Meiji Yasuda Life Insurance Co significantly increased its stake in Colgate-Palmolive (NYSE:CL) during the fourth quarter, boosting its position by 50.3% according to the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC). The insurance firm owned 18,532 shares of Colgate-Palmolive after purchasing an additional 6,200 shares during the quarter, bringing the total value of its holdings to $1,685,000.
This move was part of a broader trend among institutional investors. Other firms that acquired new stakes in Colgate-Palmolive during the fourth quarter included Kohmann Bosshard Financial Services LLC ($26,000), Centricity Wealth Management LLC ($27,000), Union Bancaire Privee UBP SA ($32,000), Briaud Financial Planning Inc ($32,000), and Wintrust Investments LLC ($33,000). Currently, 80.41% of Colgate-Palmolive’s stock is held by hedge funds and other institutional investors.
Analyst Ratings and Price Targets
Several equities research analysts have recently updated their ratings for Colgate-Palmolive. StockNews.com upgraded the stock from ‘hold’ to ‘buy’, while Morgan Stanley lowered their target price from $111.00 to $104.00, maintaining an ‘overweight’ rating. UBS Group increased their price target from $105.00 to $109.00 with a ‘buy’ rating, and Wells Fargo & Company raised their target from $83.00 to $88.00 while keeping an ‘underweight’ rating. Raymond James maintained an ‘outperform’ rating with a target price of $105.00. The stock currently has an average rating of ‘Moderate Buy’ with an average price target of $102.39.
Recent Financial Performance
Colgate-Palmolive reported quarterly earnings on April 25th, beating analyst expectations with $0.91 earnings per share compared to the consensus estimate of $0.86. The company had revenue of $4.91 billion, slightly below the estimated $4.92 billion. The firm also announced a quarterly dividend increase to $0.52 per share, representing a 2.29% dividend yield.
Market Performance
At the time of the report, Colgate-Palmolive stock opened at $90.69. The company maintains a market capitalization of $73.50 billion with a P/E ratio of 25.76. The stock has traded between $85.32 and $109.30 over the past 52 weeks. Colgate-Palmolive’s board has authorized a $5.00 billion share repurchase plan, indicating confidence in the company’s valuation.
