Morgan Stanley Cuts Colgate-Palmolive Company (CL) Price Target to $83.00

Colgate-Palmolive Company (NYSE:CL) had its price objective cut by Morgan Stanley from $84.00 to $83.00 in a report published on Tuesday morning. They currently have an overweight rating on the stock.

Several other analysts have also weighed in on the company. Jefferies Group LLC lowered their price objective on Colgate-Palmolive from $79.00 to $76.00 and set a hold rating for the company in a report on Monday. Stifel Nicolaus set a $73.00 price objective on Colgate-Palmolive and gave the company a hold rating in a report on Sunday, October 29th. Zacks Investment Research lowered Colgate-Palmolive from a buy rating to a hold rating in a report on Wednesday, October 25th. KeyCorp reissued a hold rating on shares of Colgate-Palmolive in a report on Monday, October 16th. Finally, SunTrust Banks, Inc. raised Colgate-Palmolive from a hold rating to a buy rating and boosted their price objective for the company from $65.00 to $85.00 in a report on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $76.67.

Colgate-Palmolive (NYSE CL) traded down $0.41 during trading hours on Tuesday, hitting $70.15. The company had a trading volume of 2,506,150 shares, compared to its average volume of 3,883,966. The firm has a market cap of $62.29 billion, a price-to-earnings ratio of 24.72 and a beta of 0.80.

Colgate-Palmolive (NYSE:CL) last released its quarterly earnings results on Friday, October 27th. The company reported $0.73 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. Colgate-Palmolive had a return on equity of 2,782.56% and a net margin of 15.10%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same quarter in the previous year, the firm posted $0.73 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. sell-side analysts forecast that Colgate-Palmolive will post 2.88 earnings per share for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, October 23rd will be issued a dividend of $0.40 per share. 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 presently 61.78%.

In related news, SVP John J. Huston sold 14,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $71.36, for a total value of $999,040.00. Following the completion of the transaction, the senior vice president now directly owns 88,598 shares of the company’s stock, valued at approximately $6,322,353.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patricia Verduin sold 3,833 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was 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 of the company’s stock, valued at $3,799,210.85. The disclosure for this sale can be found here. Insiders sold a total of 52,833 shares of company stock valued at $3,776,108 over the last three months. Corporate insiders own 1.02% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Colgate-Palmolive by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 67,875,384 shares of the company’s stock worth $5,031,602,000 after buying an additional 1,621,392 shares in the last quarter. Renaissance Technologies LLC lifted its position in Colgate-Palmolive by 42.4% in the second quarter. Renaissance Technologies LLC now owns 9,753,400 shares of the company’s stock worth $723,020,000 after purchasing an additional 2,903,800 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in Colgate-Palmolive by 25.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 6,854,323 shares of the company’s stock worth $508,111,000 after purchasing an additional 1,385,946 shares during the period. First Eagle Investment Management LLC lifted its position in Colgate-Palmolive by 2.3% in the second quarter. First Eagle Investment Management LLC now owns 4,891,131 shares of the company’s stock worth $362,580,000 after purchasing an additional 108,850 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its position in Colgate-Palmolive by 3.7% in the second quarter. TIAA CREF Investment Management LLC now owns 4,725,042 shares of the company’s stock worth $350,267,000 after purchasing an additional 170,053 shares during the period. 73.45% of the stock is owned by institutional investors and hedge funds.

About Colgate-Palmolive

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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