Coach, Inc. (COH) Stake Lifted by Korea Investment CORP
Korea Investment CORP lifted its stake in shares of Coach, Inc. (NYSE:COH) by 20.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 241,001 shares of the luxury accessories retailer’s stock after acquiring an additional 41,400 shares during the period. Korea Investment CORP owned 0.09% of Coach worth $9,708,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in COH. Wellington Management Group LLP lifted its holdings in shares of Coach by 59.9% during the 1st quarter. Wellington Management Group LLP now owns 160,458 shares of the luxury accessories retailer’s stock worth $6,632,000 after acquiring an additional 60,104 shares during the period. Teachers Advisors LLC raised its holdings in Coach by 48.9% in the first quarter. Teachers Advisors LLC now owns 511,865 shares of the luxury accessories retailer’s stock valued at $21,155,000 after buying an additional 168,177 shares during the period. Thrivent Financial For Lutherans raised its holdings in Coach by 6.3% in the first quarter. Thrivent Financial For Lutherans now owns 10,350 shares of the luxury accessories retailer’s stock valued at $428,000 after buying an additional 610 shares during the period. MARSHALL WACE ASIA Ltd purchased a new position in Coach in the first quarter valued at approximately $378,000. Finally, Marshall Wace North America L.P. purchased a new position in Coach in the first quarter valued at approximately $378,000. Institutional investors and hedge funds own 86.74% of the company’s stock.
In other news, CAO Todd Kahn sold 4,586 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $40.85, for a total transaction of $187,338.10. Following the sale, the chief accounting officer now directly owns 72,412 shares in the company, valued at $2,958,030.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Melinda Brown sold 8,250 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $41.28, for a total value of $340,560.00. Following the sale, the senior vice president now owns 42,884 shares in the company, valued at $1,770,251.52. The disclosure for this sale can be found here. Insiders own 0.98% of the company’s stock.
Several research analysts recently commented on the stock. BMO Capital Markets set a $42.00 price target on shares of Coach and gave the company a “hold” rating in a report on Tuesday, August 8th. 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 report on Wednesday, August 16th. Canaccord Genuity restated a “buy” rating and issued a $56.00 price target (down previously from $59.00) on shares of Coach in a report on Wednesday, August 16th. UBS AG cut their price target on shares of Coach from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, August 17th. Finally, Robert W. Baird restated a “buy” rating and issued a $52.00 price target (down previously from $54.00) on shares of Coach in a report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Coach has an average rating of “Buy” and an average price target of $47.17.
Shares of Coach, Inc. (NYSE:COH) opened at 39.90 on Wednesday. The company has a market capitalization of $11.28 billion, a PE ratio of 19.09 and a beta of 0.44. The firm has a 50-day moving average price of $40.08 and a 200-day moving average price of $43.59. Coach, Inc. has a 1-year low of $34.16 and a 1-year high of $48.85.
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, beating analysts’ consensus estimates of $0.49 by $0.01. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Coach had a return on equity of 21.31% and a net margin of 13.17%. Coach’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. Equities analysts anticipate that Coach, Inc. will post $2.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were given a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, September 7th. Coach’s dividend payout ratio is presently 64.59%.
Coach Company Profile
Tapestry, Inc, formerly Coach, Inc, 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 Tapestry brand products to North American customers through Tapestry-operated stores (including the Internet) and sales to North American wholesale customers.
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