Covea Finance Increases Stake in The Cooper Companies, Inc. (NASDAQ:COO)

Covea Finance has raised its investment in The Cooper Companies, Inc. (NASDAQ:COO - Free Report) by 33.3% during the third quarter, as revealed in its latest disclosure with the Securities and Exchange Commission (SEC). After acquiring an additional 8,000 shares during this period, Covea Finance now holds 32,000 shares of the medical device company. The total value of these holdings was estimated at $3,531,000 by the end of the latest reporting period.

Institutional Investments

In addition to Covea Finance, other institutional investors and hedge funds have also shown activity with COO shares. For example, V Square Quantitative Management LLC increased its holdings by 24.6% in the fourth quarter, now owning 1,094 shares valued at $414,000 after purchasing an extra 216 shares. Syon Capital LLC also entered the game, buying shares in Cooper Companies valued at approximately $218,000. Similarly, EP Wealth Advisors LLC acquired shares worth around $406,000 while American International Group Inc. boosted its holdings by 1.0%, owning 13,229 shares worth $5,006,000 after buying an additional 137 shares. Congress Asset Management Co. MA also raised its stake by 12.4% during the fourth quarter and now possesses 358,581 shares valued at $135,701,000. In total, approximately 24.39% of the company's stock is currently owned by hedge funds and institutional investors.

Analyst Ratings

Recently, several equity analysts have provided updates regarding COO stock. Wells Fargo & Company raised their target price from $110.00 to $115.00 and assigned an "overweight" rating to the company on August 29th. Robert W. Baird also increased its target from $118.00 to $125.00 while maintaining an "outperform" rating. Needham & Company LLC reiterated a "hold" rating, while Morgan Stanley bumped their price target from $95.00 to $104.00 and assigned an "equal weight" rating. Piper Sandler increased their target price from $115.00 to $120.00 with an "overweight" rating. Overall, three analysts rated the stock with a hold status, while ten provided a buy rating, resulting in a consensus rating of "Moderate Buy" with an average target price of $115.00.

Insider Transactions

In other developments, CAO Agostino Ricupati sold 1,601 shares of Cooper Companies stock on September 10th at an average price of $108.03, fetching a total of $172,956.03. Following this sale, Ricupati now owns 4,818 shares, valued at approximately $520,488.54, representing no change in their position percentage-wise. Additionally, COO Daniel G. McBride sold 114,992 shares on September 4th at an average price of $105.48, totaling $12,129,356.16. After this transaction, he holds 44,696 shares valued at about $4,714,534.08. Over the past 90 days, insiders have sold a total of 256,373 shares, valued at roughly $27,637,427, leaving company insiders with a 2.00% stake in Cooper Companies.

Stock Performance Overview

On Friday, NASDAQ:COO saw an increase of $0.44 during trading, reaching a value of $106.74, with a total trading volume of 892,665 shares against an average of 1,113,621 shares. The company flaunts a current ratio of 1.99, a quick ratio of 1.18, and a debt-to-equity ratio of 0.33. Within the past year, the stock achieved a low of $75.93 and a high of $112.38, bringing the market capitalization to $21.26 billion. The price-to-earnings ratio sits at 59.47, suggesting a PEG ratio of 2.56 and a beta of 0.98. The 50-day and 200-day moving averages are $102.73 and $96.20, respectively.

Recent Earnings Report

The Cooper Companies, Inc. announced its latest earnings on August 28th. The medical device company reported earnings of $0.96 per share for the quarter, surpassing analyst expectations of $0.91 by $0.05. The net margin was recorded at 9.45%, with a return on equity of 9.08%. The firm reported revenue of $1 billion, exceeding the consensus estimate of $997.30 million. This reflects a year-over-year increase, with the previous year's earnings reported at $0.84 per share. Analysts predict Cooper Companies will post EPS of 3.65 for the current year.

Company Profile of Cooper Companies

The Cooper Companies, Inc., along with its subsidiaries, is involved in the development, manufacturing, and marketing of products for contact lens wearers. The company operates through two segments: CooperVision, which provides spherical lenses for correcting near and far-sightedness, and CooperSurgical, which focuses on surgical products.

Finance, Stock, Investment