Bank of New York Mellon Corp Makes New Investment in Vita Coco Company, Inc. $COCO

Key Points

• Bank of New York Mellon acquired 258,836 Vita Coco shares worth approximately $17.1 million, representing about 0.45% of the company. Institutional investors collectively own 88.49% of COCO.
• Vita Coco reported strong quarterly results, with earnings of $0.82 per share versus the $0.56 consensus estimate and revenue of $216.15 million, up 28.1% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and average price target of $77.71, while insiders have sold about 343,900 shares worth $27.4 million over the past 90 days.

Bank of New York Mellon Corp bought a new stake in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 258,836 shares of the company's stock, valued at approximately $17,119,000. Bank of New York Mellon Corp owned about 0.45% of Vita Coco as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Vita Coco by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,493 shares of the company's stock worth $720,000 after purchasing an additional 1,174 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company's stock valued at $49,000 after buying an additional 1,344 shares during the period. Marshall Wace LLP acquired a new position in Vita Coco in the second quarter valued at about $9,627,000. Cerity Partners LLC bought a new position in Vita Coco during the second quarter worth about $645,000. Finally, Qube Research & Technologies Ltd bought a new position in Vita Coco during the second quarter worth about $2,990,000. Institutional investors and hedge funds own 88.49% of the company's stock.

Vita Coco Stock Performance

NASDAQ COCO opened at $58.72 on Tuesday. The business has a 50 day simple moving average of $68.24 and a 200 day simple moving average of $64.22. Vita Coco Company, Inc. has a 52-week low of $34.85 and a 52-week high of $85.83. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 32.44, a PEG ratio of 1.16 and a beta of 0.77.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.82 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 firm had revenue of $216.15 million for the quarter, compared to the consensus estimate of $210.64 million. During the same period last year, the company posted $0.38 EPS. The business's quarterly revenue was up 28.1% on a year-over-year basis. On average, analysts predict that Vita Coco Company, Inc. will post 1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on COCO shares. Evercore upped their price target on Vita Coco from $75.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Wall Street Zen cut shares of Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Wells Fargo & Company upped their target price on shares of Vita Coco from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. The Goldman Sachs Group set a $90.00 price target on shares of Vita Coco and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, Citigroup reissued a "buy" rating on shares of Vita Coco in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Vita Coco has an average rating of "Moderate Buy" and an average target price of $77.71.

Insiders Place Their Bets

In related news, Director Ira Liran sold 73,842 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $80.32, for a total value 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 approximately $32,335,145.28. This represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $82.92, for a total value of $323,388.00. Following the transaction, the director owned 580,296 shares of the company's stock, valued at approximately $48,118,144.32. This trade represents a 0.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 343,900 shares of company stock worth $27,403,488. 12.90% of the stock is currently owned by company insiders.

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.

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