Cooper Companies (NASDAQ:COO) Hits New 52-Week High on Earnings Beat

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

The medical device company reported $0.96 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1 billion for the quarter, compared to analyst estimates of $997.30 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several analysts have weighed in on COO shares. Piper Sandler upped their target price on Cooper Companies from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. Robert W. Baird increased their price objective on Cooper Companies from $118.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cooper Companies in a research note on Thursday. Jefferies Financial Group raised Cooper Companies from a “hold” rating to a “buy” rating and increased their price objective for the company from $107.00 to $115.00 in a research note on Tuesday, July 16th. Finally, Wells Fargo & Company increased their price objective on Cooper Companies from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $113.61.

Hedge Funds Weigh In On Cooper Companies

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake 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 valued at $2,343,723,000 after acquiring an additional 17,367,502 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Cooper Companies by 3.0% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,820,590 shares of the medical device company’s stock worth $682,738,000 after buying an additional 231,155 shares in the last quarter. Capital World Investors lifted its holdings in Cooper Companies by 301.7% during the 1st quarter. Capital World Investors now owns 5,654,023 shares of the medical device company’s stock worth $573,657,000 after buying an additional 4,246,519 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in 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 buying an additional 2,532,186 shares in the last quarter. Finally, Impax Asset Management Group plc lifted its holdings in Cooper Companies by 31.0% during the 2nd 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 currently owned by institutional investors.

Cooper Companies Stock Performance

The firm has a fifty day simple moving average of $91.53 and a 200-day simple moving average of $94.19. The company has a current ratio of 1.95, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The stock has a market cap of $21.05 billion, a price-to-earnings ratio of 62.19, a P/E/G ratio of 2.34 and a beta of 0.98.

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.