T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Colgate-Palmolive Co. (NYSE:CL). The institutional investor has increased its shareholding in the Consumer Defensive company by 63.39% to 26.4 million shares with purchase of 10.24 million shares. This fresh investment now brings its stake to 3.21% valued currently at $2.08 billion. In addition, Geode Capital Management LLC raised its holdings by 0.47 million to 18.42 million shares. And Northern Trust Investments, Inc. has lifted its position by 2.51% or 0.2 million shares – to 8.32 million shares.
With over 5.65 million Colgate-Palmolive Co. (CL) shares trading Tuesday and a closing price of $80.72 on the day, the dollar volume was approximately $456.45 million. The shares have shown a positive half year performance of 4.64% and its price on 01/02/24 gained nearly 1.27%. Currently, there are 830.21M common shares owned by the public and among those 822.31M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for CL have a consensus price objective of $83.57. The analysts have set the share’s price value over the next 12 months at a high of $90.00 and a low of $75.00. The average price target is 3.34% above its recent price level and a downside to the estimated low will see the stock lose -7.63% over that period. But an upside of 10.31% will see the stock hit the forecast high price target while median target price for the stock is $85.00.
Insiders at the company have transacted a total of 99 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 62 of these insider trades were purchases, accounting for 581,767 shares. Insider sales of the common stock occurred on 37 occasions, with total insider shares sold totaling 473,903 shares.
The top 3 mutual fund holders in Colgate-Palmolive Co. are Vanguard Total Stock Market ETF, Vanguard Dividend Growth Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 25.89 million shares of the company’s stock, all valued at over $2.04 billion. The company bought an additional 30427.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 94651.0 shares to bring its total holdings to over 19.96 million shares at a value of $1.57 billion. Vanguard 500 Index Fund now owns shares totaling to 2.42% of the shares outstanding.
Shares of Colgate-Palmolive Co. (NYSE: CL) opened at $79.63, down -$0.08 from a prior closing price of $79.71. However, the script later moved the day high at 80.73, up 1.27%. The company’s stock has a 5-day price change of 2.83% and 14.08% over the past three months. CL shares are trading 1.27% year to date (YTD), with the 12-month market performance up to 1.70% higher. It has a 12-month low price of $67.62 and touched a high of $82.09 over the same period. CL has an average intraday trading volume of 4.65 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.25%, 5.63%, and 6.72% respectively.
Institutional ownership of Colgate-Palmolive Co. (NYSE: CL) shares accounts for 82.67% of the company’s 830.21M shares outstanding. Mutual fund holders own 39.27%, while other institutional holders and individual stakeholders account for 44.49% and 2.92% respectively.
It has a market capitalization of $66.46B and a beta (3y monthly) value of 0.43. The stock’s trailing 12-month PE ratio is 42.21, while the earnings-per-share (ttm) stands at $1.91. The company has a PEG of 5.37 and a Quick Ratio of 0.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.11% over the week and 1.30% over the month.
Analysts forecast that Colgate-Palmolive Co. (CL) will achieve an EPS of $0.77 for the current quarter, $0.72 for the next quarter and $3.11 for 2024. The lowest estimate earnings-per-share for the quarter is $0.72 while analysts give the company a high EPS estimate of $0.79. Comparatively, EPS for the current quarter was $0.77 a year ago. Earnings per share for the fiscal year are expected to increase by 8.05%, and 7.77% over the next financial year. EPS should grow at an annualized rate of 7.86% over the next five years, compared to -1.37% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Colgate-Palmolive Co. (CL) as a “Strong Buy” at a consensus score of 1.91. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 10 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CL, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on December 15, 2023, with the firm’s price target at $90.
