Oppenheimer Asset Management Inc. Acquires New Stake in Vita Coco Company, Inc. $COCO

Oppenheimer Asset Management Inc. acquired a new position in shares of Vita Coco Company, Inc. (NASDAQ:COCO) in the second quarter, HoldingsChannel reports. The firm acquired 29,022 shares of the company’s stock, valued at approximately $1,920,000.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC lifted its holdings in 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 purchasing an additional 232 shares in the last quarter. Mariner LLC boosted its stake in shares of Vita Coco by 2.8% during the 3rd quarter. Mariner LLC now owns 8,742 shares of the company’s stock worth $371,000 after purchasing an additional 236 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Vita Coco by 4.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 12,472 shares of the company’s stock worth $661,000 after buying an additional 489 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Vita Coco by 2,636.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after buying an additional 501 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Vita Coco by 0.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 76,341 shares of the company’s stock valued at $4,047,000 after buying an additional 539 shares during the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 28th. Citigroup reaffirmed a “buy” rating on shares of Vita Coco in a research note on Tuesday, May 26th. Wells Fargo & Company boosted their price target on Vita Coco from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Jefferies Financial Group increased their price target on Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Vita Coco in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average target price of $77.71.

Vita Coco Price Performance

Shares of COCO stock opened at $65.21 on Monday. The firm has a market cap of $3.74 billion, a P/E ratio of 36.03, a PEG ratio of 1.23 and a beta of 0.77. Vita Coco Company, Inc. has a 1-year low of $32.88 and a 1-year high of $85.83. The firm’s 50-day simple moving average is $72.04 and its 200-day simple moving average is $63.65.

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

Insiders Place Their Bets

In other Vita Coco news, insider Es Charles Van sold 8,045 shares of Vita Coco stock in a transaction on Monday, June 1st. The shares were sold at an average price of $75.05, for a total value of $603,777.25. Following the transaction, the insider owned 59,085 shares in the company, valued at $4,434,329.25. This trade represents a 11.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 96,158 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $79.14, for a total transaction of $7,609,944.12. Following the sale, the director directly owned 476,421 shares of the company’s stock, valued at $37,703,957.94. This represents a 16.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 355,845 shares of company stock valued at $28,309,399 over the last quarter. Company insiders own 12.90% of the company’s stock.

About Vita Coco

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.