Third Point Builds a Position in Colgate-Palmolive According to CNBC's David Faber

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By Sam Boughedda 

Hedge fund manager Dan Loeb, the founder and chief executive of Third Point, has accumulated a stake in Colgate-Palmolive (NYSE:CL), CNBC's David Faber revealed on Tuesday.

Faber said that Loeb had taken a roughly $1 billion stake in the company as he sees hidden value in Colgate's subsidiary, pet food company Hill's Pet Nutrition if it were to be spun off.

Loeb was also said to have explained that the current consolidation in the consumer health sector means there are more opportunities for Colgate to capitalize on.

The company's shares have declined over 12% in 2022 but are up over 7% in the last week. On Tuesday, they gained over 2% following the report.

On Monday, Deutsche Bank analysts lowered their price target on Colgate to $85 from $87, maintaining a Buy rating on the shares. Analysts said they expect the company to report a "solid set" of third quarter results.