Rhenman & Partners Asset Management AB Sells 66,000 Shares of The Cooper Companies, Inc. $COO

Rhenman & Partners Asset Management AB lowered its position in shares of The Cooper Companies, Inc. (NASDAQ:COO) by 28.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,000 shares of the medical device company’s stock after selling 66,000 shares during the quarter. Cooper Companies comprises 1.5% of Rhenman & Partners Asset Management AB’s investment portfolio, making the stock its 26th biggest holding. Rhenman & Partners Asset Management AB’s holdings in Cooper Companies were worth $12,097,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in COO. United Services Automobile Association bought a new position in shares of Cooper Companies in the first quarter valued at approximately $414,000. Janney Montgomery Scott LLC grew its holdings in shares of Cooper Companies by 5.1% in the second quarter. Janney Montgomery Scott LLC now owns 97,394 shares of the medical device company’s stock valued at $6,931,000 after acquiring an additional 4,761 shares in the last quarter. Ruffer LLP purchased a new stake in shares of Cooper Companies during the second quarter valued at approximately $17,624,000. Asset Management One Co. Ltd. lifted its holdings in Cooper Companies by 3.2% during the second quarter. Asset Management One Co. Ltd. now owns 88,313 shares of the medical device company’s stock worth $6,284,000 after acquiring an additional 2,746 shares during the period. Finally, Amica Mutual Insurance Co. purchased a new position in Cooper Companies in the second quarter worth $1,060,000. 24.39% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Lawrence Erik Kurzius purchased 2,000 shares of the business’s stock in a transaction on Monday, September 29th. The stock was purchased at an average cost of $68.39 per share, with a total value of $136,780.00. Following the acquisition, the director directly owned 5,777 shares in the company, valued at approximately $395,089.03. This trade represents a 52.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brian G. Andrews purchased 1,525 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was purchased at an average cost of $65.68 per share, for a total transaction of $100,162.00. Following the acquisition, the executive vice president owned 22,191 shares of the company’s stock, valued at approximately $1,457,504.88. This trade represents a 7.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 17,975 shares of company stock worth $1,216,346. Company insiders own 1.98% of the company’s stock.

Cooper Companies Stock Up 2.9%

Shares of NASDAQ COO opened at $78.21 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 2.12 and a debt-to-equity ratio of 0.29. The company has a market cap of $15.55 billion, a P/E ratio of 38.53, a P/E/G ratio of 1.83 and a beta of 1.02. The Cooper Companies, Inc. has a 52 week low of $61.78 and a 52 week high of $106.63. The business has a 50-day simple moving average of $70.62 and a two-hundred day simple moving average of $71.84.

Cooper Companies (NASDAQ:COO) last announced its quarterly earnings results on Wednesday, August 27th. The medical device company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.03. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cooper Companies had a net margin of 10.08% and a return on equity of 9.82%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.96 earnings per share. Research analysts anticipate that The Cooper Companies, Inc. will post 3.98 earnings per share for the current fiscal year.

Cooper Companies announced that its Board of Directors has initiated a share buyback plan on Wednesday, September 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the medical device company to reacquire up to 15.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Cooper Companies from $76.00 to $66.00 and set a “neutral” rating on the stock in a research note on Thursday, August 28th. Piper Sandler dropped their target price on shares of Cooper Companies from $105.00 to $83.00 and set an “overweight” rating on the stock in a research note on Thursday, August 28th. Weiss Ratings restated a “sell (d+)” rating on shares of Cooper Companies in a research note on Wednesday, November 19th. Barclays started coverage on Cooper Companies in a research note on Monday, October 13th. They issued an “overweight” rating and a $85.00 price objective on the stock. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $72.00 price target on shares of Cooper Companies in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Cooper Companies presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.77.

About Cooper Companies

The Cooper Companies, Inc, together with its subsidiaries, develops, manufactures, and markets contact lens wearers. The company operates in two segments, CooperVision and CooperSurgical. The CooperVision segment provides spherical lense, including lenses that correct near and farsightedness; and toric and multifocal lenses comprising lenses correcting vision challenges, such as astigmatism, presbyopia, and myopia in the Americas, Europe, Middle East, Africa, and Asia Pacific.