5 Dividend Stocks That Raised Their Dividends in 2022

4. Colgate-Palmolive Company (NYSE:CL)

Number of Hedge Fund Holders: 55
Dividend Yield as of September 20: 2.50%

Colgate-Palmolive Company (NYSE:CL) is an American multinational consumer products company that specializes in the production and distribution of household, healthcare, and personal care products. In August, Barclays appreciated the company’s organic sales growth in Q2 which also enabled the company to raise its full-year guidance. The firm maintained its Equal Weight rating on the stock.

In Q2 2022, Colgate-Palmolive Company (NYSE:CL) reported revenue of $4.48 billion, which showed a 5.2% growth from the same period last year. The company’s organic sales also grew by 9% from the prior-year quarter. It generated $350 million in free cash flow, up from $264 million in the previous quarter. The company’s operating cash flow also jumped to $528 million, from $386 million in the preceding quarter.

Colgate-Palmolive Company (NYSE:CL) currently pays a quarterly dividend of $0.47 per share, raising it from $0.45 in March. The company maintains a 60-year track record of dividend growth. In the past five years, it has raised its dividends at a CAGR of 3.09%. As of September 20, the stock has a yield of 2.50%.

At the end of Q2 2022, 55 hedge funds tracked by Insider Monkey owned stakes in Colgate-Palmolive Company (NYSE:CL), growing from 50 in the previous quarter. These stakes hold a combined value of roughly $3 billion.

First Eagle Investments mentioned Colgate-Palmolive Company (NYSE:CL) in its Q2 2022 investor letter. Here is what the firm has to say:

“Shares of consumer staples giant Colgate-Palmolive have performed well as investors rotated into more recessionary-resilient defensive stocks amid the broader selloff during the second quarter. The company raised revenue guidance for 2022 but lowered its margin outlook because of higher costs for raw materials, packaging and logistics; we believe that the company’s size and market share provide it with options to mitigate the inflation challenges it faces. We continue to like Colgate- Palmolive’s dividend and previously announced $5 billion stock buyback program.”