Colgate-Palmolive Co. (NYSE:CL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $83.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 14.01% from the company’s previous close.
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 analysts have also weighed in on CL. B. Riley restated a “neutral” rating and issued a $71.00 target price on shares of Colgate-Palmolive in a research note on Friday, July 29th. Citigroup Inc. upped their target price on Colgate-Palmolive from $82.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. KeyCorp began coverage on Colgate-Palmolive in a research note on Thursday, September 8th. They issued a “sector weight” rating on the stock. BNP Paribas lowered Colgate-Palmolive from an “outperform” rating to a “neutral” rating and set a $76.00 target price on the stock. in a research note on Friday, July 29th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $75.00 price objective (up from $73.00) on shares of Colgate-Palmolive in a research report on Sunday, July 24th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $74.68.
Colgate-Palmolive (NYSE:CL) opened at 72.80 on Monday. Colgate-Palmolive has a 52 week low of $61.40 and a 52 week high of $75.38. The firm has a market capitalization of $64.90 billion, a price-to-earnings ratio of 46.88 and a beta of 0.63. The firm has a 50-day moving average price of $73.58 and a 200 day moving average price of $72.44.
Colgate-Palmolive (NYSE:CL) last announced its earnings results on Thursday, July 28th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.86 billion. Colgate-Palmolive had a return on equity of 1,980.28% and a net margin of 9.04%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 EPS. On average, equities research analysts forecast that Colgate-Palmolive will post $2.80 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Monday, October 24th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, October 20th. Colgate-Palmolive’s payout ratio is presently 100.65%.
In other news, insider Patricia Verduin sold 3,834 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $71.85, for a total value of $275,472.90. Following the completion of the transaction, the insider now owns 55,013 shares in the company, valued at approximately $3,952,684.05. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Franck J. Moison sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $75.16, for a total value of $1,127,400.00. Following the completion of the transaction, the chief operating officer now owns 188,029 shares of the company’s stock, valued at approximately $14,132,259.64. The disclosure for this sale can be found here. 1.05% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CL. Krilogy Financial LLC boosted its position in Colgate-Palmolive by 3.2% in the second quarter. Krilogy Financial LLC now owns 1,504 shares of the company’s stock worth $110,000 after buying an additional 46 shares during the last quarter. Tompkins Financial Corp boosted its position in shares of Colgate-Palmolive by 121.1% in the second quarter. Tompkins Financial Corp now owns 1,698 shares of the company’s stock worth $124,000 after buying an additional 930 shares during the last quarter. Arcadia Investment Management Corp MI boosted its position in shares of Colgate-Palmolive by 28.6% in the second quarter. Arcadia Investment Management Corp MI now owns 1,800 shares of the company’s stock worth $132,000 after buying an additional 400 shares during the last quarter. FCM Investments TX bought a new position in shares of Colgate-Palmolive during the second quarter worth about $132,000. Finally, Orrstown Financial Services Inc. boosted its position in shares of Colgate-Palmolive by 26.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,280 shares of the company’s stock worth $167,000 after buying an additional 480 shares during the last quarter. Institutional investors own 72.97% of the company’s stock.
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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