Zacks Investment Research Downgrades Colgate-Palmolive Company (CL) to Sell
Colgate-Palmolive Company (NYSE:CL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Colgate, which has underperformed the industry in the past three months, has a dismal sales surprise history. Evidently, the company has lagged sales estimates in 16 out of the trailing 17 quarters. Well, Colgate marked its fifth straight sales miss in the last reported quarter, mainly due to continued softness in North America and challenges in Asia-Pacific. Furthermore, low global unit volumes and adverse currency fluctuations were deterrents. Going forward, the company anticipates the backdrop to remain challenging due to uncertain global markets and slowing category growth worldwide. Consequently, the company lowered its organic sales growth and GAAP earnings guidance for 2017. Nevertheless, we commend Colgate’s progress on its 2012 Restructuring Program. Notably, management expects additional opportunities identified under the program to help reach the higher end of its previously stated cost and savings forecast.”
Other analysts also recently issued research reports about the stock. Macquarie began coverage on shares of Colgate-Palmolive in a research note on Thursday, September 14th. They set a “neutral” rating and a $76.00 price target for the company. BidaskClub downgraded shares of Colgate-Palmolive from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $74.00 price target on shares of Colgate-Palmolive in a research note on Thursday, May 25th. Jefferies Group LLC reaffirmed a “hold” rating and set a $79.00 price target on shares of Colgate-Palmolive in a research note on Thursday, August 24th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $75.00 price target on shares of Colgate-Palmolive in a research note on Monday, July 24th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $75.83.
Colgate-Palmolive (CL) opened at 71.37 on Wednesday. Colgate-Palmolive has a one year low of $63.43 and a one year high of $77.27. The stock has a market cap of $62.87 billion, a P/E ratio of 26.52 and a beta of 0.80. The company’s 50-day moving average price is $71.58 and its 200-day moving average price is $73.27.
Colgate-Palmolive (NYSE:CL) last announced its quarterly earnings data on Friday, July 21st. The company reported $0.72 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.72. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.89 billion. Colgate-Palmolive had a net margin of 15.83% and a return on equity of 3,121.95%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 earnings per share. Analysts forecast that Colgate-Palmolive will post $2.89 EPS for the current fiscal year.
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In related news, CFO Dennis J. Hickey sold 73,872 shares of Colgate-Palmolive stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $71.80, for a total transaction of $5,304,009.60. Following the transaction, the chief financial officer now directly owns 484,985 shares of the company’s stock, valued at $34,821,923. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patricia Verduin sold 3,833 shares of Colgate-Palmolive stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $72.41, for a total transaction of $277,547.53. Following the transaction, the insider now directly owns 53,022 shares in the company, valued at $3,839,323.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 217,969 shares of company stock worth $15,693,933. 1.02% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Griffin Asset Management Inc. purchased a new position in Colgate-Palmolive in the second quarter worth $771,000. Sentry Investment Management LLC grew its holdings in Colgate-Palmolive by 24.0% in the second quarter. Sentry Investment Management LLC now owns 70,948 shares of the company’s stock worth $5,259,000 after purchasing an additional 13,749 shares during the last quarter. Atlantic Trust LLC grew its holdings in Colgate-Palmolive by 1.3% in the second quarter. Atlantic Trust LLC now owns 28,615 shares of the company’s stock worth $2,130,000 after purchasing an additional 362 shares during the last quarter. WFG Advisors LP grew its holdings in Colgate-Palmolive by 4.9% in the second quarter. WFG Advisors LP now owns 11,816 shares of the company’s stock worth $876,000 after purchasing an additional 553 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in Colgate-Palmolive by 17.0% in the second quarter. Toronto Dominion Bank now owns 338,776 shares of the company’s stock worth $25,114,000 after purchasing an additional 49,306 shares during the last quarter. 73.10% 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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