VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Holdings in Vita Coco Company, Inc. $COCO

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Vita Coco Company, Inc. (NASDAQ:COCO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,900 shares of the company’s stock, valued at approximately $1,118,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Vita Coco during the 2nd quarter valued at $463,654,000. California State Teachers Retirement System increased its position in shares of Vita Coco by 6,377.2% in the second quarter. California State Teachers Retirement System now owns 3,710,388 shares of the company’s stock worth $245,405,000 after purchasing an additional 3,653,104 shares during the period. Wasatch Advisors LP increased its position in shares of Vita Coco by 80.3% in the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after purchasing an additional 1,637,437 shares during the period. Wellington Management Group LLP raised its stake in Vita Coco by 22.1% in the fourth quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company’s stock valued at $128,940,000 after purchasing an additional 439,958 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in Vita Coco in the fourth quarter valued at about $73,242,000. Institutional investors own 88.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Vita Coco in a research note on Wednesday, July 29th. Morgan Stanley boosted their target price on shares of Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 28th. Piper Sandler cut their price target on shares of Vita Coco from $89.00 to $83.00 and set an “overweight” rating for the company in a report on Thursday. Wall Street Zen lowered shares of Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Evercore lifted their price objective on shares of Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Vita Coco currently has a consensus rating of “Moderate Buy” and an average target price of $76.86.

Vita Coco Stock Up 1.8%

Shares of COCO opened at $52.01 on Friday. Vita Coco Company, Inc. has a 12-month low of $37.63 and a 12-month high of $85.83. The business has a 50-day simple moving average of $64.78 and a two-hundred day simple moving average of $64.10. The stock has a market cap of $2.99 billion, a PE ratio of 28.73, a PEG ratio of 0.98 and a beta of 0.75.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.26. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The firm had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 28.1% on a year-over-year basis. On average, equities research analysts expect that Vita Coco Company, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling

In other Vita Coco news, Director Kenneth Sadowsky sold 3,900 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $82.92, for a total transaction of $323,388.00. Following the sale, the director directly owned 580,296 shares of the company’s stock, valued at $48,118,144.32. The trade was a 0.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 12.90% of the stock is currently owned by corporate insiders.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on better-for-you hydration products. Its flagship Vita Coco brand offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional hydration products, such as protein and electrolyte beverages, through its broader brand portfolio.

Founded in 2004 by Michael Kirban and Ira Liran, Vita Coco helped popularize coconut water in the United States. The company sells its products through grocery stores, mass retailers, convenience stores, club stores, e-commerce platforms and other retail channels.