Bank of America Lowers Colgate-Palmolive (NYSE:CL) Price Target to $88.00

Key Points

• Bank of America has lowered its price target for Colgate-Palmolive (NYSE:CL) from $98.00 to $88.00, while maintaining a "buy" rating, suggesting a potential upside of 12.91% from the current price.
• Other analysts are also adjusting their targets, with UBS reducing theirs from $99.00 to $92.00, and JPMorgan lowering theirs from $99.00 to $95.00, highlighting a consensus rating of "Moderate Buy" with an average target price of $93.23.
• Colgate-Palmolive's stock recently traded down 1.5% to $77.94, with institutional investors now owning approximately 80.41% of the company's stock.

Colgate-Palmolive (NYSE:CL - Get Free Report) had its target price decreased by investment analysts at Bank of America from $98.00 to $88.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price objective would indicate a potential upside of 12.91% from the company's current price.

A number of other equities analysts have also recently commented on CL. UBS Group reduced their price objective on shares of Colgate-Palmolive from $99.00 to $92.00 and set a "buy" rating for the company in a research report on Wednesday. Weiss Ratings reissued a "hold (c)" rating on shares of Colgate-Palmolive in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on Colgate-Palmolive from $99.00 to $95.00 and set an "overweight" rating for the company in a report on Monday, August 4th. Piper Sandler began coverage on Colgate-Palmolive in a report on Friday, October 3rd. They issued a "neutral" rating and a $84.00 price objective for the company. Finally, Barclays dropped their price objective on Colgate-Palmolive from $87.00 to $82.00 and set an "equal weight" rating for the company in a report on Wednesday, October 1st. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $93.23.

Colgate-Palmolive Stock Down 1.5%

CL stock traded down $1.17 during mid-day trading on Wednesday, reaching $77.94. The company had a trading volume of 4,118,923 shares, compared to its average volume of 5,278,279. The company has a debt-to-equity ratio of 6.79, a current ratio of 0.89 and a quick ratio of 0.57. The stock has a 50 day simple moving average of $82.95 and a two-hundred day simple moving average of $88.15. The company has a market capitalization of $62.99 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 4.03 and a beta of 0.34. Colgate-Palmolive has a 52 week low of $77.09 and a 52 week high of $102.61.

Colgate-Palmolive (NYSE:CL - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.03 billion. Colgate-Palmolive had a return on equity of 377.63% and a net margin of 14.55%.The business's revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. As a group, equities analysts predict that Colgate-Palmolive will post 3.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Westend Capital Management LLC lifted its holdings in shares of Colgate-Palmolive by 111.1% in the first quarter. Westend Capital Management LLC now owns 266 shares of the company's stock valued at $25,000 after purchasing an additional 140 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in shares of Colgate-Palmolive by 85.5% in the second quarter. Westside Investment Management Inc. now owns 282 shares of the company's stock valued at $26,000 after purchasing an additional 130 shares in the last quarter. Cornerstone Planning Group LLC lifted its holdings in shares of Colgate-Palmolive by 1,913.3% in the first quarter. Cornerstone Planning Group LLC now owns 302 shares of the company's stock valued at $28,000 after purchasing an additional 287 shares in the last quarter. Saudi Central Bank bought a new position in shares of Colgate-Palmolive in the first quarter valued at approximately $29,000. Finally, Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Colgate-Palmolive by 86.1% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 335 shares of the company's stock valued at $30,000 after purchasing an additional 155 shares in the last quarter. Institutional investors own 80.41% of the company's stock.

Colgate-Palmolive Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.