Cooper Companies (NASDAQ:COO) Sets New 52-Week High After Earnings Beat

The Cooper Companies, Inc. (NASDAQ:COO)’s stock price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $104.10 and last traded at $101.61, with a volume of 23676 shares. The stock had previously closed at $94.54.

The medical device company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.05. Cooper Companies had a return on equity of 8.87% and a net margin of 9.11%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $997.30 million. During the same quarter last year, the business posted $0.84 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on COO shares. Jefferies Financial Group upgraded shares of Cooper Companies from a “hold” rating to a “buy” rating and upped their price objective for the company from $107.00 to $115.00 in a research note on Tuesday, July 16th. Stifel Nicolaus reissued a “buy” rating and issued a $115.00 price objective (up from $110.00) on shares of Cooper Companies in a report on Thursday. Wells Fargo & Company lifted their target price on shares of Cooper Companies from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday. Robert W. Baird increased their target price on shares of Cooper Companies from $118.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cooper Companies in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Cooper Companies presently has an average rating of “Moderate Buy” and a consensus target price of $113.61.

Hedge Funds Weigh In On Cooper Companies

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Cooper Companies by 303.0% during the first quarter. Vanguard Group Inc. now owns 23,099,975 shares of the medical device company’s stock worth $2,343,723,000 after buying an additional 17,367,502 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in Cooper Companies by 3.0% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,820,590 shares of the medical device company’s stock valued at $682,738,000 after purchasing an additional 231,155 shares during the last quarter. Capital World Investors lifted its holdings in Cooper Companies by 301.7% in the 1st quarter. Capital World Investors now owns 5,654,023 shares of the medical device company’s stock valued at $573,657,000 after purchasing an additional 4,246,519 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cooper Companies by 279.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,437,064 shares of the medical device company’s stock worth $348,723,000 after purchasing an additional 2,532,186 shares during the last quarter. Finally, Impax Asset Management Group plc grew its holdings in shares of Cooper Companies by 31.0% during the second quarter. Impax Asset Management Group plc now owns 2,359,798 shares of the medical device company’s stock worth $205,511,000 after buying an additional 558,886 shares in the last quarter. 24.39% of the stock is owned by hedge funds and other institutional investors.

Cooper Companies Trading Up 11.8 %

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.95 and a quick ratio of 1.14. The firm has a market cap of $21.05 billion, a price-to-earnings ratio of 62.19, a price-to-earnings-growth ratio of 2.34 and a beta of 0.98. The business’s 50-day moving average price is $91.25 and its two-hundred day moving average price is $94.12.

Cooper Companies Company Profile

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.