Coach, Inc. (COH) Cut to “Neutral” at Piper Jaffray Companies
Piper Jaffray Companies lowered shares of Coach, Inc. (NYSE:COH) from an overweight rating to a neutral rating in a research note published on Thursday morning, Marketbeat Ratings reports. The firm currently has $43.00 target price on the luxury accessories retailer’s stock, down from their prior target price of $48.00.
Other research analysts have also issued research reports about the company. Jefferies Group LLC set a $53.00 price objective on Coach and gave the stock a buy rating in a report on Tuesday, July 4th. Oppenheimer Holdings, Inc. reissued a buy rating on shares of Coach in a report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) raised Coach to a buy rating in a report on Saturday, July 1st. Deutsche Bank AG raised Coach to a buy rating in a report on Saturday, July 1st. Finally, Canaccord Genuity initiated coverage on Coach in a report on Friday, June 30th. They set a buy rating and a $59.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. Coach currently has a consensus rating of Buy and a consensus price target of $47.06.
Shares of Coach (COH) opened at 39.83 on Thursday. Coach has a 52 week low of $34.07 and a 52 week high of $48.85. The firm has a market capitalization of $11.26 billion, a P/E ratio of 19.06 and a beta of 0.44. The firm’s 50-day moving average is $40.72 and its 200-day moving average is $43.56.
Coach (NYSE:COH) last issued its quarterly earnings data on Tuesday, August 15th. The luxury accessories retailer reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Coach had a return on equity of 21.31% and a net margin of 13.17%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Coach’s revenue was down 1.8% on a year-over-year basis. Equities analysts anticipate that Coach will post $2.38 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a $0.3375 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $1.35 dividend on an annualized basis and a yield of 3.39%. Coach’s dividend payout ratio (DPR) is 64.59%.
In other Coach news, CAO Todd Kahn sold 4,586 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $40.85, for a total value of $187,338.10. Following the completion of the transaction, the chief accounting officer now owns 72,412 shares in the company, valued at $2,958,030.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Melinda Brown sold 8,250 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $41.28, for a total value of $340,560.00. Following the completion of the transaction, the senior vice president now owns 42,884 shares of the company’s stock, valued at approximately $1,770,251.52. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of COH. Mckinley Capital Management LLC Delaware bought a new position in Coach in the second quarter worth $115,000. Dupont Capital Management Corp bought a new position in shares of Coach during the second quarter valued at $118,000. Winslow Evans & Crocker Inc. increased its holdings in shares of Coach by 18.1% during the second quarter. Winslow Evans & Crocker Inc. now owns 2,616 shares of the luxury accessories retailer’s stock valued at $124,000 after acquiring an additional 400 shares in the last quarter. Seven Eight Capital LP bought a new position in shares of Coach during the second quarter valued at $188,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Coach during the second quarter valued at $192,000. Institutional investors and hedge funds own 85.85% of the company’s stock.
Coach Company Profile
Coach, Inc (Coach) is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. Its segments include North America, International and Stuart Weitzman. The North America segment includes sales of Coach brand products to North American customers through Coach-operated stores (including the Internet) and sales to North American wholesale customers.
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