Cooper Companies (NASDAQ:COO) Shares Gap Down – Here’s Why

The Cooper Companies, Inc. (NASDAQ:COO) shares gapped down before the market opened on Friday . The stock had previously closed at $103.23, but opened at $99.39. Cooper Companies shares last traded at $99.58, with a volume of 216,192 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Piper Sandler lifted their price target on Cooper Companies from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Needham & Company LLC reiterated a “hold” rating on shares of Cooper Companies in a report on Friday. Wells Fargo & Company raised their target price on shares of Cooper Companies from $115.00 to $118.00 and gave the company an “overweight” rating in a research report on Friday. Morgan Stanley raised their target price on shares of Cooper Companies from $95.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 10th. Finally, Robert W. Baird raised their price target on shares of Cooper Companies from $118.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $117.30.

Cooper Companies Price Performance

The company has a current ratio of 1.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average of $104.72 and a 200 day moving average of $98.77. The firm has a market capitalization of $19.71 billion, a PE ratio of 55.54, a price-to-earnings-growth ratio of 2.24 and a beta of 0.97.

Cooper Companies (NASDAQ:COO) last released its earnings results on Thursday, December 5th. The medical device company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.04. Cooper Companies had a return on equity of 9.08% and a net margin of 9.45%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company posted $0.87 earnings per share. Cooper Companies’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, research analysts anticipate that The Cooper Companies, Inc. will post 3.65 EPS for the current fiscal year.

Insider Buying and Selling at Cooper Companies

In other news, CEO Albert G. White III sold 114,992 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $110.53, for a total transaction of $12,710,065.76. Following the transaction, the chief executive officer now directly owns 165,273 shares of the company’s stock, valued at approximately $18,267,624.69. This trade represents a 41.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Agostino Ricupati sold 1,601 shares of Cooper Companies stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $108.03, for a total value of $172,956.03. Following the completion of the transaction, the chief accounting officer now directly owns 4,818 shares in the company, valued at $520,488.54. This trade represents a 24.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Cooper Companies during the second quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Cooper Companies during the 3rd quarter valued at $25,000. Crewe Advisors LLC raised its holdings in Cooper Companies by 286.4% in the 2nd quarter. Crewe Advisors LLC now owns 340 shares of the medical device company’s stock worth $30,000 after purchasing an additional 252 shares in the last quarter. Tortoise Investment Management LLC lifted its position in shares of Cooper Companies by 75.4% in the 2nd quarter. Tortoise Investment Management LLC now owns 393 shares of the medical device company’s stock worth $34,000 after purchasing an additional 169 shares during the period. Finally, Covestor Ltd raised its stake in Cooper Companies by 144.9% in the third quarter. Covestor Ltd now owns 338 shares of the medical device company’s stock worth $37,000 after buying an additional 200 shares in the last quarter. 24.39% of the stock is owned by hedge funds and other institutional investors.

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.