Forsta AP Fonden has decreased its holdings in The Cooper Companies, Inc. (NASDAQ: COO) by 6.7% during the first quarter of 2023, as disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC). The fund now holds 37,700 shares of the medical device company, valued at approximately $3.18 million following the sale of 2,700 shares during the quarter.
Several other institutional investors have also modified their stakes in The Cooper Companies. Notably, National Bank of Canada FI increased its holdings by 61.3%, now owning 150,585 shares valued at $12.7 million after acquiring an additional 57,201 shares. Citigroup Inc. significantly boosted its stake by 84.0%, bringing its total to 210,699 shares, worth $17.77 million.
Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings by 12.5%, now owning 345,309 shares valued at $29.13 million. Additionally, Headlands Technologies LLC raised its stake by 64.2%, now holding 83,361 shares worth $7.03 million. Deutsche Bank AG also expanded its position by 10.3%, bringing its total to 1,282,152 shares, valued at $108.15 million. Institutional investors and hedge funds collectively own 24.39% of the company’s stock.
Stock Performance and Analyst Ratings
As of Tuesday, shares of The Cooper Companies opened at $70.88. The company has maintained a solid financial ratio profile, with a current ratio of 2.10, a quick ratio of 1.23, and a debt-to-equity ratio of 0.30. Over the past year, the stock has reached a low of $65.00 and a high of $112.38. The current fifty-day simple moving average stands at $71.61, while the two-hundred-day simple moving average is $79.55. The Cooper Companies has a market capitalization of $14.17 billion and a price-to-earnings (P/E) ratio of 34.41.
Analysts have recently provided mixed reviews regarding the stock. Mizuho reduced its price target from $105.00 to $90.00, maintaining an “outperform” rating. Piper Sandler reaffirmed an “overweight” rating with a revised target of $105.00, down from $115.00. Conversely, Wells Fargo & Company lowered its price objective from $118.00 to $93.00, while BNP Paribas upgraded its rating from “hold” to “strong-buy.” UBS Group has also designated the stock as a “buy.”
Currently, three analysts have rated The Cooper Companies with a hold rating, nine have given it a buy rating, and one has issued a strong buy rating. According to MarketBeat.com, the stock holds an average rating of “Moderate Buy” with an average price target of $96.73.
Company Overview
The Cooper Companies, Inc. operates within the medical device sector, focusing on the development, manufacturing, and marketing of products for contact lens wearers. The company is divided into two segments: CooperVision, which offers a variety of lenses that address near and farsightedness, as well as astigmatism and presbyopia, and CooperSurgical, which provides a range of surgical and diagnostic tools. The Cooper Companies operates in various global markets, including the Americas, Europe, the Middle East, Africa, and Asia Pacific.
Investors and stakeholders will be closely watching how these changes in shareholding and analyst assessments impact The Cooper Companies in the coming quarters.
