Zacks Investment Research upgraded shares of Colgate-Palmolive Co. (NYSE:CL) from a hold rating to a buy rating in a report released on Monday. The firm currently has $83.00 price target on the stock.
According to Zacks, “Colgate is in good shape given its continued focus on product innovation, along with globally recognized brands and presence in both developed and emerging economies, which enables it to capture growth opportunities and boost profitability. Further, the company’s international brand recognition and innovative strategies underscore its inherent strength. The company’s cost savings programs are also delivering impressive results as evident from improving operating margins. In 2016, the company anticipates to deliver robust organic sales growth backed by new products across categories and geographical regions, which should translate into double-digits organic earnings per share growth. However, the company expects macroeconomic headwinds and currency woes to linger in 2016. Also, stiff competition remains a threat. Estimates have been largely stable ahead of the company’s third-quarter earnings release.”
A number of other equities research analysts also recently issued reports on CL. Goldman Sachs Group Inc. restated a neutral rating and set a $76.00 price target (up from $74.00) on shares of Colgate-Palmolive in a research note on Friday, July 15th. Deutsche Bank AG restated a hold rating and set a $75.00 price target (up from $73.00) on shares of Colgate-Palmolive in a research note on Sunday, July 24th. B. Riley restated a neutral rating and set a $71.00 price target on shares of Colgate-Palmolive in a research note on Friday, July 29th. BNP Paribas downgraded Colgate-Palmolive from an outperform rating to a neutral rating and set a $76.00 price target for the company. in a research note on Friday, July 29th. Finally, Citigroup Inc. boosted their price target on Colgate-Palmolive from $82.00 to $88.00 and gave the company a buy rating in a research note on Friday, July 29th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $74.68.
Colgate-Palmolive (NYSE:CL) opened at 72.97 on Monday. Colgate-Palmolive has a 52-week low of $61.40 and a 52-week high of $75.38. The company has a 50 day moving average of $73.54 and a 200 day moving average of $72.44. The company has a market capitalization of $65.05 billion, a PE ratio of 46.99 and a beta of 0.63.
Colgate-Palmolive (NYSE:CL) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. Colgate-Palmolive had a return on equity of 1,980.28% and a net margin of 9.04%. The company earned $3.85 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same period last year, the company earned $0.70 EPS. Colgate-Palmolive’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities research analysts forecast that Colgate-Palmolive will post $2.80 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Monday, October 24th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, October 20th. Colgate-Palmolive’s dividend payout ratio is currently 100.65%.
In other Colgate-Palmolive news, COO Franck J. Moison sold 15,000 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $75.16, for a total value of $1,127,400.00. Following the transaction, the chief operating officer now owns 188,029 shares of the company’s stock, valued at approximately $14,132,259.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Patricia Verduin sold 3,666 shares of the company’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $74.98, for a total value of $274,876.68. Following the completion of the transaction, the chief technology officer now directly owns 54,602 shares in the company, valued at approximately $4,094,057.96. The disclosure for this sale can be found here. Insiders own 1.05% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. National Pension Service increased its position in shares of Colgate-Palmolive by 4.2% in the first quarter. National Pension Service now owns 448,007 shares of the company’s stock valued at $31,652,000 after buying an additional 17,928 shares during the period. Legal & General Group Plc increased its position in shares of Colgate-Palmolive by 1.3% in the first quarter. Legal & General Group Plc now owns 3,953,265 shares of the company’s stock valued at $279,300,000 after buying an additional 50,393 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Colgate-Palmolive by 5.0% in the second quarter. Nisa Investment Advisors LLC now owns 288,977 shares of the company’s stock valued at $21,153,000 after buying an additional 13,835 shares during the period. Aviva PLC increased its position in shares of Colgate-Palmolive by 1.3% in the first quarter. Aviva PLC now owns 531,710 shares of the company’s stock valued at $37,565,000 after buying an additional 7,069 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of Colgate-Palmolive during the second quarter valued at approximately $64,888,000. 72.97% of the stock is currently owned by institutional investors.
Colgate-Palmolive Company (Colgate) is a consumer products company, whose products are marketed in over 200 countries and territories throughout the world. The Company’s segments include Oral, Personal and Home Care, and Pet Nutrition. The Oral, Personal and Home Care product segment is operated through over five geographic segments, which include North America, Latin America, Europe/South Pacific, Asia and Africa/Eurasia.
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