The Manufacturers Life Insurance Company Purchases New Shares in Vita Coco Company, Inc. $COCO

Key Points

• The Manufacturers Life Insurance Company acquired 25,506 Vita Coco shares during the second quarter, valued at approximately $1.69 million. Institutional investors collectively own 88.49% of the company.
• Vita Coco reported strong quarterly results, with EPS of $0.82 beating estimates by $0.26 and revenue rising 28.1% year over year to $216.15 million.
• COCO shares opened at $55.08 after falling 4.5%, while analysts maintained a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $77.71.

The Manufacturers Life Insurance Company acquired a new stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 25,506 shares of the company's stock, valued at approximately $1,687,000.

Several other large investors have also recently added to or reduced their stakes in COCO. CWM LLC boosted its position in shares of Vita Coco by 18.2% in the fourth quarter. CWM LLC now owns 1,505 shares of the company's stock valued at $80,000 after acquiring an additional 232 shares during the period. Mariner LLC increased its position in Vita Coco by 2.8% during the third quarter. Mariner LLC now owns 8,742 shares of the company's stock worth $371,000 after acquiring an additional 236 shares during the period. Police & Firemen s Retirement System of New Jersey increased its position in Vita Coco by 4.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 12,472 shares of the company's stock worth $661,000 after acquiring an additional 489 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Vita Coco by 2,636.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company's stock worth $28,000 after purchasing an additional 501 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Vita Coco by 0.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 76,341 shares of the company's stock worth $4,047,000 after purchasing an additional 539 shares in the last quarter. Institutional investors own 88.49% of the company's stock.

Insider Buying and Selling at Vita Coco

In other news, Director Kenneth Sadowsky sold 3,900 shares of Vita Coco stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $82.92, for a total value of $323,388.00. Following the transaction, the director owned 580,296 shares in the company, valued at approximately $48,118,144.32. This trade represents a 0.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 73,842 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $80.32, for a total value of $5,930,989.44. Following the transaction, the director directly owned 402,579 shares of the company's stock, valued at $32,335,145.28. This trade represents a 15.50% decrease in their position. 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 have sold 343,900 shares of company stock valued at $27,403,488 over the last 90 days. Corporate insiders own 12.90% of the company's stock.

Vita Coco Trading Down 4.5%

Shares of NASDAQ:COCO opened at $55.08 on Friday. The firm has a 50 day moving average of $66.69 and a 200-day moving average of $64.21. Vita Coco Company, Inc. has a 12 month low of $36.41 and a 12 month high of $85.83. The stock has a market capitalization of $3.16 billion, a PE ratio of 30.43, a PEG ratio of 1.09 and a beta of 0.75.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.26. The business had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The firm's revenue for the quarter was up 28.1% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. On average, research analysts predict that Vita Coco Company, Inc. will post 1.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

COCO has been the topic of a number of analyst reports. Morgan Stanley increased their target price on shares of Vita Coco from $65.00 to $68.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Evercore boosted their price target on Vita Coco from $75.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Citigroup restated a "buy" rating on shares of Vita Coco in a research note on Tuesday, May 26th. The Goldman Sachs Group set a $90.00 price objective on Vita Coco and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Wells Fargo & Company upped their target price on Vita Coco from $75.00 to $85.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.71.

About Vita Coco

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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