BlackRock Inc. Buys Shares of 7,010,187 Vita Coco Company, Inc. $COCO

Key Points

• BlackRock acquired 7.01 million Vita Coco shares worth approximately $463.7 million, giving it a 12.21% stake and making it a major institutional holder.
• Vita Coco reported quarterly EPS of $0.82, beating estimates of $0.56, while revenue rose 28.1% year over year to $216.15 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $77.71.
• Insiders sold 351,945 shares worth approximately $28 million during the quarter, including significant sales by director Ira Liran and insider Es Charles Van under pre-arranged trading plans.

BlackRock Inc. acquired a new position in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 7,010,187 shares of the company's stock, valued at approximately $463,654,000. BlackRock Inc. owned approximately 12.21% of Vita Coco at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its holdings in shares of Vita Coco by 2,636.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company's stock worth $28,000 after acquiring an additional 501 shares in the last quarter. Quarry LP lifted its holdings in Vita Coco by 12,633.3% in the 3rd quarter. Quarry LP now owns 764 shares of the company's stock worth $32,000 after purchasing an additional 758 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Vita Coco by 265.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company's stock worth $70,000 after buying an additional 958 shares during the period. EverSource Wealth Advisors LLC boosted its holdings 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 valued at $49,000 after acquiring an additional 1,344 shares during the period. Finally, CWM LLC grew its holdings in Vita Coco by 18.2% in the 4th quarter. CWM LLC now owns 1,505 shares of the company's stock valued at $80,000 after buying an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company's stock.

Vita Coco Trading Up 0.0%

Shares of NASDAQ COCO opened at $63.36 on Tuesday. The firm has a market cap of $3.64 billion, a PE ratio of 35.01, a PEG ratio of 1.19 and a beta of 0.77. The company has a fifty day moving average price of $70.43 and a 200 day moving average price of $64.06. Vita Coco Company, Inc. has a 1-year low of $33.19 and a 1-year high of $85.83.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.26. The business had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.Vita Coco's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. Equities research analysts forecast that Vita Coco Company, Inc. will post 1.96 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on COCO. Zacks Research upgraded shares of Vita Coco from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Weiss Ratings reiterated a "buy (b)" rating on shares of Vita Coco in a research report on Wednesday, July 29th. Citigroup reaffirmed a "buy" rating on shares of Vita Coco in a report on Tuesday, May 26th. Morgan Stanley lifted their price target on Vita Coco from $65.00 to $68.00 and gave the company an "equal weight" rating in a report on Tuesday, July 28th. Finally, Evercore upped their price objective on Vita Coco from $75.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $77.71.

Insider Activity at Vita Coco

In other Vita Coco news, insider Es Charles Van sold 8,045 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $75.05, for a total transaction of $603,777.25. Following the sale, the insider directly owned 59,085 shares of the company's stock, valued at approximately $4,434,329.25. This represents a 11.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 73,842 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $80.32, for a total transaction of $5,930,989.44. Following the transaction, the director owned 402,579 shares in the company, valued at $32,335,145.28. This represents a 15.50% 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. Over the last quarter, insiders have sold 351,945 shares of company stock valued at $28,007,266. 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.

Want to see what other hedge funds are holding COCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vita Coco Company, Inc. (NASDAQ:COCO - Free Report).

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