New York State Common Retirement Fund Boosts Stake in Vita Coco Company, Inc. $COCO

New York State Common Retirement Fund boosted its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO) by 10.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 511,031 shares of the company’s stock after acquiring an additional 47,632 shares during the period. New York State Common Retirement Fund owned 0.90% of Vita Coco worth $21,703,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. MAI Capital Management acquired a new position in shares of Vita Coco during the 2nd quarter worth approximately $33,000. Mather Group LLC. purchased a new position in Vita Coco during the third quarter worth approximately $54,000. EverSource Wealth Advisors LLC lifted its position in 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. Ameritas Advisory Services LLC acquired a new position in Vita Coco during the second quarter worth $50,000. Finally, State of Alaska Department of Revenue purchased a new stake in Vita Coco in the 3rd quarter valued at $93,000. Institutional investors and hedge funds own 88.49% of the company’s stock.

Vita Coco Price Performance

Shares of COCO stock opened at $53.35 on Friday. Vita Coco Company, Inc. has a 1-year low of $25.79 and a 1-year high of $56.46. The firm has a market cap of $3.04 billion, a PE ratio of 46.39, a price-to-earnings-growth ratio of 1.54 and a beta of 0.38. The company has a 50-day moving average of $53.61 and a two-hundred day moving average of $44.22.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $182.31 million for the quarter, compared to the consensus estimate of $154.96 million. Vita Coco had a net margin of 11.35% and a return on equity of 25.08%. The business’s revenue was up 37.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. Sell-side analysts anticipate that Vita Coco Company, Inc. will post 1.07 EPS for the current fiscal year.

Analyst Ratings Changes

COCO has been the topic of several analyst reports. Evercore ISI lifted their price target on Vita Coco from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Piper Sandler raised their price objective on shares of Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Vita Coco in a research note on Monday, December 29th. Wall Street Zen raised shares of Vita Coco from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Finally, The Goldman Sachs Group lifted their price target on shares of Vita Coco from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.50.

Insider Transactions at Vita Coco

In related news, Director Ira Liran sold 33,862 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $50.27, for a total transaction of $1,702,242.74. Following the completion of the transaction, the director directly owned 602,579 shares in the company, valued at $30,291,646.33. This trade represents a 5.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael Kirban sold 5,102 shares of Vita Coco stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $44.00, for a total value of $224,488.00. Following the completion of the transaction, the chairman directly owned 1,479,049 shares of the company’s stock, valued at approximately $65,078,156. This represents a 0.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 211,421 shares of company stock valued at $10,080,091. Corporate insiders own 32.30% of the company’s stock.

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.