The Cooper Companies, Inc. $COO Holdings Lowered by Prudential Financial Inc.

Prudential Financial Inc. reduced its stake in The Cooper Companies, Inc. (NASDAQ:COO) by 21.3% in the second quarter, HoldingsChannel reports. The fund owned 115,201 shares of the medical device company’s stock after selling 31,232 shares during the quarter. Prudential Financial Inc.’s holdings in Cooper Companies were worth $8,198,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in COO. Sustainable Growth Advisers LP bought a new stake in Cooper Companies during the second quarter worth approximately $240,881,000. Franklin Resources Inc. raised its stake in shares of Cooper Companies by 7,723.3% in the 2nd quarter. Franklin Resources Inc. now owns 1,569,512 shares of the medical device company’s stock worth $111,686,000 after buying an additional 1,549,450 shares in the last quarter. Soundwatch Capital LLC bought a new stake in shares of Cooper Companies in the 2nd quarter worth $607,000. Goldman Sachs Group Inc. lifted its holdings in shares of Cooper Companies by 17.0% in the first quarter. Goldman Sachs Group Inc. now owns 4,734,327 shares of the medical device company’s stock valued at $399,340,000 after buying an additional 686,751 shares during the period. Finally, Millennium Management LLC boosted its stake in Cooper Companies by 36.0% during the first quarter. Millennium Management LLC now owns 2,577,416 shares of the medical device company’s stock valued at $217,405,000 after buying an additional 682,166 shares in the last quarter. Institutional investors and hedge funds own 24.39% of the company’s stock.

Insider Activity

In other Cooper Companies news, Director Lawrence Erik Kurzius acquired 2,000 shares of the firm’s stock in a transaction on Monday, September 29th. The stock was purchased at an average cost of $68.39 per share, for a total transaction of $136,780.00. Following the transaction, the director owned 5,777 shares of the company’s stock, valued at $395,089.03. The trade was a 52.95% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel G. Mcbride bought 3,000 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was acquired at an average price of $65.04 per share, for a total transaction of $195,120.00. Following the acquisition, the chief operating officer directly owned 63,120 shares in the company, valued at $4,105,324.80. This trade represents a 4.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 17,975 shares of company stock worth $1,216,346. Corporate insiders own 1.98% of the company’s stock.

Cooper Companies Trading Down 0.0%

Cooper Companies stock opened at $77.92 on Friday. The Cooper Companies, Inc. has a 52 week low of $61.78 and a 52 week high of $106.63. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.24 and a current ratio of 2.12. The firm has a market capitalization of $15.49 billion, a price-to-earnings ratio of 38.38, a P/E/G ratio of 1.83 and a beta of 1.02. The company has a 50 day moving average price of $71.30 and a 200 day moving average price of $71.88.

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

Cooper Companies announced that its board has initiated a share repurchase program on Wednesday, September 17th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the medical device company to buy up to 15.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

COO has been the subject of several research reports. Piper Sandler reduced their price objective on shares of Cooper Companies from $105.00 to $83.00 and set an “overweight” rating for the company in a research report on Thursday, August 28th. Robert W. Baird reduced their target price on shares of Cooper Companies from $97.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, August 28th. The Goldman Sachs Group set a $64.00 price target on Cooper Companies and gave the company a “sell” rating in a report on Wednesday, October 1st. Morgan Stanley set a $76.00 price objective on Cooper Companies and gave the company an “equal weight” rating in a research report on Thursday, August 28th. Finally, Barclays started coverage on Cooper Companies in a report on Monday, October 13th. They issued an “overweight” rating and a $85.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cooper Companies has an average rating of “Moderate Buy” and an average target price 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.