Comerica Bank Reduces Stake in Vita Coco Company, Inc. $COCO

Key Points

• Comerica Bank cut its stake in Vita Coco by 52.0% in Q4, selling 36,661 shares and leaving it with 33,887 shares valued at about $1.80 million (0.06% of the company).
• Vita Coco materially beat estimates on April 29 with EPS $0.50 vs. $0.34 and revenue $179.77M vs. $148.39M, a 37.4% year-over-year revenue increase and healthy profitability metrics (net margin 12.59%, ROE 25.43%).
• Despite upbeat results and a consensus "Moderate Buy" rating (average target ~$69), insiders sold heavily last quarter—totaling 429,800 shares (~$24.35M), including the chairman's 50,000‑share sale—while institutional ownership stands near 88.5%.

Comerica Bank cut its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 52.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,887 shares of the company's stock after selling 36,661 shares during the quarter. Comerica Bank owned 0.06% of Vita Coco worth $1,796,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of COCO. Clearstead Advisors LLC increased its stake in shares of Vita Coco by 22,500.0% in the third quarter. Clearstead Advisors LLC now owns 678 shares of the company's stock worth $29,000 after acquiring an additional 675 shares during the period. Quarry LP grew its position in Vita Coco by 12,633.3% during 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 period. EverSource Wealth Advisors LLC raised its stake in shares of Vita Coco by 5,376.0% during the 2nd 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 last quarter. Mather Group LLC. purchased a new position in shares of Vita Coco during the 3rd quarter valued at about $54,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Vita Coco by 25.0% in the 4th quarter. GAMMA Investing LLC now owns 1,134 shares of the company's stock valued at $60,000 after buying an additional 227 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Vita Coco Stock Up 1.3%

Shares of Vita Coco stock opened at $68.64 on Thursday. Vita Coco Company, Inc. has a twelve month low of $30.54 and a twelve month high of $69.58. The business has a 50-day moving average price of $53.28 and a 200 day moving average price of $51.75. The firm has a market cap of $3.92 billion, a PE ratio of 50.10, a P/E/G ratio of 1.63 and a beta of 0.72.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.34 by $0.16. The company had revenue of $179.77 million during the quarter, compared to analyst estimates of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The firm's revenue was up 37.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. On average, sell-side analysts expect that Vita Coco Company, Inc. will post 1.76 EPS for the current year.

Analyst Upgrades and Downgrades

COCO has been the topic of several analyst reports. Morgan Stanley set a $65.00 target price on Vita Coco in a report on Thursday, April 30th. Zacks Research raised Vita Coco from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Wells Fargo & Company upped their price objective on Vita Coco from $60.00 to $75.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Piper Sandler reaffirmed an "overweight" rating and set a $70.00 price objective on shares of Vita Coco in a research note on Wednesday, April 29th. Finally, Evercore reaffirmed an "outperform" rating and set a $70.00 target price on shares of Vita Coco in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $69.00.

Insider Buying and Selling

In other news, insider Es Charles Van sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $66.87, for a total value of $133,740.00. Following the transaction, the insider owned 75,691 shares in the company, valued at $5,061,457.17. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Michael Kirban sold 50,000 shares of Vita Coco stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the sale, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. This represents a 8.84% 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 429,800 shares of company stock worth $24,354,302 in the last quarter. 32.30% of the stock is owned by insiders.

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.

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