Bank of New York Mellon Corp Raises Stock Position in Vita Coco Company, Inc. $COCO

Bank of New York Mellon Corp raised its position in Vita Coco Company, Inc. (NASDAQ:COCO) by 73.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 253,362 shares of the company’s stock after purchasing an additional 107,684 shares during the quarter. Bank of New York Mellon Corp owned about 0.44% of Vita Coco worth $12,139,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Vita Coco by 5.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,493 shares of the company’s stock valued at $720,000 after acquiring an additional 1,174 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake 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 acquiring an additional 1,344 shares during the last quarter. Marshall Wace LLP purchased a new stake in Vita Coco in the second quarter valued at $9,627,000. Cerity Partners LLC purchased a new stake in Vita Coco in the second quarter valued at $645,000. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Vita Coco in the 2nd quarter valued at $2,990,000. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. The Goldman Sachs Group set a $90.00 target price on shares of Vita Coco and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Wall Street Zen cut shares of Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Wells Fargo & Company lifted their target price on shares of Vita Coco from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Morgan Stanley boosted 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. Finally, Evercore upped their price target on Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and a consensus target price of $77.71.

Vita Coco Price Performance

Vita Coco stock opened at $65.94 on Friday. The stock’s fifty day moving average is $74.30 and its two-hundred day moving average is $62.83. Vita Coco Company, Inc. has a 1-year low of $31.79 and a 1-year high of $85.83. The stock has a market cap of $3.78 billion, a PE ratio of 36.43, a P/E/G ratio of 1.26 and a beta of 0.77.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data 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 net margin of 15.50% and a return on equity of 31.09%. The company had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same period in the previous year, the business posted $0.38 earnings per share. Vita Coco’s quarterly revenue was up 28.1% on a year-over-year basis. On average, research 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 news, Director Ira Liran sold 73,842 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $80.32, for a total transaction of $5,930,989.44. Following the completion of the transaction, the director directly owned 402,579 shares of the company’s stock, valued at $32,335,145.28. This trade represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 transaction of $323,388.00. Following the completion of the transaction, the director owned 580,296 shares in the company, valued at approximately $48,118,144.32. This trade represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 414,406 shares of company stock worth $32,558,669 in the last ninety days. 12.90% of the stock is owned by insiders.

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.