Congress Asset Management Co. Buys 33,219 Shares of Vita Coco Company, Inc. $COCO

Key Points

• Congress Asset Management increased its Vita Coco stake by 2.8% in the third quarter, adding 33,219 shares to own 1.24 million shares, or 2.16% of the company. Institutional investors collectively hold 88.49% of COCO.
• Vita Coco reported strong quarterly results, with revenue rising 28.1% year over year to $216.15 million and EPS of $0.82, beating estimates of $0.56.
• COCO shares recently traded at $54.48, below the analyst consensus target of $73.50. Despite some downgrades and price-target cuts, analysts maintain a “Moderate Buy” consensus, with eight Buy ratings and three Holds.

Congress Asset Management Co. raised its stake in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 2.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,240,321 shares of the company's stock after purchasing an additional 33,219 shares during the quarter. Congress Asset Management Co. owned 2.16% of Vita Coco worth $71,015,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Vita Coco in the second quarter valued at about $463,654,000. Wasatch Advisors LP raised its holdings in Vita Coco by 80.3% in the 1st quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company's stock valued at $176,093,000 after acquiring an additional 1,637,437 shares in the last quarter. Bank of America Corp DE acquired a new position in Vita Coco in the 2nd quarter valued at approximately $56,722,000. Bank of New York Mellon Corp bought a new stake in shares of Vita Coco in the 2nd quarter worth approximately $17,119,000. Finally, Principal Financial Group Inc. lifted its position in shares of Vita Coco by 146.7% in the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company's stock worth $19,486,000 after acquiring an additional 241,836 shares during the period. Institutional investors and hedge funds own 88.49% of the company's stock.

Vita Coco Stock Performance

Shares of COCO stock traded down $0.84 during trading hours on Tuesday, hitting $54.48. The company had a trading volume of 1,028,405 shares, compared to its average volume of 1,213,716. Vita Coco Company, Inc. has a 12 month low of $38.07 and a 12 month high of $85.83. The firm's fifty day moving average is $60.21 and its 200 day moving average is $64.30. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 1.55 and a beta of 0.76.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.56 by $0.26. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The business had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same quarter in the previous year, the firm earned $0.38 EPS. Vita Coco's quarterly revenue was up 28.1% on a year-over-year basis. On average, sell-side analysts expect that Vita Coco Company, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

COCO has been the topic of a number of research reports. Wells Fargo & Company lowered their price objective on Vita Coco from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday. Weiss Ratings cut Vita Coco from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, September 29th. Wall Street Zen downgraded shares of Vita Coco from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Evercore boosted their price target on shares of Vita Coco from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Finally, Oppenheimer assumed coverage on shares of Vita Coco in a research note on Thursday, October 1st. They issued an "outperform" rating and a $70.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $73.50.

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional and hydration-focused products under brands such as PWR LIFT and Ever & Ever.

Founded in 2004, Vita Coco helped expand the mainstream market for packaged coconut water. The company sells its products through grocery stores, mass retailers, convenience stores, clubs, e-commerce platforms, and food-service channels.

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