Colgate-Palmolive (NYSE:CL) Reaches New 52-Week High on Analyst Upgrade

Colgate-Palmolive Company (NYSE:CL) shares reached a new 52-week high during mid-day trading on Wednesday after Barclays raised their price target on the stock from $87.00 to $95.00. Barclays currently has an equal weight rating on the stock. Colgate-Palmolive traded as high as $99.49 and last traded at $99.1810, with a volume of 1,773,883 shares. The stock had previously closed at $95.62.

CL has been the topic of several other research reports. Morgan Stanley lifted their price target on shares of Colgate-Palmolive from $104.00 to $111.00 and gave the stock an “overweight” rating in a research note on Monday. Royal Bank Of Canada raised their target price on Colgate-Palmolive from $104.00 to $105.00 and gave the company an “outperform” rating in a research note on Monday. Raymond James Financial lifted their target price on Colgate-Palmolive from $100.00 to $102.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. UBS Group boosted their price target on Colgate-Palmolive from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Jefferies Financial Group restated a “hold” rating and set a $89.00 price objective (up from $88.00) on shares of Colgate-Palmolive in a research note on Monday, August 3rd. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.22.

Insider Activity at Colgate-Palmolive

In other Colgate-Palmolive news, COO Panagiotis Tsourapas sold 10,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $92.05, for a total transaction of $920,500.00. Following the transaction, the chief operating officer owned 64,901 shares of the company’s stock, valued at $5,974,137.05. This trade represents a 13.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Cahill sold 4,170 shares of Colgate-Palmolive stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $93.37, for a total value of $389,352.90. Following the completion of the transaction, the director owned 28,373 shares of the company’s stock, valued at approximately $2,649,187.01. The trade was a 12.81% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.43% of the company’s stock.

Trending Headlines about Colgate-Palmolive

Here are the key news stories impacting Colgate-Palmolive this week:

• Positive Sentiment: Wells Fargo raised its price target for Colgate-Palmolive, adding to the recent run of more optimistic analyst views. The article did not specify the new target. Colgate-Palmolive Stock Gets Price Target Increase from Wells Fargo
• Positive Sentiment: Morgan Stanley raised its target from $104 to $111 and maintained an Overweight rating, implying meaningful potential appreciation from the price cited in the report. Morgan Stanley Forecasts Strong Price Appreciation for Colgate-Palmolive
• Positive Sentiment: Royal Bank of Canada lifted its target to $105 from $104 and kept Outperform; BNP Paribas Exane raised its target to $108 from $97 and reaffirmed Outperform. RBC Raises Colgate-Palmolive Price Target BNP Paribas Exane Reaffirms Outperform
• Positive Sentiment: A bullish Seeking Alpha analysis points to improving execution and a valuation discount. Another valuation review edged its fair-value estimate higher following Colgate’s quarterly earnings beat. Colgate-Palmolive: Improving Execution and a Valuation Discount Colgate-Palmolive Fair Value Edges Higher After Q3 Earnings Beat
• Neutral Sentiment: Barclays raised its target from $87 to $95 but retained Equal Weight, leaving its target below the roughly $98 share price referenced in the coverage. Barclays Remains a Hold on Colgate-Palmolive
• Negative Sentiment: JPMorgan cut its price target from $104 to $102, although it maintained an Overweight rating. The lower target is a modest counterpoint to the other increases. JPMorgan Lowers Colgate-Palmolive Price Target

Institutional Investors Weigh In On Colgate-Palmolive

A number of institutional investors have recently modified their holdings of CL. State Street Corp raised its holdings in shares of Colgate-Palmolive by 97.4% during the second quarter. State Street Corp now owns 94,195,992 shares of the company’s stock worth $8,635,889,000 after acquiring an additional 46,476,510 shares during the period. Bank of New York Mellon Corp boosted its stake in Colgate-Palmolive by 172.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,521,545 shares of the company’s stock worth $1,067,211,000 after purchasing an additional 7,927,238 shares during the period. Bank of America Corp DE acquired a new stake in shares of Colgate-Palmolive in the 2nd quarter valued at about $567,483,000. Envestnet Asset Management Inc. lifted its holdings in shares of Colgate-Palmolive by 266.5% in the second quarter. Envestnet Asset Management Inc. now owns 4,146,337 shares of the company’s stock valued at $380,136,000 after purchasing an additional 3,014,860 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Colgate-Palmolive by 151.4% in the third quarter. Assenagon Asset Management S.A. now owns 4,276,774 shares of the company’s stock valued at $364,894,000 after purchasing an additional 2,575,530 shares in the last quarter. Institutional investors own 80.41% of the company’s stock.

Colgate-Palmolive Stock Up 4.2%

The company has a debt-to-equity ratio of 11.23, a current ratio of 0.96 and a quick ratio of 0.30. The company has a market capitalization of $79.19 billion, a price-to-earnings ratio of 39.04, a PEG ratio of 4.55 and a beta of 0.31. The firm has a 50-day moving average price of $89.73 and a two-hundred day moving average price of $89.77.

Colgate-Palmolive (NYSE:CL) last announced its earnings results on Friday, October 30th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.34 billion. Colgate-Palmolive had a return on equity of 607.88% and a net margin of 9.65%. Colgate-Palmolive’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 EPS. As a group, sell-side analysts anticipate that Colgate-Palmolive Company will post 3.91 earnings per share for the current fiscal year.

Colgate-Palmolive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, October 20th will be issued a dividend of $0.53 per share. The ex-dividend date is Tuesday, October 20th. This represents a $2.12 annualized dividend and a yield of 2.1%. Colgate-Palmolive’s dividend payout ratio is presently 83.14%.

About Colgate-Palmolive

Colgate-Palmolive Company (NYSE: CL) is a global consumer products company focused on oral care, personal care, home care and pet nutrition. Its portfolio includes toothpaste, toothbrushes, mouthwash, liquid hand soap, body wash, deodorants, household cleaning products and pet food and treats.

The company markets well-known brands such as Colgate, Palmolive, elmex, meridol, Softsoap, Irish Spring, Ajax, Protex and Hill’s Science Diet. Colgate-Palmolive also provides veterinary and nutritional products through Hill’s Pet Nutrition, which serves pet owners and animal health professionals.

Founded in 1806 by William Colgate, the company developed from a soap and candle business into a diversified consumer goods manufacturer.