Colgate-Palmolive Co. (CL) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Colgate-Palmolive Co. (NYSE:CL) from a hold rating to a buy rating in a report published on Monday. Zacks Investment Research 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.”
CL has been the subject of a number of other research reports. Bank of America Corp. upgraded Colgate-Palmolive from a neutral rating to a buy rating and upped their price objective for the company from $70.86 to $80.00 in a research note on Monday, September 12th. Citigroup Inc. upped their price target on Colgate-Palmolive from $82.00 to $88.00 and gave the company a buy rating in a research report on Friday, July 29th. KeyCorp started coverage on Colgate-Palmolive in a research report on Thursday, September 8th. They set a sector weight rating on the stock. Deutsche Bank AG reaffirmed a hold rating and set a $75.00 price target (up previously from $73.00) on shares of Colgate-Palmolive in a research report on Sunday, July 24th. Finally, BNP Paribas cut Colgate-Palmolive from an outperform rating to a neutral rating and set a $76.00 price target on the stock. in a research report on Friday, July 29th. Fourteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Colgate-Palmolive presently has a consensus rating of Hold and an average target price of $74.68.
Shares of Colgate-Palmolive (NYSE:CL) traded down 0.46% on Monday, hitting $73.28. The company had a trading volume of 181,303 shares. Colgate-Palmolive has a 1-year low of $61.40 and a 1-year high of $75.38. The firm has a market capitalization of $65.33 billion, a price-to-earnings ratio of 47.19 and a beta of 0.63. The company has a 50 day moving average price of $73.63 and a 200 day moving average price of $72.42.
Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm earned $3.85 billion during the quarter, compared to the consensus estimate of $3.86 billion. Colgate-Palmolive had a return on equity of 1,980.28% and a net margin of 9.04%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. On average, equities analysts forecast that Colgate-Palmolive will post $2.80 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 24th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, October 20th. Colgate-Palmolive’s payout ratio is 100.65%.
In other Colgate-Palmolive news, insider Patricia Verduin sold 3,834 shares of Colgate-Palmolive stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $71.85, for a total transaction of $275,472.90. Following the completion of the transaction, the insider now owns 55,013 shares in the company, valued at $3,952,684.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Noel R. Wallace sold 78,849 shares of Colgate-Palmolive stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $74.69, for a total value of $5,889,231.81. Following the transaction, the chief operating officer now owns 236,295 shares of the company’s stock, valued at approximately $17,648,873.55. The disclosure for this sale can be found here. Company insiders own 1.05% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CL. Sarasin & Partners LLP boosted its position in shares of Colgate-Palmolive by 32.3% in the first quarter. Sarasin & Partners LLP now owns 2,458,570 shares of the company’s stock worth $173,698,000 after buying an additional 600,457 shares during the last quarter. Commonwealth Equity Services Inc boosted its position in shares of Colgate-Palmolive by 3.3% in the first quarter. Commonwealth Equity Services Inc now owns 223,599 shares of the company’s stock worth $15,797,000 after buying an additional 7,183 shares during the last quarter. Telemus Capital LLC boosted its position in shares of Colgate-Palmolive by 136.2% in the first quarter. Telemus Capital LLC now owns 10,643 shares of the company’s stock worth $752,000 after buying an additional 6,137 shares during the last quarter. Arvest Bank Trust Division boosted its position in shares of Colgate-Palmolive by 2.7% in the first quarter. Arvest Bank Trust Division now owns 250,497 shares of the company’s stock worth $17,698,000 after buying an additional 6,607 shares during the last quarter. Finally, Sanders Morris Harris Inc. bought a new position in shares of Colgate-Palmolive during the first quarter worth about $276,000. Institutional investors and hedge funds own 72.97% of the company’s stock.
Colgate-Palmolive Company Profile
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.
Receive News & Stock Ratings for Colgate-Palmolive Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Colgate-Palmolive Co. and related stocks with our FREE daily email newsletter.