Bank of Nova Scotia Sells 97,266 Shares of The Cooper Companies, Inc. (NASDAQ:COO)

Key Points

• The Bank of Nova Scotia significantly reduced its stake in The Cooper Companies by 71.4%, selling 97,266 shares, resulting in ownership of 38,915 shares worth $3,282,000.
• The Cooper Companies reported a quarterly net revenue of $1 billion and earnings per share (EPS) of $0.96, which exceeded analysts' expectations.
• Several institutional investors, including Mirae Asset Global Investments and DAVENPORT & Co LLC, increased their positions in The Cooper Companies, further indicating confidence in the company as 24.39% of the stock is currently held by institutional investors.

Bank of Nova Scotia trimmed its position in shares of The Cooper Companies, Inc. (NASDAQ:COO - Free Report) by 71.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,915 shares of the medical device company's stock after selling 97,266 shares during the quarter. Bank of Nova Scotia's holdings in Cooper Companies were worth $3,282,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Jefferies Financial Group Inc. lifted its position in Cooper Companies by 39.7% in the 1st quarter. Jefferies Financial Group Inc. now owns 67,768 shares of the medical device company's stock valued at $5,716,000 after acquiring an additional 19,254 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its position in Cooper Companies by 28.5% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 13,722 shares of the medical device company's stock valued at $1,157,000 after acquiring an additional 3,041 shares in the last quarter. Mackenzie Financial Corp lifted its position in Cooper Companies by 10.4% in the 1st quarter. Mackenzie Financial Corp now owns 21,972 shares of the medical device company's stock valued at $1,853,000 after acquiring an additional 2,062 shares in the last quarter. LPL Financial LLC lifted its position in Cooper Companies by 4.7% in the 1st quarter. LPL Financial LLC now owns 148,261 shares of the medical device company's stock valued at $12,506,000 after acquiring an additional 6,657 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cooper Companies by 17.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,727 shares of the medical device company's stock valued at $3,857,000 after acquiring an additional 6,894 shares in the last quarter. 24.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

COO has been the topic of several research reports. Needham & Company LLC raised shares of Cooper Companies from a "hold" rating to a "buy" rating and set a $94.00 price objective on the stock in a research report on Tuesday, June 17th. Wall Street Zen cut shares of Cooper Companies from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Wells Fargo & Company cut their price target on shares of Cooper Companies from $118.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Loop Capital set a $100.00 price target on shares of Cooper Companies in a research report on Tuesday, June 17th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $76.00 price target (down from $110.00) on shares of Cooper Companies in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.73.

Cooper Companies Stock Performance

Shares of COO stock traded up $1.09 on Friday, reaching $70.29. The stock had a trading volume of 954,675 shares, compared to its average volume of 2,040,357. The company has a quick ratio of 1.23, a current ratio of 2.10 and a debt-to-equity ratio of 0.30. The firm's 50-day moving average is $71.50 and its two-hundred day moving average is $80.12. The firm has a market capitalization of $14.06 billion, a price-to-earnings ratio of 34.12, a P/E/G ratio of 1.69 and a beta of 1.00. The Cooper Companies, Inc. has a 12 month low of $65.00 and a 12 month high of $112.38.

Cooper Companies (NASDAQ:COO - Get Free Report) last issued its earnings results on Thursday, May 29th. The medical device company reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.03. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $995.12 million. Cooper Companies had a net margin of 10.39% and a return on equity of 9.60%. Cooper Companies's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 EPS. On average, research analysts expect that The Cooper Companies, Inc. will post 3.98 EPS for the current fiscal year.

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.