Purchases from multiple insiders including Chairman
Disappointing Q2 results
Cooper Companies is a global medical device company. Through its two business units – CooperVision and CooperSurgical – it provides a wide range of products and services designed to advance vision care and women's health. The company is listed on the New York Stock Exchange and currently has a market capitalisation of $15.2 billion.
Covid-19 appears to have impacted Cooper Companies quite significantly. This is illustrated by the fact that for the second quarter ended 30 April, revenue decreased 20% year-over-year to $524.9 million, with revenue in the CooperSurgical segment down 28% to $122.7 million. However, management appears to be relatively upbeat about the future. “We are well-positioned to come out of this a stronger and more dynamic company," said Albert White, Cooper’s President and CEO recently.
Source : 2iQ Research
What has caught our attention here is the fact that three top-level insiders have purchased shares in the last month. On 8 July, White bought 1,000 COO shares at a price of $278 per share while Holly Sheffield – who was recently appointed President of CooperSurgical – bought 889 shares at a price of $280 per share. Sheffield also bought 880 shares at a price of $283 per share on 12 June. Meanwhile, Chief Accounting Officer Agostino Ricupati purchased 1,000 shares at a price of $281 per share on 11 June. Combined, these three insiders have spent over $1 million on COO shares in the space of less than a month. We see this pattern of insider buying as a bullish signal.