Colgate-Palmolive Company (CL) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Colgate-Palmolive Company (NYSE:CL) from a hold rating to a buy rating in a report issued on Monday. The firm currently has $80.00 price objective on the stock.
According to Zacks, “Colgate has outperformed the industry in the past month. We remain encouraged by the progress on its 2012 Restructuring Program and expect additional opportunities identified under the program to help reach the higher end of its previously stated cost and savings view. Moreover, the company has been infamous among investors with its meet or beat earnings track record. However, the company’s sales missed expectations for the fifth straight quarter in second-quarter due to continued softness in North America and challenges in Asia-Pacific. Further, the company lagged sales estimates in 16 out of the trailing 17 quarters. Nevertheless, the company remains focused on four fundamentals to boost profits including, increased spending on advertisements; innovation across portfolio; higher spends on e-commerce business and aggressively maximizing productivity. Also, its disciplined capital strategy bodes well. Estimates have been stable lately.”
Several other research firms also recently weighed in on CL. Bank of America Corporation lifted their target price on shares of Colgate-Palmolive from $78.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday, May 31st. BidaskClub downgraded shares of Colgate-Palmolive from a hold rating to a sell rating in a research note on Saturday, June 24th. Royal Bank Of Canada reiterated a hold rating and issued a $74.00 target price on shares of Colgate-Palmolive in a research note on Friday, June 30th. Jefferies Group LLC lifted their target price on shares of Colgate-Palmolive from $76.00 to $77.00 and gave the stock a hold rating in a research note on Thursday, July 6th. Finally, Deutsche Bank AG reiterated a hold rating and issued a $75.00 target price on shares of Colgate-Palmolive in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $76.18.
Colgate-Palmolive (NYSE CL) opened at 73.00 on Monday. The firm has a market cap of $64.30 billion, a price-to-earnings ratio of 27.13 and a beta of 0.80. Colgate-Palmolive has a 52 week low of $63.43 and a 52 week high of $77.27. The company has a 50-day moving average of $71.58 and a 200-day moving average of $73.27.
Colgate-Palmolive (NYSE:CL) last posted its quarterly earnings data on Friday, July 21st. The company reported $0.72 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.72. Colgate-Palmolive had a net margin of 15.83% and a return on equity of 3,121.95%. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter last year, the company posted $0.70 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Equities research analysts forecast that Colgate-Palmolive will post $2.89 earnings per share for the current fiscal year.
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In other news, insider Patricia Verduin sold 3,833 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $72.41, for a total value of $277,547.53. Following the completion of the sale, the insider now directly owns 53,022 shares in the company, valued at approximately $3,839,323.02. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Justin Skala sold 74,374 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $72.51, for a total transaction of $5,392,858.74. Following the completion of the sale, the chief operating officer now owns 97,177 shares of the company’s stock, valued at $7,046,304.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 217,969 shares of company stock valued at $15,693,933. Company insiders own 1.02% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. American Beacon Advisors Inc. purchased a new position in shares of Colgate-Palmolive in the first quarter worth $102,000. Proficio Capital Partners LLC increased its stake in shares of Colgate-Palmolive by 16.9% in the first quarter. Proficio Capital Partners LLC now owns 1,432 shares of the company’s stock worth $107,000 after buying an additional 207 shares during the period. OLD Second National Bank of Aurora purchased a new position in shares of Colgate-Palmolive in the second quarter worth $109,000. Krilogy Financial LLC increased its stake in shares of Colgate-Palmolive by 23.0% in the second quarter. Krilogy Financial LLC now owns 1,547 shares of the company’s stock worth $115,000 after buying an additional 289 shares during the period. Finally, Hanson & Doremus Investment Management increased its stake in shares of Colgate-Palmolive by 4.5% in the second quarter. Hanson & Doremus Investment Management now owns 1,630 shares of the company’s stock worth $121,000 after buying an additional 70 shares during the period. Hedge funds and other institutional investors own 73.10% of the company’s stock.
Colgate-Palmolive Company (Colgate) is a consumer products company. The Company operates in two product segments: Oral, Personal and Home Care, and Pet Nutrition. The Oral, Personal and Home Care product segment is operated through five geographic segments, which include North America, Latin America, Europe, Asia Pacific and Africa/Eurasia.
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