Cooper Companies (NYSE:COO – Get Valuation) was downgraded by equity analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report released Tuesday to clients and investors, reports The Fly.
Several other brokerages have also recently released COO reports. Citigroup lowered its price target on Cooper companies from $350.00 to $348.00 in a Wednesday, October 5 report. Piper Sandler lowered its price target on Cooper Companies from $425.00 to $375.00 and set an “overweight” rating for the company in a Friday, July 8 research note. Robert W. Baird lowered his price target on Cooper Companies from $375.00 to $345.00 and set a “neutral” rating for the company in a Thursday, September 1 research note. Wells Fargo & Company lowered its price target on Cooper companies from $370.00 to $365.00 and set an “overweight” rating for the company in a Thursday, Sept. 1 research note. Finally, TheStreet downgraded Cooper Companies from a “b-” rating to a “c+” rating in a Monday, July 18 research note. Four investment analysts gave the stock a hold rating and six gave the company a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $405.75.
Shares of Cooper companies down 0.5%
NYSE COO traded at $1.33 during trading hours on Tuesday, hitting $256.32. The company had a trading volume of 348,087 shares, compared to an average volume of 326,079. Cooper Companies has a fifty-two-week low of $254.28 and a fifty-two-week high of $435.79. The company has a market capitalization of $12.65 billion, a price/earnings ratio of 29.63, a P/E/G ratio of 1.87 and a beta of 0.93. The company has a debt ratio of 0.33, a current ratio of 1.16 and a quick ratio of 0.71. The company’s 50-day moving average is $299.01 and its 200-day moving average is $329.39.
Cooper Companies (NYSE:COO – Get Rating) last reported quarterly results on Wednesday, August 31. The medical device company reported earnings per share (EPS) of $3.19 for the quarter, missing the consensus estimate of $3.20 per ($0.01). Cooper Companies had a net margin of 13.38% and a return on equity of 9.22%. The company posted revenue of $843.40 million in the quarter, versus analyst estimates of $830.22 million. In the same quarter a year earlier, the company posted earnings per share of $3.41. The company’s revenue for the quarter increased 10.5% year over year. Sell-side analysts expect Cooper Companies to post earnings per share of 12.78 for the current fiscal year.
Hedge funds weigh on Cooper companies
Hedge funds have recently been buying and selling shares of the company. Veritas Asset Management LLP increased its holdings in Cooper Companies by 31.2% in the second quarter. Veritas Asset Management LLP now owns 2,055,306 shares of the medical device company worth $643,557,000 after acquiring 489,118 additional shares in the last quarter. Close Asset Management Ltd bought a new position in Cooper Companies in the second quarter for a value of approximately $71,486,000. Bank of New York Mellon Corp increased its stake in Cooper Companies by 24.2% in the first quarter. Bank of New York Mellon Corp now owns 1,089,699 shares of the medical device company worth $455,046,000 after acquiring 212,257 additional shares in the last quarter. Ceredex Value Advisors LLC increased its holdings in Cooper Companies by 92.6% in the second quarter. Ceredex Value Advisors LLC now owns 349,100 shares of the medical device company worth $109,310,000 after acquiring an additional 167,875 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Cooper Companies by 17.4% in the first quarter. JPMorgan Chase & Co. now owns 1,120,044 shares of the medical device company worth $467,719,000 after acquiring 165,647 additional shares in the last quarter. 97.09% of the shares are currently held by institutional investors and hedge funds.
About Cooper Companies
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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 offers spherical lenses, including lenses that correct presbyopia and farsightedness; and toric and multifocal lenses including lenses correcting vision problems, such as astigmatism, presbyopia, myopia, dry eye and eye strain in the Americas, Europe, Middle East, Africa and Asia-Pacific.
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