Bank of New York Mellon Corp Has $4.09 Million Stock Position in Vita Coco Company, Inc. (NASDAQ:COCO)

Key Points

• Bank of New York Mellon Corp increased its stake in Vita Coco by 6.2%, owning a total of 133,572 shares worth approximately $4.1 million as of the last SEC filing.
• Several institutional investors, including Coppell Advisory Solutions LLC and Summit Investment Advisors Inc., significantly raised their holdings in Vita Coco during the fourth quarter, indicating strong belief in the company's prospects.
• Analysts have mixed views on the stock, with target prices ranging from $38.00 to $43.00, while the consensus rating sits at a "Moderate Buy" based on recent price adjustments from firms like Evercore ISI and Wells Fargo.

Bank of New York Mellon Corp raised its stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 6.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,572 shares of the company's stock after buying an additional 7,788 shares during the period. Bank of New York Mellon Corp owned 0.23% of Vita Coco worth $4,094,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in COCO. Wasatch Advisors LP boosted its position in Vita Coco by 17.8% in the fourth quarter. Wasatch Advisors LP now owns 2,828,868 shares of the company's stock valued at $104,414,000 after buying an additional 427,871 shares in the last quarter. Bank of America Corp DE boosted its position in Vita Coco by 382.2% in the fourth quarter. Bank of America Corp DE now owns 512,120 shares of the company's stock valued at $18,902,000 after buying an additional 405,913 shares in the last quarter. Driehaus Capital Management LLC increased its position in Vita Coco by 77.3% in the 4th quarter. Driehaus Capital Management LLC now owns 854,617 shares of the company's stock valued at $31,544,000 after acquiring an additional 372,633 shares during the period. Raymond James Financial Inc. acquired a new position in Vita Coco in the 4th quarter valued at approximately $7,985,000. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of Vita Coco by 15.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,421,999 shares of the company's stock worth $52,486,000 after purchasing an additional 193,420 shares during the period. Institutional investors and hedge funds own 88.49% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on COCO shares. Evercore ISI boosted their price objective on shares of Vita Coco from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Wells Fargo & Company boosted their price objective on shares of Vita Coco from $39.00 to $43.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Wall Street Zen cut shares of Vita Coco from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Finally, The Goldman Sachs Group set a $41.00 price objective on shares of Vita Coco and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Vita Coco currently has a consensus rating of "Moderate Buy" and an average target price of $38.00.

Insiders Place Their Bets

In other Vita Coco news, Chairman Michael Kirban sold 14,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $37.03, for a total value of $518,420.00. Following the completion of the sale, the chairman directly owned 1,629,049 shares in the company, valued at approximately $60,323,684.47. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Es Charles Van sold 10,000 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $38.02, for a total transaction of $380,200.00. Following the completion of the sale, the insider owned 94,127 shares of the company's stock, valued at $3,578,708.54. The trade was a 9.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,846,562 shares of company stock valued at $131,933,805. 34.20% of the stock is currently owned by corporate insiders.

Vita Coco Price Performance

Shares of COCO traded down $0.14 during trading hours on Tuesday, hitting $37.15. 69,280 shares of the stock were exchanged, compared to its average volume of 707,637. Vita Coco Company, Inc. has a fifty-two week low of $23.57 and a fifty-two week high of $40.32. The business has a 50-day moving average of $36.28 and a 200-day moving average of $34.97. The firm has a market capitalization of $2.11 billion, a P/E ratio of 36.85, a price-to-earnings-growth ratio of 2.03 and a beta of 0.37.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.09. The business had revenue of $130.92 million for the quarter, compared to analyst estimates of $125.64 million. Vita Coco had a net margin of 11.32% and a return on equity of 25.08%. Vita Coco's revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 earnings per share. As a group, analysts forecast that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Vita Coco Profile

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.