Legal & General Group Plc Makes New $7.06 Million Investment in Vita Coco Company, Inc. $COCO

Key Points

• Legal & General Group Plc acquired 106,650 Vita Coco shares worth approximately $7.06 million in the second quarter, while institutional investors collectively owned 88.49% of the company.
• Vita Coco reported a strong quarter, with EPS of $0.82 versus the $0.56 consensus and revenue of $216.15 million, up 28.1% year over year.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $77.71 price target; however, insiders sold roughly $27.4 million in shares over the past 90 days.

Legal & General Group Plc acquired a new stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 106,650 shares of the company's stock, valued at approximately $7,057,000. Legal & General Group Plc owned approximately 0.19% of Vita Coco at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Vita Coco in the second quarter worth about $463,654,000. Wasatch Advisors LP boosted its stake in Vita Coco by 80.3% in the first 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 during the last quarter. Wellington Management Group LLP boosted its stake in Vita Coco by 232.2% in the third quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company's stock valued at $84,617,000 after acquiring an additional 1,392,678 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Vita Coco during the 4th quarter valued at $73,242,000. Finally, Millennium Management LLC raised its position in shares of Vita Coco by 164.7% during the 3rd quarter. Millennium Management LLC now owns 1,225,803 shares of the company's stock valued at $52,060,000 after acquiring an additional 762,731 shares during the last quarter. 88.49% of the stock is owned by institutional investors.

Insider Transactions at Vita Coco

In related news, Director Ira Liran sold 96,158 shares of Vita Coco stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $79.14, for a total value of $7,609,944.12. Following the sale, the director owned 476,421 shares of the company's stock, valued at approximately $37,703,957.94. The trade was a 16.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Sadowsky sold 3,900 shares of the company's 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 sale, the director owned 580,296 shares in the company, valued at $48,118,144.32. The trade was a 0.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $27,403,488. Company insiders own 12.90% of the company's stock.

Vita Coco Price Performance

Shares of Vita Coco stock opened at $57.69 on Thursday. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 31.87, a price-to-earnings-growth ratio of 1.09 and a beta of 0.75. The stock's 50-day moving average is $67.24 and its 200-day moving average is $64.22. Vita Coco Company, Inc. has a one year low of $35.99 and a one 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 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 business had revenue of $216.15 million during the quarter, compared to analysts' expectations of $210.64 million. During the same quarter in the prior year, the company posted $0.38 earnings per share. The firm's revenue was up 28.1% on a year-over-year basis. On average, equities analysts expect that Vita Coco Company, Inc. will post 1.96 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on COCO. Wall Street Zen cut Vita Coco from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Piper Sandler reaffirmed an "overweight" rating on shares of Vita Coco in a research note on Monday, August 24th. Wells Fargo & Company lifted their price objective on shares of Vita Coco from $75.00 to $85.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Morgan Stanley upped their target price on shares of Vita Coco from $65.00 to $68.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. Finally, The Goldman Sachs Group set a $90.00 target price on shares of Vita Coco and gave the stock a "buy" rating in a report on Thursday, July 23rd. One 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 company. According to data from MarketBeat, Vita Coco has an average rating of "Moderate Buy" and an average target price of $77.71.

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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