People s United Financial Inc. Raises Stake in Coach, Inc. (COH)
People s United Financial Inc. lifted its position in Coach, Inc. (NYSE:COH) by 88.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,015 shares of the luxury accessories retailer’s stock after purchasing an additional 15,475 shares during the quarter. People s United Financial Inc.’s holdings in Coach were worth $1,563,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of COH. UBS Asset Management Americas Inc. boosted its stake in Coach by 90.7% during the first quarter. UBS Asset Management Americas Inc. now owns 1,331,344 shares of the luxury accessories retailer’s stock valued at $55,024,000 after buying an additional 633,309 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Coach by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 5,677 shares of the luxury accessories retailer’s stock valued at $235,000 after buying an additional 176 shares in the last quarter. Prudential Financial Inc. grew its holdings in Coach by 1.2% during the 1st quarter. Prudential Financial Inc. now owns 387,222 shares of the luxury accessories retailer’s stock valued at $16,004,000 after buying an additional 4,600 shares in the last quarter. Clinton Group Inc. purchased a new position in Coach during the 1st quarter valued at approximately $279,000. Finally, Victory Capital Management Inc. grew its holdings in Coach by 32.6% during the 1st quarter. Victory Capital Management Inc. now owns 207,763 shares of the luxury accessories retailer’s stock valued at $8,587,000 after buying an additional 51,035 shares in the last quarter. 86.32% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Melinda Brown sold 8,250 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $41.28, for a total transaction of $340,560.00. Following the transaction, the senior vice president now owns 42,884 shares of the company’s stock, valued at approximately $1,770,251.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Todd Kahn sold 4,586 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $40.85, for a total value of $187,338.10. Following the transaction, the chief accounting officer now directly owns 72,412 shares in the company, valued at approximately $2,958,030.20. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.
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Shares of Coach, Inc. (NYSE COH) traded down 0.77% during midday trading on Monday, hitting $39.97. 402,822 shares of the stock traded hands. Coach, Inc. has a 52-week low of $34.07 and a 52-week high of $48.85. The company has a market cap of $11.29 billion, a price-to-earnings ratio of 19.12 and a beta of 0.44. The stock has a 50-day moving average of $42.92 and a 200-day moving average of $43.54.
Coach (NYSE:COH) last released its quarterly earnings results on Tuesday, August 15th. The luxury accessories retailer reported $0.50 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was down 1.8% compared to the same quarter last year. On average, equities analysts predict that Coach, Inc. will post $2.38 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be issued a $0.3375 dividend. The ex-dividend date is Thursday, September 7th. This represents a $1.35 annualized dividend and a dividend yield of 3.35%. Coach’s dividend payout ratio is presently 64.59%.
A number of research analysts have recently commented on COH shares. BMO Capital Markets set a $42.00 target price on Coach and gave the company a “hold” rating in a research report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) upgraded shares of Coach to a “buy” rating in a research report on Saturday, July 1st. Piper Jaffray Companies restated an “overweight” rating and issued a $48.00 price target (down previously from $52.00) on shares of Coach in a research report on Wednesday, August 16th. Canaccord Genuity reaffirmed a “buy” rating and set a $56.00 price target (down previously from $59.00) on shares of Coach in a research note on Wednesday, August 16th. Finally, UBS AG decreased their price target on shares of Coach from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, August 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $47.84.
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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