratio of 21.94 and a price-to-earnings growth (P/E/G) ratio of 5.58. Over the past year, the stock has fluctuated between a low of $74.54 and a high of $100.18. The 50-day and 200-day moving averages stand at $78.23 and $83.47, respectively.
In addition to the market activity, Colgate-Palmolive recently announced a quarterly dividend of $0.52 per share, scheduled for payment on February 13, 2024. Shareholders of record as of January 21, 2024 will receive this dividend, which translates to an annualized payout of $2.08 and a dividend yield of 2.7%. The company’s current dividend payout ratio (DPR) is noted at 58.26%.
Analysts’ Outlook on Colgate-Palmolive
Several financial analysts have provided their insights regarding Colgate-Palmolive’s stock. The Royal Bank of Canada upgraded its rating from “sector perform” to “outperform,” setting a target price of $88.00. In contrast, the Goldman Sachs Group adjusted its price objective down from $106.00 to $91.00, maintaining a “buy” rating.
Other notable recommendations include a “hold (c)” rating from Weiss Ratings and price target reductions from Morgan Stanley and Citigroup, which set their targets at $87.00 and $95.00, respectively. According to data from MarketBeat.com, the consensus rating for Colgate-Palmolive is categorized as “Moderate Buy,” with an average target price of $89.00.
Colgate-Palmolive, a global leader in consumer goods, operates through two main segments: Oral, Personal, and Home Care, as well as Pet Nutrition. The company’s diverse product offerings include toothpaste, toothbrushes, and various personal care and household items, underscoring its extensive reach in the consumer market.
