The Cooper Cos. (COO) Lifted to “Buy” at Zacks Investment Research
The Cooper Cos. (NYSE:COO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $198.00 price target on the medical device company’s stock. Zacks Investment Research’s price target suggests a potential upside of 9.46% from the stock’s previous close.
According to Zacks, “The Cooper Companies is expected to maintain a leading position in the markets of specialty lenses with its highly exclusive products of Bioinfinity, Clarity and silicone hydrogel lenses. The company's growing presence in the women's healthcare market through accretive acquisitions is also a significant positive in our view. Moreover, the company recently joined the S&P 500 universe under the Global Industry Classification Standard (GICS) Health Care Supplies Sub-Industry index, which is a major development. In fact, inorganic expansion has also been a key catalyst for The Cooper Companies with the acquisitions of Genesis and Recombine earlier this year. Meanwhile, the company is gaining prominence with the current estimate trends as most of the analysts raised their estimates upward in the last two months.”
A number of other brokerages have also recently weighed in on COO. Stifel Nicolaus restated a “buy” rating and set a $215.00 target price on shares of The Cooper Cos. in a report on Friday, September 9th. Jefferies Group raised their target price on shares of The Cooper Cos. from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, August 24th. BMO Capital Markets raised their price objective on shares of The Cooper Cos. from $199.00 to $206.00 and gave the stock an “outperform” rating in a research note on Friday, September 2nd. Wells Fargo & Co. reaffirmed a “hold” rating on shares of The Cooper Cos. in a research note on Sunday, September 11th. Finally, Robert W. Baird raised their price objective on shares of The Cooper Cos. from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, August 18th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $187.40.
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Shares of The Cooper Cos. (NYSE:COO) traded up 1.23% during mid-day trading on Wednesday, reaching $180.88. 746,198 shares of the company were exchanged. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 35.42 and a beta of 0.29. The firm’s 50-day moving average is $183.72 and its 200-day moving average is $170.36. The Cooper Cos. has a 12 month low of $119.28 and a 12 month high of $190.99.
The Cooper Cos. (NYSE:COO) last issued its earnings results on Thursday, September 1st. The medical device company reported $2.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.29 by $0.01. The firm earned $514.70 million during the quarter. The Cooper Cos. had a net margin of 13.14% and a return on equity of 14.89%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.97 earnings per share. On average, equities analysts forecast that The Cooper Cos. will post $8.43 earnings per share for the current fiscal year.
In other The Cooper Cos. news, Director William A. Kozy purchased 270 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were acquired at an average price of $186.69 per share, for a total transaction of $50,406.30. Following the acquisition, the director now owns 770 shares of the company’s stock, valued at $143,751.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Albert G. White III sold 20,000 shares of the firm’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $185.72, for a total transaction of $3,714,400.00. Following the transaction, the executive vice president now owns 41,639 shares in the company, valued at approximately $7,733,195.08. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in COO. BlueMountain Capital Management LLC acquired a new position in The Cooper Cos. during the first quarter worth $113,000. Mizuho Asset Management Co. Ltd. increased its position in shares of The Cooper Cos. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 672 shares of the medical device company’s stock valued at $115,000 after buying an additional 319 shares during the period. Robecosam AG purchased a new position in shares of The Cooper Cos. during the second quarter valued at approximately $136,000. Pacer Advisors Inc. increased its position in shares of The Cooper Cos. by 9.3% in the second quarter. Pacer Advisors Inc. now owns 821 shares of the medical device company’s stock valued at $141,000 after buying an additional 70 shares during the period. Finally, Bremer Trust National Association purchased a new position in shares of The Cooper Cos. during the third quarter valued at approximately $202,000. Institutional investors and hedge funds own 98.67% of the company’s stock.
The Cooper Cos. Company Profile
The Cooper Companies, Inc (Cooper) is a medical device company. The Company operates through two business units: CooperVision, Inc (CooperVision) and CooperSurgical, Inc (CooperSurgical). CooperVision develops, manufactures and markets a range of soft contact lenses for the vision correction market. CooperVision offers Biofinity monthly spherical, toric and multifocal lenses under the Avaira brand.
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