Zacks Investment Research lowered shares of Colgate-Palmolive Company (NYSE:CL) from a buy rating to a hold rating in a research report report published on Tuesday, October 17th.
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.”
A number of other research firms have also recently weighed in on CL. BidaskClub cut Colgate-Palmolive from a hold rating to a sell rating in a report on Saturday, June 24th. KeyCorp restated a hold rating on shares of Colgate-Palmolive in a report on Monday, October 16th. Royal Bank Of Canada restated a hold rating and issued a $74.00 price target on shares of Colgate-Palmolive in a report on Friday, June 30th. Jefferies Group LLC upped their price target on Colgate-Palmolive from $76.00 to $77.00 and gave the stock a hold rating in a report on Thursday, July 6th. Finally, Deutsche Bank AG reiterated a hold rating and set a $75.00 target price on shares of Colgate-Palmolive in a report on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $76.67.
Shares of Colgate-Palmolive (NYSE CL) traded up $0.11 during mid-day trading on Tuesday, hitting $70.26. The stock had a trading volume of 2,625,228 shares, compared to its average volume of 3,920,724. The stock has a market cap of $61,599.08, a P/E ratio of 24.44, a price-to-earnings-growth ratio of 3.21 and a beta of 0.80. Colgate-Palmolive has a fifty-two week low of $63.43 and a fifty-two week high of $77.27. The company has a current ratio of 1.23, a quick ratio of 0.92 and a debt-to-equity ratio of 24.42.
Colgate-Palmolive (NYSE:CL) last issued its earnings results on Friday, October 27th. The company reported $0.73 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.73. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.94 billion. Colgate-Palmolive had a return on equity of 2,782.56% and a net margin of 15.10%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.73 EPS. analysts expect that Colgate-Palmolive will post 2.88 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, October 23rd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Friday, October 20th. Colgate-Palmolive’s dividend payout ratio (DPR) is currently 61.78%.
In other Colgate-Palmolive news, SVP John J. Huston sold 14,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $71.36, for a total value of $999,040.00. Following the transaction, the senior vice president now directly owns 88,598 shares of the company’s stock, valued at $6,322,353.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patricia Verduin sold 3,833 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $71.45, for a total value of $273,867.85. Following the completion of the transaction, the insider now directly owns 53,173 shares in the company, valued at $3,799,210.85. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CL. Waldron LP purchased a new stake in shares of Colgate-Palmolive during the first quarter worth about $238,000. Jackson Grant Investment Advisers Inc. increased its position in shares of Colgate-Palmolive by 0.5% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 6,993 shares of the company’s stock worth $512,000 after acquiring an additional 37 shares during the last quarter. WealthTrust Fairport LLC purchased a new stake in shares of Colgate-Palmolive during the first quarter worth about $624,000. Rhumbline Advisers increased its position in shares of Colgate-Palmolive by 4.8% during the first quarter. Rhumbline Advisers now owns 1,666,544 shares of the company’s stock worth $121,974,000 after acquiring an additional 76,498 shares during the last quarter. Finally, Elkhorn Investments LLC purchased a new stake in shares of Colgate-Palmolive during the first quarter worth about $1,364,000. 73.63% of the stock is currently owned by institutional investors and hedge funds.
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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