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San Ramon, California-based The Cooper Companies, Inc. (COO) is a specialty medical device company that operates through CooperVision and CooperSurgical segments. CooperVision focuses on the manufacturing and sale of contact lenses, while CooperSurgical provides a variety of medical devices and surgical instruments. With a market cap of $21.5 billion, Cooper’s operations span the Americas, Indo-Pacific, Europe, and internationally. COO is set to announce its Q4 earnings on Thursday, Dec. 5.
Ahead of the event, analysts expect Cooper to report a profit of $1 per share, up 14.9% from $0.87 per share reported in the year-ago quarter. The company has matched or surpassed Wall Street’s earnings estimates in the past four quarters. Its adjusted EPS for the last reported quarter grew 14.3% year-over-year to $0.96, exceeding the consensus estimates by 5.5%.
For fiscal 2024, analysts expect Cooper to report an adjusted EPS of $3.65, up 14.1% from $3.20 in fiscal 2023.
COO stock is up nearly 14% in 2024, lagging behind the S&P 500 Index’s ($SPX) 21.8% gains over the same time frame. However, the stock outpaced the Health Care Select Sector SPDR Fund’s (XLV) nearly 9% returns during the same time frame.
The Cooper Companies’ stock prices surged 11.8% following the release of its better-than-expected Q3 earnings results on Aug. 28. The company reported a robust 7.8% year-over-year growth in net sales, reaching $1 billion. On a constant currency basis, Cooper’s net sales grew around 10%, primarily driven by CooperVision’s 13% sales growth in the Americas region to $279.8 million and CooperSurgical’s 11% sales growth from Office and surgical category, reaching $197.9 million. Additionally, the company's improved cost efficiency led to a 127-basis points expansion in net margin to 10.4% and a 22.7% increase in net income to $104.7 million, with raised full-year guidance adding to investor optimism.
The consensus opinion on COO stock is bullish, with an overall “Strong Buy” rating. Out of the 15 analysts covering the stock, 11 recommend a “Strong Buy” and four advise a “Hold” rating. The mean price target of $117.46 suggests a potential upside of just 8.9% from current price levels.
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On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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