Market News

Colgate-Palmolive Announces Dividend Hike, $5B Share Repurchase Plan

Multinational consumer products company Colgate-Palmolive Co.’s (NYSE: CL) Board has declared a quarterly dividend of $0.47 per share, which is payable on May 13. Shareholders of record on April 21 are eligible for the dividend that reflects an increase of $0.02 per share.

Additionally, the Board has approved a new share repurchase program of up to $5 billion. This plan replaces an earlier $5 billion share buyback plan that was authorized in 2018.

Colgate-Palmolive’s outstanding common shares totaled 840 million as of January 31.

About Colgate-Palmolive

Based out of New York, Colgate-Palmolive manufactures and sells household, healthcare, oral care, personal care and veterinary products in more than 200 countries and territories. Its most popular brands include Colgate, Palmolive, Speed Stick, Lady Speed Stick, Ajax, Softsoap and Hill’s Pet Nutrition.

Following the announcement, after the market closed on Thursday, CL stock gained 0.9% to end the day at $74.52. It had closed 2.3% down during day-trade.

Price Target

Recently, Robert Ottenstein from Evercore ISI maintained a Buy rating on the stock with a price target of $95 (28.7% upside potential).

Overall, the stock has a Hold consensus rating based on 3 Buys, 9 Holds and 1 Sell. The average CL price target of $86.50 implies 17.2% upside potential. Shares have lost 12.2% year-to-date.

Blogger Opinions

TipRanks data shows that financial blogger opinions are 95% Bullish on Colgate-Palmolive, compared to the sector average of 69%.

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