Principal Financial Group Inc. boosted its position in Coach, Inc. (NYSE:COH) by 5.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 452,878 shares of the luxury accessories retailer’s stock after acquiring an additional 25,312 shares during the quarter. Principal Financial Group Inc. owned 0.16% of Coach worth $21,440,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Coach by 5.5% in the first quarter. Vanguard Group Inc. now owns 27,983,084 shares of the luxury accessories retailer’s stock valued at $1,156,541,000 after acquiring an additional 1,464,098 shares during the last quarter. BlackRock Inc. boosted its holdings in Coach by 3,072.2% in the first quarter. BlackRock Inc. now owns 17,674,190 shares of the luxury accessories retailer’s stock valued at $730,475,000 after acquiring an additional 17,117,023 shares during the last quarter. State Street Corp boosted its holdings in Coach by 1.7% in the first quarter. State Street Corp now owns 12,130,432 shares of the luxury accessories retailer’s stock valued at $501,354,000 after acquiring an additional 198,818 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Coach by 19.9% in the first quarter. Ameriprise Financial Inc. now owns 9,122,583 shares of the luxury accessories retailer’s stock valued at $377,029,000 after acquiring an additional 1,514,418 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in Coach by 13.6% in the second quarter. Jennison Associates LLC now owns 4,637,031 shares of the luxury accessories retailer’s stock valued at $219,517,000 after acquiring an additional 553,533 shares during the last quarter. Hedge funds and other institutional investors own 86.35% of the company’s stock.
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In related news, CAO Todd Kahn sold 4,586 shares of the 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 completion of the sale, 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 can be accessed through this link. 0.81% of the stock is currently owned by company insiders.
A number of research analysts recently weighed in on the company. Vetr cut Coach from a “strong-buy” rating to a “buy” rating and set a $45.90 target price on the stock. in a report on Wednesday. Sanford C. Bernstein assumed coverage on Coach in a report on Tuesday. They issued an “outperform” rating and a $51.00 target price on the stock. Robert W. Baird reiterated a “buy” rating and issued a $52.00 target price (down previously from $54.00) on shares of Coach in a report on Friday, August 18th. Buckingham Research reiterated a “buy” rating and issued a $56.00 target price (down previously from $58.00) on shares of Coach in a report on Friday, August 18th. Finally, UBS AG reduced their target price on Coach from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $48.03.
Coach, Inc. (NYSE:COH) opened at 41.28 on Wednesday. Coach, Inc. has a 12-month low of $34.07 and a 12-month high of $48.85. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 19.75 and a beta of 0.44. The stock’s 50 day moving average price is $44.10 and its 200 day moving average price is $43.41.
Coach (NYSE:COH) last released its earnings results on Tuesday, August 15th. The luxury accessories retailer reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Coach had a net margin of 13.17% and a return on equity of 21.31%. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue was down 1.8% on a year-over-year basis. On average, equities research analysts anticipate that Coach, Inc. will post $2.38 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be paid a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Thursday, September 7th. Coach’s payout ratio is presently 64.59%.
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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