The Manufacturers Life Insurance Company Purchases New Position in Vita Coco Company, Inc. $COCO

The Manufacturers Life Insurance Company acquired a new position in shares of Vita Coco Company, Inc. (NASDAQ:COCO) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 25,506 shares of the company’s stock, valued at approximately $1,687,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its position in Vita Coco by 2,636.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock valued at $28,000 after buying an additional 501 shares in the last quarter. Quarry LP grew its stake in shares of Vita Coco by 12,633.3% during the third quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after buying an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Vita Coco by 5,376.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after buying an additional 1,344 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Vita Coco by 265.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock worth $70,000 after buying an additional 958 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Vita Coco by 18.2% in the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 88.49% of the company’s stock.

Vita Coco Stock Performance

Shares of NASDAQ:COCO opened at $55.08 on Friday. The firm has a market cap of $3.16 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 1.09 and a beta of 0.75. The firm’s fifty day moving average is $66.69 and its 200-day moving average is $64.21. Vita Coco Company, Inc. has a 52 week low of $36.41 and a 52 week high of $85.83.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.26. The company had revenue of $216.15 million for the quarter, compared to analysts’ expectations of $210.64 million. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. Vita Coco’s revenue for the quarter was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Sell-side analysts forecast that Vita Coco Company, Inc. will post 1.96 EPS for the current year.

Insider Activity

In other Vita Coco news, Director Ira Liran sold 96,158 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $79.14, for a total value of $7,609,944.12. Following the sale, the director owned 476,421 shares in the company, valued at approximately $37,703,957.94. The trade was a 16.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kenneth Sadowsky sold 3,900 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $82.92, for a total value of $323,388.00. Following the completion of the sale, the director owned 580,296 shares in the company, valued at $48,118,144.32. This trade represents a 0.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 343,900 shares of company stock worth $27,403,488 over the last ninety days. Company insiders own 12.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on COCO. Piper Sandler reissued an “overweight” rating on shares of Vita Coco in a report on Monday, August 24th. Wells Fargo & Company upped their target price on Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Morgan Stanley increased their target price on Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 28th. Wall Street Zen lowered Vita Coco from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Zacks Research upgraded Vita Coco from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and an average price target of $77.71.

Vita Coco Company 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.