Vanguard Group Inc. Raises Position in Coach Inc. (COH)
Vanguard Group Inc. boosted its position in shares of Coach Inc. (NYSE:COH) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,943,401 shares of the luxury accessories retailer’s stock after buying an additional 778,882 shares during the period. Vanguard Group Inc. owned about 8.97% of Coach worth $1,016,194,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Coach during the fourth quarter worth $95,338,000. Bank of Montreal Can bought a new stake in Coach during the second quarter worth $48,321,000. Jericho Capital Asset Management L.P. bought a new stake in Coach during the first quarter worth $45,839,000. Cornerstone Capital Management LLC raised its stake in Coach by 175.9% in the second quarter. Cornerstone Capital Management LLC now owns 1,193,948 shares of the luxury accessories retailer’s stock worth $48,641,000 after buying an additional 761,136 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Coach by 25.1% in the second quarter. American Century Companies Inc. now owns 3,339,629 shares of the luxury accessories retailer’s stock worth $136,056,000 after buying an additional 669,568 shares in the last quarter. Hedge funds and other institutional investors own 89.72% of the company’s stock.
Shares of Coach Inc. (NYSE:COH) traded up 1.25% during trading on Thursday, reaching $36.48. 627,365 shares of the company’s stock traded hands. The stock has a 50-day moving average of $38.67 and a 200-day moving average of $39.65. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 22.11 and a beta of 0.90. Coach Inc. has a 1-year low of $27.22 and a 1-year high of $43.71.
Coach (NYSE:COH) last issued its quarterly earnings results on Tuesday, August 9th. The luxury accessories retailer reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. Coach had a net margin of 10.25% and a return on equity of 21.32%. The firm earned $1.15 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. Coach’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts predict that Coach Inc. will post $2.16 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 12th will be given a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Thursday, September 8th. Coach’s payout ratio is currently 81.82%.
COH has been the subject of a number of analyst reports. Morgan Stanley lowered Coach from an “equal weight” rating to an “underweight” rating and set a $32.00 target price for the company. in a report on Wednesday, September 14th. Robert W. Baird upgraded Coach from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a report on Monday, July 18th. Cowen and Company restated an “outperform” rating on shares of Coach in a report on Tuesday, August 23rd. Piper Jaffray Cos. restated an “overweight” rating and set a $46.00 target price on shares of Coach in a report on Thursday, September 8th. Finally, Deutsche Bank AG restated a “hold” rating and set a $43.00 target price on shares of Coach in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and twenty have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $41.81.
Coach Company Profile
Coach, Inc (Coach) is a design house of modern luxury accessories and lifestyle collections. The Company operates through three segments: North America, which includes sales to North American consumers through Coach-branded stores (including the Internet) and sales to wholesale customers; International segment, which includes sales to consumers through Coach-branded stores (including the Internet) and concession shop-in-shops in Japan and mainland China, Coach-operated stores and concession shop-in-shops in Hong Kong, Macau, Singapore, Taiwan, Malaysia, South Korea, the United Kingdom, France, Ireland, Spain, Portugal, Germany, Italy, Belgium and the Netherlands, as well as sales to wholesale customers and distributors in approximately 45 countries, and Other segment, which consists of sales and expenses generated by the Coach brand in other ancillary channels, including licensing and disposition.
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