Colgate-Palmolive Raises Dividend By 4%, Increase To Be Effective In Q2

Colgate-Palmolive Company CL increased the quarterly common stock cash dividend to 50 cents per share, up from 48 cents per share (above 4%). 

The increase will be effective in the second quarter of 2024, Colgate said in a press release yesterday after the closing bell.

The second quarter dividend will be paid on May 15, 2024, to shareholders of record as of April 22.

On an annualized basis, the new dividend rate is $2.00 versus $1.92 per share previously. 

In January, the company said it 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%.

On a non-GAAP basis, the company forecasts gross profit margin expansion, increased advertising investment, and mid to high-single-digit earnings-per-share growth.

Price Action: CL shares closed lower by 0.95% to $88.35 on Thursday. 

Photo by thetaxhaven via Flickr