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Here's Why You Should Buy Cooper Companies (COO) Stock Now
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The Cooper Companies, Inc. (COO - Free Report) is one of the top-performing stocks in the MedTech space. The company is likely to gain from an expanding product portfolio and increasing penetration in international markets. The stock has rallied 6.9% in a year’s time against the industry’s decline of 8.4% and the S&P 500 index’s fall of 13.8%. The stock has a market cap of $11.59 billion.
In the past 60 days, the Zacks Consensus Estimate for earnings per share inched up 0.2% to $11.82 per share for the full year. The company has a Zacks Rank #2 (Buy), which indicates at possibilities of outperformance in the near term.
The company delivered an average earnings surprise of 6.1% in the trailing four quarters. Also, the expected long-term earnings growth of 10.8% looks promising. Let’s find out whether the company can maintain the recent positive trend.
Cooper Companies’ CooperVision segment is the key growth driver. The segment gains from the silicone hydrogel lenses, led by solid prospects in MyDay, Clariti and Biofinity platforms. In fact, the company’s flagship silicone hydrogel lenses are expected to deliver strong sales in the upcoming quarters.
The company has initiated the process of introducing MyDay lenses in the domestic market. It is already available in Europe and has gained significant traction within a short span. Clariti lenses also hold significant growth prospects for the company.
The outlook for the contact lens industry is favorable. A fall in dropout rate of contact lens wearers and further market penetration, especially in developing nations is expected. Growth in international markets is something that contact lens manufacturers are banking on. According to a report by Grand View Research, the global contact lenses market is estimated to reach a worth of $17.72 billion by 2025. Thus, the company expects prospects in this market.
Cooper Companies is progressing well through inorganic expansion as well. Recently, the company acquired the assets of The LifeGlobal Group — a leading global provider of in-vitro fertilization (IVF) devices — and its affiliates. Per management, the acquisition perfectly fits into the company's fertility solutions portfolio.
Key Picks
A few other top-ranked stocks in the broader medical space are Abiomed, Inc , Genomic Health Inc and Varian Medical Systems, Inc .
Genomic Health has an expected earnings growth rate of 187.5% and a Zacks Rank of #1.
Varian Medical has a projected long-term earnings growth rate of 8%. The stock carries a Zacks Rank #2.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Here's Why You Should Buy Cooper Companies (COO) Stock Now
The Cooper Companies, Inc. (COO - Free Report) is one of the top-performing stocks in the MedTech space. The company is likely to gain from an expanding product portfolio and increasing penetration in international markets. The stock has rallied 6.9% in a year’s time against the industry’s decline of 8.4% and the S&P 500 index’s fall of 13.8%. The stock has a market cap of $11.59 billion.
In the past 60 days, the Zacks Consensus Estimate for earnings per share inched up 0.2% to $11.82 per share for the full year. The company has a Zacks Rank #2 (Buy), which indicates at possibilities of outperformance in the near term.
The Cooper Companies, Inc. Price and Consensus
The Cooper Companies, Inc. Price and Consensus | The Cooper Companies, Inc. Quote
The company delivered an average earnings surprise of 6.1% in the trailing four quarters. Also, the expected long-term earnings growth of 10.8% looks promising. Let’s find out whether the company can maintain the recent positive trend.
Cooper Companies’ CooperVision segment is the key growth driver. The segment gains from the silicone hydrogel lenses, led by solid prospects in MyDay, Clariti and Biofinity platforms. In fact, the company’s flagship silicone hydrogel lenses are expected to deliver strong sales in the upcoming quarters.
The company has initiated the process of introducing MyDay lenses in the domestic market. It is already available in Europe and has gained significant traction within a short span. Clariti lenses also hold significant growth prospects for the company.
The outlook for the contact lens industry is favorable. A fall in dropout rate of contact lens wearers and further market penetration, especially in developing nations is expected. Growth in international markets is something that contact lens manufacturers are banking on. According to a report by Grand View Research, the global contact lenses market is estimated to reach a worth of $17.72 billion by 2025. Thus, the company expects prospects in this market.
Cooper Companies is progressing well through inorganic expansion as well. Recently, the company acquired the assets of The LifeGlobal Group — a leading global provider of in-vitro fertilization (IVF) devices — and its affiliates. Per management, the acquisition perfectly fits into the company's fertility solutions portfolio.
Key Picks
A few other top-ranked stocks in the broader medical space are Abiomed, Inc , Genomic Health Inc and Varian Medical Systems, Inc .
Abiomed has a long-term earnings growth rate of 27%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Genomic Health has an expected earnings growth rate of 187.5% and a Zacks Rank of #1.
Varian Medical has a projected long-term earnings growth rate of 8%. The stock carries a Zacks Rank #2.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>