Colgate-Palmolive (NYSE:CL) Announces Earnings Results, Beats Expectations By $0.04 EPS

Colgate-Palmolive (NYSE:CL) announced its earnings results on Friday. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 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 $5.06 billion for the quarter, compared to analyst estimates of $5 billion. During the same quarter last year, the business earned $0.77 earnings per share. Colgate-Palmolive’s revenue was up 4.9% compared to the same quarter last year. Colgate-Palmolive updated its FY 2024 guidance to 3.490-3.590 EPS.

Colgate-Palmolive Stock Up 3.0 %

CL traded up $2.91 during trading hours on Friday, reaching $99.40. 7,137,448 shares of the stock traded hands, compared to its average volume of 4,397,363. The firm’s fifty day simple moving average is $95.83 and its two-hundred day simple moving average is $90.06. The company has a market cap of $81.55 billion, a price-to-earnings ratio of 31.46, a PEG ratio of 3.49 and a beta of 0.39. Colgate-Palmolive has a fifty-two week low of $67.62 and a fifty-two week high of $100.61. The company has a debt-to-equity ratio of 13.21, a current ratio of 1.06 and a quick ratio of 0.70.

Colgate-Palmolive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Friday, July 19th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Friday, July 19th. Colgate-Palmolive’s payout ratio is 63.29%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Bank of America raised their target price on shares of Colgate-Palmolive from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Wells Fargo & Company raised their target price on shares of Colgate-Palmolive from $92.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. HSBC restated a “hold” rating on shares of Colgate-Palmolive in a research report on Friday. Argus increased their price target on shares of Colgate-Palmolive from $97.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Finally, Evercore ISI increased their price target on shares of Colgate-Palmolive from $100.00 to $106.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $98.58.

Insider Activity at Colgate-Palmolive

In related news, insider Sally Massey sold 12,226 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $94.06, for a total transaction of $1,149,977.56. Following the completion of the sale, the insider now directly owns 13,924 shares of the company’s stock, valued at approximately $1,309,691.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Colgate-Palmolive news, insider Sally Massey sold 12,226 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $94.06, for a total transaction of $1,149,977.56. Following the completion of the transaction, the insider now directly owns 13,924 shares of the company’s stock, valued at approximately $1,309,691.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John W. Kooyman sold 3,497 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.47, for a total transaction of $326,864.59. Following the transaction, the insider now directly owns 3,181 shares of the company’s stock, valued at $297,328.07. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.