Colgate-Palmolive (NYSE:CL) Issues Quarterly Earnings Results

Colgate-Palmolive (NYSE:CL) released its earnings results on Friday. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.04, RTT News reports. Colgate-Palmolive had a net margin of 13.22% and a return on equity of 485.40%. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.96 billion. During the same quarter in the previous year, the firm earned $0.73 earnings per share. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. Colgate-Palmolive updated its FY 2024 guidance to EPS.

Colgate-Palmolive Stock Performance

CL stock opened at $91.01 on Monday. The company has a market capitalization of $74.81 billion, a P/E ratio of 28.80, a PEG ratio of 3.42 and a beta of 0.42. The company has a 50-day simple moving average of $87.66 and a 200 day simple moving average of $81.63. Colgate-Palmolive has a fifty-two week low of $67.62 and a fifty-two week high of $92.25. The company has a quick ratio of 0.28, a current ratio of 0.42 and a debt-to-equity ratio of 8.59.

Colgate-Palmolive Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 22nd will be issued a $0.50 dividend. The ex-dividend date is Friday, April 19th. This represents a $2.00 annualized dividend and a yield of 2.20%. This is an increase from Colgate-Palmolive’s previous quarterly dividend of $0.48. Colgate-Palmolive’s dividend payout ratio is presently 63.29%.

Insider Buying and Selling

In related news, CEO Noel R. Wallace sold 69,948 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $84.22, for a total value of $5,891,020.56. Following the completion of the sale, the chief executive officer now owns 286,881 shares of the company’s stock, valued at $24,161,117.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Colgate-Palmolive news, CEO Noel R. Wallace sold 50,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $83.15, for a total value of $4,157,500.00. Following the completion of the sale, the chief executive officer now directly owns 274,179 shares of the company’s stock, valued at approximately $22,797,983.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Noel R. Wallace sold 69,948 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $84.22, for a total transaction of $5,891,020.56. Following the completion of the sale, the chief executive officer now directly owns 286,881 shares of the company’s stock, valued at $24,161,117.82. The disclosure for this sale can be found here. Insiders sold 232,371 shares of company stock valued at $19,505,099 over the last 90 days. 0.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Colgate-Palmolive

A number of institutional investors and hedge funds have recently bought and sold shares of the business. DAVENPORT & Co LLC raised its holdings in Colgate-Palmolive by 0.4% during the 3rd quarter. DAVENPORT & Co LLC now owns 43,553 shares of the company’s stock worth $3,097,000 after buying an additional 163 shares during the period. Czech National Bank raised its holdings in Colgate-Palmolive by 47.1% during the 3rd quarter. Czech National Bank now owns 144,489 shares of the company’s stock worth $10,275,000 after buying an additional 46,284 shares during the period. Asset Management One Co. Ltd. raised its holdings in Colgate-Palmolive by 1.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 413,412 shares of the company’s stock worth $29,398,000 after buying an additional 5,552 shares during the period. Handelsbanken Fonder AB raised its holdings in Colgate-Palmolive by 0.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 409,338 shares of the company’s stock worth $29,108,000 after buying an additional 3,233 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its holdings in Colgate-Palmolive by 12.2% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,034 shares of the company’s stock worth $216,000 after buying an additional 329 shares during the period. 80.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CL. Morgan Stanley boosted their target price on shares of Colgate-Palmolive from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, January 29th. TheStreet upgraded shares of Colgate-Palmolive from a “c+” rating to a “b+” rating in a research note on Friday, January 26th. Stifel Nicolaus boosted their target price on shares of Colgate-Palmolive from $89.00 to $94.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. boosted their target price on shares of Colgate-Palmolive from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday, January 18th. Finally, Evercore ISI boosted their target price on shares of Colgate-Palmolive from $90.00 to $96.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

About Colgate-Palmolive

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products in the United States and internationally. It 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.