Colgate-Palmolive Company (NYSE:CL) reported upbeat fourth-quarter financial results.
Colgate-Palmolive reported fourth-quarter FY23 sales growth of 7% year-on-year to $4.95 billion, beating the analyst consensus estimate of $4.89 billion. Base Business (non-GAAP) EPS of 87 cents beat the analyst consensus of 80 cents.
“We leveraged our strong margin performance to invest behind building our brands, with a 19% increase in advertising spending in 2023, and we expect higher levels of brand investment in 2024,” said Noel Wallace, Chairman, President and Chief Executive Officer.
The company expects FY24 net sales growth to be 1%-4%, including a low-single-digit negative impact from foreign exchange. Colgate foresees organic sales growth to be within its long-term targeted range of 3%-5%.
Colgate-Palmolive shares rose 0.8% to trade at $83.50 on Monday.
These analysts made changes to their price targets on Colgate-Palmolive after the company reported quarterly results.
- Wells Fargo raised the price target on Colgate-Palmolive from $80 to $88. Wells Fargo analyst Chris Carey maintained an Equal-Weight rating.
- UBS increased Colgate-Palmolive price target from $93 to $95. UBS analyst Peter Grom maintained a Buy rating.
- Raymond James analyst Olivia Tong, meanwhile, upgraded Colgate-Palmolive from Market Perform to Outperform and announced a $91 price target.
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