Colgate's vast global scale and continued brand spend support its leading competitive edge.
We expect to hold the line on our $71 fair value for Colgate, after incorporating second-quarter results, which included 4.5% underlying sales growth (driven by 3% higher prices and a 1.5% increase in volumes), 190 basis points of adjusted gross margin gains to 60.2%, and a 150-basis-point uptick in adjusted operating margins to 26.1%. We believe this solid performance amid a tough macroeconomic climate supports our stance that Colgate's solid brand mix, entrenched retail relationships, and cost...Colgate-Palmolive manufactures and markets a variety of products in the United States and around the world. The company has two product segments: Oral, Personal and Home Care; and Pet Nutrition. Oral, Personal and Home Care products include toothpaste, toothbrushes and mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin care products, dishwashing detergents, fabric conditioners, household cleaners, and other similar items. Pet Nutrition products include specialty pet nutrition products manufactured and marketed by Hill's Pet Nutrition.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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