Principal Financial Group Inc. Boosts Holdings in Vita Coco Company, Inc. $COCO

Key Points

• Principal Financial Group increased its Vita Coco stake by 146.7% in the first quarter, ending with 406,719 shares worth about $19.5 million.
• Vita Coco reported strong quarterly results, with EPS of $0.50 versus $0.34 expected and revenue of $179.77 million versus $148.39 million expected, while revenue rose 37.4% year over year.
• Analysts remain broadly positive on the stock: several firms raised price targets, and the consensus rating is Moderate Buy with an average target price of $71.

Principal Financial Group Inc. raised its position in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 146.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 406,719 shares of the company's stock after acquiring an additional 241,836 shares during the period. Principal Financial Group Inc. owned approximately 0.71% of Vita Coco worth $19,486,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Teachers Retirement System of The State of Kentucky increased its position in shares of Vita Coco by 31.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 37,519 shares of the company's stock worth $1,797,000 after purchasing an additional 8,960 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Vita Coco during the 1st quarter valued at about $520,000. Fifth Third Bancorp purchased a new stake in Vita Coco in the first quarter valued at about $645,000. Hsbc Holdings PLC purchased a new stake in Vita Coco in the first quarter valued at about $1,066,000. Finally, Oregon Public Employees Retirement Fund acquired a new stake in Vita Coco in the first quarter worth about $489,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Stock Up 2.7%

Vita Coco stock opened at $75.89 on Wednesday. The stock has a 50-day moving average price of $75.72 and a 200 day moving average price of $62.07. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of 55.39, a price-to-earnings-growth ratio of 1.76 and a beta of 0.77. Vita Coco Company, Inc. has a 52 week low of $31.79 and a 52 week high of $85.83.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.16. The company had revenue of $179.77 million for the quarter, compared to the consensus estimate of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. Vita Coco's quarterly revenue was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. Research analysts anticipate that Vita Coco Company, Inc. will post 1.77 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Piper Sandler boosted their price target on Vita Coco from $70.00 to $74.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Wall Street Zen raised shares of Vita Coco from a "sell" rating to a "buy" rating in a research report on Saturday, May 2nd. Morgan Stanley set a $65.00 target price on shares of Vita Coco in a research note on Thursday, April 30th. Jefferies Financial Group boosted their target price on shares of Vita Coco from $63.00 to $78.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Insider Buying and Selling

In related news, COO Jonathan Burth sold 40,000 shares of Vita Coco stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $63.75, for a total transaction of $2,550,000.00. Following the completion of the transaction, the chief operating officer directly owned 57,910 shares in the company, valued at approximately $3,691,762.50. This trade represents a 40.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of the business's stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the transaction, the chief executive officer directly owned 298,484 shares of the company's stock, valued at $14,924,200. The trade was a 7.73% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 596,950 shares of company stock worth $43,711,695. Corporate insiders own 12.90% of the company's stock.

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.

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