Colgate-Palmolive (NYSE:CL – Get Rating) – Equities research analysts at Jefferies Financial Group lowered their Q2 2022 earnings per share (EPS) estimates for shares of Colgate-Palmolive in a research note issued to investors on Monday, May 2nd. Jefferies Financial Group analyst K. Grundy now expects that the company will earn $0.72 per share for the quarter, down from their previous forecast of $0.78. Jefferies Financial Group also issued estimates for Colgate-Palmolive’s Q3 2022 earnings at $0.76 EPS, Q4 2022 earnings at $0.83 EPS, FY2022 earnings at $3.05 EPS, FY2023 earnings at $3.45 EPS and FY2024 earnings at $3.67 EPS.
CL has been the subject of a number of other research reports. The Goldman Sachs Group lowered their price objective on Colgate-Palmolive from $104.00 to $95.00 in a research note on Tuesday, March 29th. Zacks Investment Research downgraded Colgate-Palmolive from a “hold” rating to a “sell” rating and set a $82.00 target price on the stock. in a report on Monday. Sanford C. Bernstein raised Colgate-Palmolive from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $77.00 to $83.00 in a report on Wednesday, February 2nd. Raymond James began coverage on Colgate-Palmolive in a report on Thursday, April 7th. They set a “market perform” rating on the stock. Finally, Stifel Nicolaus reduced their target price on Colgate-Palmolive from $90.00 to $88.00 in a report on Wednesday, April 13th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Colgate-Palmolive currently has a consensus rating of “Hold” and an average price target of $85.56.
Colgate-Palmolive (NYSE:CL – Get Rating) last issued its quarterly earnings data on Friday, April 29th. The company reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. Colgate-Palmolive had a return on equity of 296.77% and a net margin of 11.70%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter last year, the firm earned $0.80 EPS. Colgate-Palmolive’s quarterly revenue was up 1.3% on a year-over-year basis.
Colgate-Palmolive declared that its board has approved a share repurchase program on Thursday, March 10th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 13th. Stockholders of record on Thursday, April 21st will be given a dividend of $0.47 per share. The ex-dividend date is Wednesday, April 20th. This represents a $1.88 annualized dividend and a dividend yield of 2.52%. This is a positive change from Colgate-Palmolive’s previous quarterly dividend of $0.45. Colgate-Palmolive’s dividend payout ratio is currently 77.69%.
In related news, Director John P. Bilbrey sold 4,917 shares of the stock in a transaction dated Monday, February 14th. The shares were sold at an average price of $78.66, for a total value of $386,771.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Daniels sold 40,580 shares of the company’s stock in a transaction dated Thursday, February 3rd. The shares were sold at an average price of $82.93, for a total transaction of $3,365,299.40. The disclosure for this sale can be found here. Insiders have sold 75,886 shares of company stock valued at $6,225,220 in the last 90 days. Insiders own 0.31% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CL. Norges Bank purchased a new stake in shares of Colgate-Palmolive in the fourth quarter worth approximately $649,161,000. BlackRock Inc. lifted its position in shares of Colgate-Palmolive by 8.4% in the fourth quarter. BlackRock Inc. now owns 65,218,485 shares of the company’s stock worth $5,565,745,000 after purchasing an additional 5,039,853 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Colgate-Palmolive by 10.0% in the third quarter. Wellington Management Group LLP now owns 33,925,902 shares of the company’s stock worth $2,564,120,000 after purchasing an additional 3,077,946 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Colgate-Palmolive by 359.6% in the fourth quarter. Lazard Asset Management LLC now owns 3,477,341 shares of the company’s stock worth $296,754,000 after purchasing an additional 2,720,790 shares in the last quarter. Finally, Barclays PLC increased its holdings in Colgate-Palmolive by 55.5% in the fourth quarter. Barclays PLC now owns 6,261,881 shares of the company’s stock worth $534,391,000 after buying an additional 2,235,332 shares during the last quarter. 78.12% of the stock is owned by institutional investors.
About Colgate-Palmolive (Get Rating)
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. The company operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The Oral, Personal and Home Care segment offers toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners, and other related items.
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