Stephen Mandel’s Lone Pine Buys 5.1% Stake in The Cooper Companies

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Stephen Mandel’s Lone Pine Capital, hedge fund, has just purchased a 5.1% stake in  The Cooper Companies (NYSE:COO), according to fillings with the Securities and Exchange Commission. In dollar terms, the purchase is 2,435,937 shares, which at $79.29, equals $193 million.

The Cooper Companies, Inc. (NYSE:COO) has a market capitalization of 3.8 billion and an enterprise value of $4.1 billion. The stock has a price earnings ratio on a trailing twelve month basis of 18.

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Other major holders of the stock are mostly large asset managers, including funds of Vanguard Group, Fidelity, and BlackRock.

The Cooper Companies, Inc.  is headquartered in Pleasanton,  California. The company provides medical devices for healthcare providers. Two specific areas of the industry which CCO focuses on are, corrective lenses and healthcare devices for Women.

The upcoming Supreme Court ruling on ObamaCare, could have an impact on the price of the shares.

Stephen (or Steve) Mandel is formerly an analyst at Tiger Global Management, founded by Julian Robertson. His Lone Pine Fund, is  known as a Tiger Cub, which refer to hedge funds started by former analysts at Tiger Global. As of May, 2012, Lone Pine Capital had approximately $14 billion under management.

A spokesperson for Lone Pine declined to comment on the purchase.

At the time of this writing, shares of The Cooper Companies are down 0.20% to $79.28 a share.

(Disclosure: The author of this article has no holding in The Cooper Companies)

H/T Street of Walls

 

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