Vanguard Group Inc. Acquires 97,233 Shares of Vita Coco Company, Inc. $COCO

Vanguard Group Inc. lifted its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO) by 3.5% in the third quarter, HoldingsChannel.com reports. The fund owned 2,912,074 shares of the company’s stock after acquiring an additional 97,233 shares during the period. Vanguard Group Inc. owned approximately 0.05% of Vita Coco worth $123,676,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB purchased a new position in shares of Vita Coco in the 3rd quarter worth about $62,815,000. Marshall Wace LLP purchased a new position in Vita Coco in the second quarter valued at about $9,627,000. Cubist Systematic Strategies LLC bought a new position in shares of Vita Coco during the 2nd quarter valued at approximately $4,385,000. BNP Paribas Financial Markets increased its stake in shares of Vita Coco by 1,181.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 112,291 shares of the company’s stock worth $4,054,000 after purchasing an additional 103,530 shares during the last quarter. Finally, Seven Grand Managers LLC bought a new stake in shares of Vita Coco in the 2nd quarter worth approximately $3,610,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Price Performance

Shares of NASDAQ:COCO opened at $54.12 on Wednesday. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 45.86, a PEG ratio of 1.71 and a beta of 0.37. Vita Coco Company, Inc. has a one year low of $25.79 and a one year high of $59.88. The firm has a fifty day moving average price of $54.64 and a two-hundred day moving average price of $47.43.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $127.79 million for the quarter, compared to the consensus estimate of $117.80 million. Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. Vita Coco’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 EPS. Equities research analysts expect that Vita Coco Company, Inc. will post 1.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Kenneth Sadowsky sold 3,900 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $53.92, for a total value of $210,288.00. Following the transaction, the director owned 608,266 shares of the company’s stock, valued at $32,797,702.72. This represents a 0.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jane Cecil Morreau sold 15,000 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $53.91, for a total transaction of $808,650.00. Following the sale, the director owned 17,179 shares in the company, valued at approximately $926,119.89. This trade represents a 46.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 72,800 shares of company stock worth $4,052,956. Insiders own 34.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on COCO. Weiss Ratings restated a “buy (b-)” rating on shares of Vita Coco in a research note on Monday, December 29th. The Goldman Sachs Group upped their price objective on shares of Vita Coco from $52.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, November 18th. Piper Sandler lifted their target price on shares of Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Evercore restated an “outperform” rating and set a $58.00 price target on shares of Vita Coco in a research note on Thursday, February 19th. Finally, Bank of America raised Vita Coco from a “neutral” rating to a “buy” rating and raised their price target for the stock from $48.00 to $54.00 in a report on Monday, November 17th. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.88.

Vita Coco Profile

Vita Coco, Inc (NASDAQ: COCO) is a global beverage company specializing in coconut-based products. Founded in 2004 by Michael Kirban and Ira Liran, the company pioneered the introduction of refrigerated coconut water to U.S. consumers. Headquartered in New York City, Vita Coco sources coconuts from growers in tropical regions such as the Philippines, Indonesia and Brazil, partnering with local farmers to promote sustainable agriculture and community development.

The company’s flagship offering, Vita Coco Original Coconut Water, is available in multiple pack sizes and a variety of flavors.