Colgate-Palmolive

Colgate prioritizes organic investment in brands, science and capacity (notably Hill’s), followed by consistent shareholder returns and disciplined bolt-ons. 2024 spending included 2.72 billion dollars in advertising and 355 million dollars in R&D.

Hill’s capacity expansion includes a new smart factory in Tonganoxie, Kansas, and portfolio expansion via the Prime100 acquisition, providing entry into fresh pet food. The board authorized a new 5 billion dollar repurchase in March 2025 and increased the quarterly dividend to 0.52 dollars, continuing a 62-year streak of annual increases.

Share count declined from 821.4 million to 812.6 million during 2023 to 2024, indicating net anti-dilution despite modest SBC. We view M&A as focused and capability-enhancing rather than empire building.