Colgate-Palmolive Company (CL) Raised to “Buy” at Zacks Investment Research
Colgate-Palmolive Company (NYSE:CL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $81.00 price target on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.00% from the stock’s previous close.
According to Zacks, “Colgate has outperformed the sector in the past three months. 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.”
A number of other analysts also recently commented on CL. Royal Bank Of Canada restated a “hold” rating and set a $74.00 price target on shares of Colgate-Palmolive in a research report on Friday, June 30th. Jefferies Group LLC boosted their price target on shares of Colgate-Palmolive from $76.00 to $77.00 and gave the stock a “hold” rating in a research report on Thursday, July 6th. BidaskClub downgraded shares of Colgate-Palmolive from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Wells Fargo & Company restated a “market perform” rating on shares of Colgate-Palmolive in a research report on Monday, July 24th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $75.00 price objective on shares of Colgate-Palmolive in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $76.79.
Shares of Colgate-Palmolive (NYSE:CL) traded down 0.242% on Monday, reaching $72.145. 1,465,352 shares of the company’s stock traded hands. 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 price of $72.83 and a 200 day moving average price of $73.22. The firm has a market capitalization of $63.55 billion, a price-to-earnings ratio of 26.810 and a beta of 0.81.
Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, July 21st. The company reported $0.72 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 company had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same period in the previous year, the firm earned $0.70 EPS. Colgate-Palmolive’s revenue was down .5% on a year-over-year basis. On average, equities research analysts predict that Colgate-Palmolive will post $2.90 earnings per share for the current fiscal year.
In other news, SVP John J. Huston sold 14,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $71.36, for a total value of $999,040.00. Following the completion of the sale, the senior vice president now directly owns 88,598 shares in the company, valued at $6,322,353.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patricia Verduin sold 3,833 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $71.45, for a total transaction of $273,867.85. Following the completion of the sale, the insider now owns 53,173 shares of the company’s stock, valued at $3,799,210.85. The disclosure for this sale can be found here. Insiders sold 214,136 shares of company stock valued at $15,416,385 over the last quarter. Corporate insiders own 1.02% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Colgate-Palmolive by 2.4% during the second quarter. Vanguard Group Inc. now owns 67,875,384 shares of the company’s stock worth $5,031,602,000 after acquiring an additional 1,621,392 shares during the period. Bank of New York Mellon Corp increased its position in Colgate-Palmolive by 0.9% during the first quarter. Bank of New York Mellon Corp now owns 18,821,363 shares of the company’s stock worth $1,377,537,000 after acquiring an additional 169,798 shares during the period. Renaissance Technologies LLC increased its position in Colgate-Palmolive by 42.4% during the second quarter. Renaissance Technologies LLC now owns 9,753,400 shares of the company’s stock worth $723,020,000 after acquiring an additional 2,903,800 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Colgate-Palmolive by 25.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 6,854,323 shares of the company’s stock worth $508,111,000 after acquiring an additional 1,385,946 shares during the period. Finally, First Eagle Investment Management LLC increased its position in Colgate-Palmolive by 2.3% during the second quarter. First Eagle Investment Management LLC now owns 4,891,131 shares of the company’s stock worth $362,580,000 after acquiring an additional 108,850 shares during the period. 73.09% of the stock is currently owned by institutional investors and hedge funds.
Colgate-Palmolive Company Profile
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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