Coach, Inc. (COH) is SkyBridge Capital II LLC’s Largest Position
SkyBridge Capital II LLC reduced its position in Coach, Inc. (NYSE:COH) by 11.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,060 shares of the luxury accessories retailer’s stock after selling 44,084 shares during the period. Coach comprises 3.9% of SkyBridge Capital II LLC’s investment portfolio, making the stock its biggest position. SkyBridge Capital II LLC owned approximately 0.12% of Coach worth $16,288,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COH. BlackRock Inc. increased its stake in Coach by 3,072.2% in the 1st quarter. BlackRock Inc. now owns 17,674,190 shares of the luxury accessories retailer’s stock valued at $730,475,000 after purchasing an additional 17,117,023 shares in the last quarter. Vanguard Group Inc. increased its stake in Coach by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 27,983,084 shares of the luxury accessories retailer’s stock valued at $1,156,541,000 after purchasing an additional 1,464,098 shares in the last quarter. Franklin Resources Inc. increased its stake in Coach by 1,921.6% in the 2nd quarter. Franklin Resources Inc. now owns 1,483,000 shares of the luxury accessories retailer’s stock valued at $70,205,000 after purchasing an additional 1,409,643 shares in the last quarter. RidgeWorth Capital Management LLC purchased a new position in Coach in the 1st quarter valued at approximately $45,659,000. Finally, OppenheimerFunds Inc. increased its stake in Coach by 1,335.1% in the 1st quarter. OppenheimerFunds Inc. now owns 979,553 shares of the luxury accessories retailer’s stock valued at $40,485,000 after purchasing an additional 911,298 shares in the last quarter. 86.32% of the stock is owned by hedge funds and other institutional investors.
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A number of equities research analysts have commented on the company. UBS AG reiterated a “buy” rating and set a $55.00 target price (up previously from $49.00) on shares of Coach in a report on Thursday, May 25th. BMO Capital Markets set a $42.00 target price on Coach and gave the company a “hold” rating in a report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) upgraded Coach to a “buy” rating in a report on Saturday, July 1st. Piper Jaffray Companies reiterated an “overweight” rating and set a $48.00 target price (down previously from $52.00) on shares of Coach in a report on Wednesday, August 16th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $56.00 target price (down previously from $59.00) on shares of Coach in a report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $47.92.
Coach, Inc. (COH) traded up 0.18% on Friday, reaching $39.68. The company’s stock had a trading volume of 742,276 shares. The company has a market capitalization of $11.21 billion, a price-to-earnings ratio of 18.99 and a beta of 0.44. The stock has a 50 day moving average price of $42.92 and a 200-day moving average price of $43.54. Coach, Inc. has a 1-year low of $34.07 and a 1-year high of $48.85.
Coach (NYSE:COH) last issued its quarterly earnings data on Tuesday, August 15th. The luxury accessories retailer reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Coach had a net margin of 13.17% and a return on equity of 21.31%. Coach’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. Equities analysts predict that Coach, Inc. will post $2.38 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be issued a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, September 7th. Coach’s dividend payout ratio is presently 64.59%.
In related news, SVP Melinda Brown sold 8,250 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $41.28, for a total value of $340,560.00. Following the completion of the sale, the senior vice president now directly owns 42,884 shares in the company, valued at $1,770,251.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Todd Kahn sold 4,586 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $40.85, for a total transaction of $187,338.10. Following the completion of the sale, the chief accounting officer now owns 72,412 shares of the company’s stock, valued at $2,958,030.20. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
Coach Company Profile
Coach, Inc (Coach) is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. Its segments include North America, International and Stuart Weitzman. The North America segment includes sales of Coach brand products to North American customers through Coach-operated stores (including the Internet) and sales to North American wholesale customers.
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