Wells Fargo & Company MN Sells 367,042 Shares of Coach, Inc. (COH)
Wells Fargo & Company MN trimmed its position in shares of Coach, Inc. (NYSE:COH) by 18.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,648,332 shares of the luxury accessories retailer’s stock after selling 367,042 shares during the period. Wells Fargo & Company MN owned about 0.59% of Coach worth $78,034,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in COH. World Asset Management Inc increased its stake in shares of Coach by 11.4% during the first quarter. World Asset Management Inc now owns 31,125 shares of the luxury accessories retailer’s stock worth $1,286,000 after buying an additional 3,187 shares during the period. UBS Asset Management Americas Inc. increased its stake in shares of 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 worth $55,024,000 after buying an additional 633,309 shares during the period. British Columbia Investment Management Corp increased its stake in shares of Coach by 8.3% during the first quarter. British Columbia Investment Management Corp now owns 124,085 shares of the luxury accessories retailer’s stock worth $5,128,000 after buying an additional 9,530 shares during the period. Ropes Wealth Advisors LLC increased its stake in shares of Coach by 16.3% during the first quarter. Ropes Wealth Advisors LLC now owns 15,642 shares of the luxury accessories retailer’s stock worth $646,000 after buying an additional 2,187 shares during the period. Finally, Teza Capital Management LLC purchased a new stake in shares of Coach during the first quarter worth approximately $771,000. Hedge funds and other institutional investors own 86.35% of the company’s stock.
In related news, CAO Todd Kahn sold 4,586 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $40.85, for a total value of $187,338.10. Following the sale, the chief accounting officer now owns 72,412 shares in the company, valued at approximately $2,958,030.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.81% of the company’s stock.
A number of research firms recently weighed in on COH. Deutsche Bank AG upgraded shares of Coach to a “buy” rating in a research note on Saturday, July 1st. Goldman Sachs Group, Inc. (The) raised Coach to a “buy” rating in a report on Saturday, July 1st. UBS AG reaffirmed a “buy” rating and issued a $55.00 price target (up from $49.00) on shares of Coach in a report on Thursday, May 25th. Jefferies Group LLC set a $42.00 price target on Coach and gave the company a “hold” rating in a report on Tuesday, August 15th. Finally, Royal Bank Of Canada lowered their price target on Coach from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Wednesday, August 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $48.03.
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Shares of Coach, Inc. (NYSE COH) opened at 42.10 on Thursday. Coach, Inc. has a 52-week low of $34.07 and a 52-week high of $48.85. The firm has a market cap of $11.90 billion, a P/E ratio of 20.14 and a beta of 0.44. The company has a 50 day moving average price of $43.90 and a 200-day moving average price of $43.44.
Coach (NYSE:COH) last released its quarterly earnings data on Tuesday, August 15th. The luxury accessories retailer reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Coach had a net margin of 13.17% and a return on equity of 21.31%. The business’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, analysts expect that Coach, Inc. will post $2.38 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be given a dividend of $0.3375 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.21%. Coach’s dividend payout ratio (DPR) is presently 64.59%.
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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