King Luther Capital Management Corp Raises Stock Holdings in Vita Coco Company, Inc. $COCO

Key Points

• King Luther Capital Management increased its Vita Coco stake by 35.6% in the fourth quarter, bringing its holdings to 136,987 shares worth about $7.26 million.
• Vita Coco posted strong quarterly results, reporting EPS of $0.50 versus $0.34 expected and revenue of $179.77 million, up 37.4% year over year.
• Analysts remain bullish on the stock, with several firms raising targets or ratings and a consensus “Moderate Buy” rating with an average price target of $70.43, even as insiders sold shares in recent months.

King Luther Capital Management Corp boosted its stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 35.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 136,987 shares of the company's stock after purchasing an additional 35,937 shares during the period. King Luther Capital Management Corp owned about 0.24% of Vita Coco worth $7,262,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Vita Coco by 8.2% during the 4th quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company's stock valued at $166,959,000 after acquiring an additional 237,510 shares during the period. Wasatch Advisors LP boosted its holdings in Vita Coco by 3.3% during the 3rd quarter. Wasatch Advisors LP now owns 2,729,393 shares of the company's stock valued at $115,917,000 after acquiring an additional 86,541 shares during the period. Artisan Partners Limited Partnership lifted its holdings in Vita Coco by 12.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,073,329 shares of the company's stock worth $88,054,000 after buying an additional 224,305 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Vita Coco by 232.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company's stock worth $84,617,000 after buying an additional 1,392,678 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Vita Coco during the 3rd quarter worth approximately $62,815,000. Institutional investors and hedge funds own 88.49% of the company's stock.

Insider Transactions at Vita Coco

In other news, CEO Martin Roper sold 20,544 shares of the firm's stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $59.35, for a total value of $1,219,286.40. Following the completion of the sale, the chief executive officer directly owned 298,484 shares of the company's stock, valued at $17,715,025.40. This trade represents a 6.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Michael Kirban sold 50,000 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $68.00, for a total transaction of $3,400,000.00. Following the completion of the transaction, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. The trade was 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. In the last three months, insiders have sold 477,261 shares of company stock worth $28,097,055. Corporate insiders own 32.30% of the company's stock.

Vita Coco Stock Performance

Vita Coco stock opened at $78.63 on Thursday. The firm has a market cap of $4.49 billion, a PE ratio of 57.39, a P/E/G ratio of 1.83 and a beta of 0.72. The firm's 50 day moving average price is $59.27 and its two-hundred day moving average price is $55.38. Vita Coco Company, Inc. has a twelve month low of $31.79 and a twelve month high of $79.70.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.16. The company had revenue of $179.77 million during the quarter, compared to analysts' expectations of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The business's quarterly revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 earnings per share. Equities analysts anticipate that Vita Coco Company, Inc. will post 1.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. The Goldman Sachs Group reiterated a "buy" rating and set a $71.00 price target on shares of Vita Coco in a report on Thursday, April 30th. Jefferies Financial Group lifted their target price on Vita Coco from $63.00 to $78.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Zacks Research raised shares of Vita Coco from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Weiss Ratings raised Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Finally, Evercore reaffirmed an "outperform" rating and set a $70.00 price objective on shares of Vita Coco in a research report on Thursday, March 12th. One equities 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 company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $70.43.

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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