Dan Loeb is Buying These 3 Stocks for the Rest of 2022

2. Colgate-Palmolive Company (NYSE:CL)

Third Point’s Stake Value: $159.078 million

Percentage of Third Point’s 13F Portfolio: 3.76%

Number of Hedge Fund Holders: 55

Colgate-Palmolive Company (NYSE:CL) is the newest addition to Dan Loeb’s portfolio. Third Point acquired 1.98 million shares of Colgate-Palmolive Company (NYSE:CL) during the most recent quarter, valuing $159 million. The company announced its latest quarterly earnings results on July 29, reporting an EPS GAAP actual of $0.72 and revenue of $4.48 billion, both above Wall Street expectations. A total of 55 hedge funds are holding a stake in Colgate-Palmolive Company (NYSE:CL) during Q2 as compared to 50 hedge funds in the previous quarter. The stock has gained a 3.30% value during the past six months.

Lauren Lieberman, an analyst with Barclays, increased his target for Colgate-Palmolive Company (NYSE:CL) from $71 to $74 and maintained an Equal Weight rating on the shares. According to Lieberman, Colgate’s better-than-anticipated organic sales growth in Q2 has allowed the company to increase its full-year guidance range.

In its Q2 2022 investor letter, First Eagle Investments Global Fund mentioned Colgate-Palmolive Company (NYSE:CL) and explained its insights for the company. Here is what the fund said:

“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.”