The Cochlear (ASX:COH) share price drops 3% today

Cochlear is falling faster than the broader market today.

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The Cochlear Limited (ASX: COH) share price is flopping today despite no news having been released by the company.

At the time of writing, Cochlear shares are swapping hands for $235.78 apiece. That represents a 2.76% fall from its previous closing price.

While the broader market is also falling today, Cochlear’s drop is more severe.

Right now, both the S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) are 0.16% lower.

Let’s take a look at what the hearing device manufacturer and distributer has been up to lately.

The latest news

The last time we heard price-sensitive news from Cochlear was way back in February when the company released its results for the first half of the 2021 financial year.

Cochlear must have bested the market’s expectations. Despite posting a slight loss and a dividend that was 28% less than that of the previous corresponding period, the results boosted the Cochlear share price by 8.4%.

Cochlear share price snapshot

Cochlear’s shares are some of the ASX’s most expensive and their value has continued to climb through 2021.

The Cochlear share price has gained 24% year to date. It has also grown 17% since this time last year.

The company has a market capitalisation of around $15.9 billion with approximately 65 million shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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