The Cooper Cos. (COO) Rating Increased 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 to investors on Tuesday. The brokerage currently has a $202.00 price objective on the medical device company’s stock. Zacks Investment Research’s price objective suggests a potential upside of 11.14% from the stock’s previous close.
According to Zacks, “The Cooper Companies recently joined the S&P 500 Global Industry Classification Standard (GICS) Health Care Supplies Sub-Industry index, a major development in our view. The company 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. 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 for the current year.”
COO has been the topic of several other research reports. Stifel Nicolaus reissued an “in-line” rating on shares of The Cooper Cos. in a research note on Friday, September 2nd. Piper Jaffray Cos. reissued an “overweight” rating and issued a $185.00 price objective on shares of The Cooper Cos. in a research note on Tuesday, July 26th. KeyCorp set a $221.00 price objective on The Cooper Cos. and gave the stock a “buy” rating in a research note on Saturday, October 1st. BMO Capital Markets increased their price objective on The Cooper Cos. from $199.00 to $206.00 and gave the stock an “outperform” rating in a research note on Friday, September 2nd. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of The Cooper Cos. in a research note on Sunday, September 11th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $187.80.
Shares of The Cooper Cos. (NYSE:COO) opened at 184.06 on Tuesday. The Cooper Cos. has a 12-month low of $119.28 and a 12-month high of $190.99. The firm has a 50 day moving average price of $178.72 and a 200-day moving average price of $174.17. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 36.04 and a beta of 0.62.
The Cooper Cos. (NYSE:COO) last announced its quarterly earnings data on Thursday, September 1st. The medical device company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.01. The Cooper Cos. had a return on equity of 14.89% and a net margin of 13.14%. The company had revenue of $514.70 million for the quarter. During the same period last year, the company earned $1.97 EPS. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities analysts expect that The Cooper Cos. will post $8.43 earnings per share for the current fiscal year.
In other news, Director William A. Kozy bought 270 shares of The Cooper Cos. stock in a transaction that occurred on Tuesday, September 6th. The stock was bought at an average price of $186.69 per share, for a total transaction of $50,406.30. Following the purchase, the director now directly owns 770 shares of the company’s stock, valued at approximately $143,751.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $185.72, for a total value of $3,714,400.00. Following the completion of the transaction, the executive vice president now owns 41,639 shares of the company’s stock, valued at approximately $7,733,195.08. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its position in shares of The Cooper Cos. by 7.5% in the first quarter. Geode Capital Management LLC now owns 302,020 shares of the medical device company’s stock worth $46,476,000 after buying an additional 21,134 shares during the period. Bogle Investment Management L P DE purchased a new position in shares of The Cooper Cos. during the first quarter worth about $1,123,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of The Cooper Cos. during the first quarter worth about $1,678,000. Bayesian Capital Management LP purchased a new position in shares of The Cooper Cos. during the first quarter worth about $285,000. Finally, Legal & General Group Plc raised its position in shares of The Cooper Cos. by 16.8% in the first quarter. Legal & General Group Plc now owns 32,069 shares of the medical device company’s stock worth $4,938,000 after buying an additional 4,608 shares during the period. Institutional investors own 98.72% 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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