Colgate-Palmolive shares rise following recommendation

Colgate-Palmolive shares have risen, following a positive recommendation by a TV presenter.

Speaking on a finance programme, Jim Cramer said he believed the company is at the low end of its range, down from $81 (54 pounds) to $62 per share, despite the weaker dollar.

He went on to recommend picking up Colgate-Palmolive’s shares while they were at such levels.

Last quarter, Colgate-Palmolive reported a 19 per cent rise in net income amid higher pricing and international sales growth.

The company posted net income of $499.9 million – or 94 cents per share – compared with $420.1 million, or 77 cents a share, a year earlier.

Earlier this week, Colgate-Palmolive said it had bought the remaining 25 per cent stake in SS Oral Hygiene.

The purchase at an aggregate price from local shareholders – for 7.77 million Indian rupees (106,350 pounds) – will see SS Oral Hygiene merged with its parent company and followed consideration and approval by the Colgate-Palmolive board of directors.

Established in 1806 as a soap and candle business in New York, US, Colgate-Palmolive placed its first newspaper advertisement in 1817.

Today, the company has four core businesses including oral care, personal care, home care and pet nutrition.