Published On: Sun, Sep 18th, 2016

Colgate-Palmolive Co. (CL) Lifted to “Buy” at Bank of America Corp.

Colgate-Palmolive Co. (NYSE:CL) was upgraded by analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm currently has a $80.00 price objective on the stock, up from their prior price objective of $70.86. Bank of America Corp.’s price objective points to a potential upside of 11.17% from the company’s previous close.
Other equities analysts also recently issued research reports about the company. Exane BNP Paribas downgraded Colgate-Palmolive from an “outperform” rating to a “neutral” rating in a research report on Friday, July 29th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $76.00 price objective (up previously from $74.00) on shares of Colgate-Palmolive in a research report on Friday, July 15th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $75.00 price objective on shares of Colgate-Palmolive in a research report on Friday, July 29th. Atlantic Securities started coverage on Colgate-Palmolive in a research report on Wednesday, June 1st. They issued an “overweight” rating for the company. Finally, B. Riley reiterated a “neutral” rating and issued a $71.00 price objective on shares of Colgate-Palmolive in a research report on Wednesday, August 3rd. Fourteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $74.46.
Colgate-Palmolive (NYSE:CL) traded down 0.19% during trading on Monday, hitting $71.96. The company had a trading volume of 3,959,683 shares. The firm has a 50-day moving average of $74.22 and a 200 day moving average of $71.91. Colgate-Palmolive has a 12-month low of $61.40 and a 12-month high of $75.38. The company has a market capitalization of $64.15 billion, a price-to-earnings ratio of 46.34 and a beta of 0.59.

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Colgate-Palmolive (NYSE:CL) last posted its earnings results on Thursday, July 28th. The company reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.01. The business 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%. Colgate-Palmolive’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. On average, equities research analysts forecast that Colgate-Palmolive will post $2.79 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 24th will be paid a $0.39 dividend. The ex-dividend date is Thursday, October 20th. This represents a $1.56 dividend on an annualized basis and a yield of 2.17%. Colgate-Palmolive’s payout ratio is 100.65%.
In other news, COO Franck J. Moison sold 15,000 shares of the business’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 188,029 shares in the company, valued at $14,132,259.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John J. Huston sold 14,000 shares of the business’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $74.93, for a total value of $1,049,020.00. Following the completion of the sale, the senior vice president now owns 102,761 shares in the company, valued at $7,699,881.73. The disclosure for this sale can be found here. 1.05% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. National Pension Service raised its stake 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 worth $31,652,000 after buying an additional 17,928 shares during the period. Legal & General Group Plc raised its stake 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 worth $279,300,000 after buying an additional 50,393 shares during the period. Toth Financial Advisory Corp raised its stake in shares of Colgate-Palmolive by 4.0% in the first quarter. Toth Financial Advisory Corp now owns 79,647 shares of the company’s stock worth $5,627,000 after buying an additional 3,066 shares during the period. Aviva PLC raised its stake in shares of Colgate-Palmolive by 1.3% in the first quarter. Aviva PLC now owns 531,710 shares of the company’s stock worth $37,565,000 after buying an additional 7,069 shares during the period. Finally, Stelac Advisory Services LLC purchased a new stake in shares of Colgate-Palmolive during the first quarter worth approximately $332,000. Institutional investors own 73.25% of the company’s stock.
About Colgate-Palmolive
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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