Colgate-Palmolive Sees Short Interest Rise: What Does This Mean for Investors?
Colgate-Palmolive (NYSE:CL) reported a significant growth in short interest during the month of March, with short interest totaling 10,690,000 shares as of March 31st. This is an 8.0% increase from the total short interest of 9,900,000 shares recorded on March 15th. With an average daily volume of 4,540,000 shares, the current short-interest ratio is at 2.4 days while approximately 1.3% of the company’s stock is being sold short.
On Friday last week, shares of CL opened at $76.36 with a market cap of $63.41 billion and a P/E ratio of 35.85 as well as a P/E/G ratio of 3.94 and a beta of 0.49.The company’s stock prices appear to have remained relatively stable since the start of this year with a high point at $83.81 and low point at $67.84 over the past twelve months.
A number of institutional investors and hedge funds recently made changes to their positions in CL including Dimensional Fund Advisors LP which increased its position by 4%, valued at $185,376,000 after buying an additional 94,837 shares during Q1; Covestor Ltd which now owns2,451shares worth$186,000 after increasing its position by71.9%during Q1; Mackenzie Financial Corp increased its position by8.5% during Q1toown1,882,,813shares worth$142,774,and First Western Trust Bank purchased new stakes in CL worth $569k during Q1.Wsfs Capital Management also invested $288k into the company.
Meanwhile,the company announced recently that it will be increasing its quarterly dividend payout from $0.47 to $0.48 and this will be paid on Monday May 15th.Interestingly, only stockholders of record on Friday 21stApril will be eligible for the payment.This represents a dividend yield of2.51%and an annualized payout ratio of88.26%.
Investors are keeping a close eye on these trends for Colgate-Palmolive as they make decisions going forward. It’s important to note that past performance is not an indicator of future results but constant monitoring of market behavior will guide investors in making informed choices.
Colgate-Palmolive Exceeds Analyst Expectations with Strong Quarterly Earnings Results
Colgate-Palmolive Reports Strong Quarterly Earnings Results
Consumer products company Colgate-Palmolive (NYSE:CL) has announced the results of its quarterly earnings for the first fiscal quarter of 2023. The announcement revealed that the company achieved revenue of $4.63 billion, which exceeded the anticipated levels of $4.58 billion according to analysts’ estimates. The impressive performance was driven by a 5.1% increase in quarterly revenue from year-over-year data. Additionally, Colgate-Palmolive reported earnings per share (EPS) of $0.77 for the quarter, meeting Wall Street’s consensus expectations.
Despite these strong figures, sell-side analysts have indicated some reservations regarding Colgate-Palmolive’s future performance relative to the industry and broader market expectations. As part of this critique, Wells Fargo & Company lowered its price target on Colgate-Palmolive from $80 to $76 and assigned it an “equal weight” rating in a report published on January 30th.
Deutsche Bank Aktiengesellschaft also lowered its price target on Colgate-Palmolive from $84 to $80 in a report released on March 20th. Meanwhile, Barclays set an “equal weight” rating and further reduced its price target on the consumer products giant from $80 to $77 on January 31st.
The most significant positive analysis was provided by JPMorgan Chase & Co., which raised their price target on Colgate-Palmolive’s stock from $81 to $86 and gave it an “overweight” rating in a report published on January 13th.
In total, five analysts rated Colgate-Palmolive’s stock as “hold,” while seven gave it a “buy” rating. According to Bloomberg, that leaves an overall consensus among Wall Street insiders that seems to lean towards purchasing shares while labeling it as a moderate buy entity.
Looking forward, analysts expect that Colgate-Palmolive will achieve earnings per share of $3.1 for the current year based on this quarterly data. The consumer products provider has work to do to improve upon its already substantial financial performance, but investors herald the company’s earnings announcement as a strong start.