Colgate-Palmolive (CL) Receives Average Rating of “Hold” from Brokerages
Shares of Colgate-Palmolive (NYSE:CL) have earned a consensus recommendation of “Hold” from the nineteen brokerages that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $71.53.
A number of analysts have recently issued reports on the stock. Argus reissued a “buy” rating and set a $75.00 target price (up from $72.00) on shares of Colgate-Palmolive in a research note on Tuesday, September 18th. Zacks Investment Research raised shares of Colgate-Palmolive from a “sell” rating to a “hold” rating in a research note on Tuesday, September 18th. Atlantic Securities assumed coverage on shares of Colgate-Palmolive in a research note on Thursday. They set a “neutral” rating and a $71.00 target price for the company. ValuEngine raised shares of Colgate-Palmolive from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $64.00 price objective on shares of Colgate-Palmolive in a research note on Friday, July 27th.
Shares of CL traded down $0.95 during trading hours on Wednesday, reaching $68.14. 112,216 shares of the company traded hands, compared to its average volume of 2,886,175. The firm has a market capitalization of $59.95 billion, a P/E ratio of 23.93, a P/E/G ratio of 3.09 and a beta of 0.73. Colgate-Palmolive has a 12-month low of $61.28 and a 12-month high of $77.91. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of -34.49.
Colgate-Palmolive announced that its board has authorized a share buyback program on Monday, June 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to repurchase up to 9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Friday, October 19th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Thursday, October 18th. Colgate-Palmolive’s dividend payout ratio (DPR) is presently 58.54%.
In other Colgate-Palmolive news, Vice Chairman Dennis J. Hickey sold 120,000 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $65.72, for a total transaction of $7,886,400.00. Following the completion of the sale, the insider now directly owns 202,414 shares of the company’s stock, valued at $13,302,648.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Justin Skala sold 90,069 shares of the stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $66.36, for a total transaction of $5,976,978.84. Following the sale, the vice president now directly owns 65,061 shares of the company’s stock, valued at $4,317,447.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 415,279 shares of company stock valued at $27,384,156. 1.02% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Argent Trust Co boosted its holdings in shares of Colgate-Palmolive by 72.4% in the 4th quarter. Argent Trust Co now owns 8,599 shares of the company’s stock worth $648,000 after acquiring an additional 3,612 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Colgate-Palmolive by 41.3% in the 1st quarter. Victory Capital Management Inc. now owns 82,096 shares of the company’s stock worth $5,885,000 after acquiring an additional 23,989 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Colgate-Palmolive by 3.8% in the 1st quarter. Thrivent Financial for Lutherans now owns 42,943 shares of the company’s stock worth $3,078,000 after acquiring an additional 1,570 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of Colgate-Palmolive by 81.7% in the 1st quarter. Riverhead Capital Management LLC now owns 16,429 shares of the company’s stock worth $1,178,000 after acquiring an additional 7,389 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its holdings in shares of Colgate-Palmolive by 228.8% in the 1st quarter. Federated Investors Inc. PA now owns 263,370 shares of the company’s stock worth $18,877,000 after acquiring an additional 183,276 shares in the last quarter. 74.48% of the stock is owned by institutional investors and hedge funds.
Colgate-Palmolive Company Profile
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. It operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The company offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; personal care products comprising bar and liquid hand soaps, shower gels, shampoos, conditioners, and deodorants and antiperspirants; and home care products, such as laundry and dishwashing detergents, fabric conditioners, household cleaners, and other related products.
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