Cooper Companies (NASDAQ:COO) Shares Gap Down - Here's What Happened

The Cooper Companies, Inc. (NASDAQ:COO - Get Free Report) 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 changing hands.

Analysts Set New Price Targets

Several brokerages recently commented on COO. StockNews.com raised Cooper Companies from a "hold" rating to a "buy" rating in a report on Tuesday. Wells Fargo & Company upped their price target on shares of Cooper Companies from $115.00 to $118.00 and gave the company an "overweight" rating in a research report on Friday. Piper Sandler raised their price objective on shares of Cooper Companies from $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, August 29th. Morgan Stanley reduced their target price on shares of Cooper Companies from $104.00 to $102.00 and set an "equal weight" rating for the company in a report on Friday. Finally, Stifel Nicolaus reiterated a "buy" rating and set a $115.00 price target (up previously from $110.00) on shares of Cooper Companies in a research note on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $117.00.

Cooper Companies Trading Down 4.4 %

The stock's fifty day moving average is $104.49 and its 200 day moving average is $98.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.99. The stock has a market cap of $19.66 billion, a P/E ratio of 50.62, a P/E/G ratio of 2.28 and a beta of 0.97.

Cooper Companies (NASDAQ:COO - Get Free Report) last posted its quarterly earnings data on Thursday, December 5th. The medical device company reported $1.04 EPS for the quarter, topping the consensus estimate of $1.00 by $0.04. Cooper Companies had a net margin of 9.45% and a return on equity of 9.08%. 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 previous year, the firm earned $0.87 earnings per share. Cooper Companies's quarterly revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts predict that The Cooper Companies, Inc. will post 4.03 earnings per share 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 Cooper Companies stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $110.53, for a total value of $12,710,065.76. Following the transaction, the chief executive officer now owns 165,273 shares of the company's stock, valued at $18,267,624.69. The trade was a 41.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Agostino Ricupati sold 1,601 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $108.03, for a total value of $172,956.03. Following the sale, the chief accounting officer now owns 4,818 shares of the company's stock, valued at approximately $520,488.54. This represents a 24.94 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. LRI Investments LLC grew its stake in shares of Cooper Companies by 4.5% during the 2nd quarter. LRI Investments LLC now owns 2,595 shares of the medical device company's stock worth $227,000 after purchasing an additional 112 shares during the period. Mitchell & Pahl Private Wealth LLC increased its holdings in Cooper Companies by 1.5% in the third quarter. Mitchell & Pahl Private Wealth LLC now owns 7,986 shares of the medical device company's stock valued at $881,000 after buying an additional 117 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Cooper Companies by 0.8% in the second quarter. Commonwealth Equity Services LLC now owns 15,600 shares of the medical device company's stock valued at $1,362,000 after buying an additional 118 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of Cooper Companies by 2.1% in the third quarter. Bleakley Financial Group LLC now owns 5,767 shares of the medical device company's stock worth $636,000 after acquiring an additional 119 shares during the period. Finally, First Horizon Advisors Inc. boosted its stake in shares of Cooper Companies by 4.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,709 shares of the medical device company's stock worth $236,000 after acquiring an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 24.39% of the company's stock.

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.