Colgate-Palmolive Co. (CL) Downgraded to Hold at Zacks Investment Research
Colgate-Palmolive Co. (NYSE:CL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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 topic of several other research reports. Bank of America Corp. upgraded Colgate-Palmolive from a “neutral” rating to a “buy” rating and lifted their price target for the company from $70.86 to $80.00 in a research note on Monday, September 12th. Citigroup Inc. lifted 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. KeyCorp began coverage on Colgate-Palmolive in a research note on Thursday, September 8th. They issued a “sector weight” rating on the stock. Deutsche Bank AG reiterated a “hold” rating and issued a $75.00 price target (up previously from $73.00) on shares of Colgate-Palmolive in a research note on Sunday, July 24th. Finally, BNP Paribas lowered Colgate-Palmolive from an “outperform” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research note on Friday, July 29th. Fifteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $74.46.
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Colgate-Palmolive (NYSE:CL) traded up 0.86% during trading on Tuesday, reaching $72.81. The company’s stock had a trading volume of 1,020,472 shares. The firm has a 50 day moving average price of $74.03 and a 200-day moving average price of $72.05. The stock has a market cap of $64.91 billion, a price-to-earnings ratio of 46.88 and a beta of 0.59. Colgate-Palmolive has a 52-week low of $61.40 and a 52-week high of $75.38.
Colgate-Palmolive (NYSE:CL) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.86 billion. During the same quarter last year, the company posted $0.70 EPS. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, analysts expect 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. Stockholders of record on Monday, October 24th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Thursday, October 20th. Colgate-Palmolive’s dividend payout ratio is presently 100.65%.
In other news, Director Ellen M. Hancock sold 4,584 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $74.82, for a total value of $342,974.88. Following the completion of the transaction, the director now directly owns 203,632 shares of the company’s stock, valued at $15,235,746.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Franck J. Moison sold 15,000 shares of the company’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 directly owns 188,029 shares of the company’s stock, valued at $14,132,259.64. The disclosure for this sale can be found here. 1.05% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Highland Private Wealth Management raised its position in Colgate-Palmolive by 0.5% in the second quarter. Highland Private Wealth Management now owns 2,860 shares of the company’s stock valued at $209,000 after buying an additional 14 shares in the last quarter. Sunbelt Securities Inc. raised its position in shares of Colgate-Palmolive by 0.5% in the second quarter. Sunbelt Securities Inc. now owns 2,869 shares of the company’s stock valued at $210,000 after buying an additional 15 shares during the period. Blue Chip Partners Inc. raised its position in shares of Colgate-Palmolive by 0.5% in the second quarter. Blue Chip Partners Inc. now owns 3,191 shares of the company’s stock valued at $234,000 after buying an additional 16 shares during the period. Northstar Group Inc. raised its position in shares of Colgate-Palmolive by 0.4% in the second quarter. Northstar Group Inc. now owns 4,994 shares of the company’s stock valued at $366,000 after buying an additional 18 shares during the period. Finally, Cornerstone Financial Partners LLC raised its position in shares of Colgate-Palmolive by 0.4% in the second quarter. Cornerstone Financial Partners LLC now owns 4,111 shares of the company’s stock valued at $300,000 after buying an additional 18 shares during the period. 73.25% of the stock is owned by institutional investors.
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.
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