Thrivent Financial for Lutherans Sells 20,068 Shares of Vita Coco Company, Inc. $COCO

Key Points

• Thrivent Financial for Lutherans reduced its Vita Coco stake by 8.8% in the fourth quarter, selling 20,068 shares and ending with 207,052 shares valued at about $11.0 million.
• Vita Coco reported strong quarterly results, posting EPS of $0.50 versus $0.34 expected and revenue of $179.77 million, up 37.4% year over year.
• Analysts remain upbeat on the stock, with several firms raising price targets and a consensus rating of “Moderate Buy” with an average target price of $70.43.

Thrivent Financial for Lutherans trimmed its position in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 8.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 207,052 shares of the company's stock after selling 20,068 shares during the quarter. Thrivent Financial for Lutherans owned 0.36% of Vita Coco worth $10,976,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Pier Capital LLC bought a new position in shares of Vita Coco during the fourth quarter worth $7,318,000. RFG Advisory LLC bought a new position in shares of Vita Coco during the fourth quarter worth $1,491,000. Oppenheimer & Co. Inc. bought a new position in shares of Vita Coco during the fourth quarter worth $612,000. Oppenheimer Asset Management Inc. bought a new position in shares of Vita Coco during the fourth quarter worth $609,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in shares of Vita Coco by 25.1% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 28,559 shares of the company's stock worth $1,514,000 after purchasing an additional 5,737 shares in the last quarter. 88.49% of the stock is owned by institutional investors.

Vita Coco Stock Down 3.5%

Shares of NASDAQ:COCO opened at $76.45 on Wednesday. Vita Coco Company, Inc. has a 12 month low of $31.79 and a 12 month high of $79.70. The company's fifty day simple moving average is $56.84 and its 200 day simple moving average is $53.86. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 55.80, a PEG ratio of 1.90 and a beta of 0.72.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.16. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The business had revenue of $179.77 million for the quarter, compared to analyst estimates of $148.39 million. During the same period last year, the business posted $0.31 earnings per share. The firm's quarterly revenue was up 37.4% on a year-over-year basis. Research analysts expect that Vita Coco Company, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, CEO Martin Roper sold 20,544 shares of Vita Coco stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $59.35, for a total value of $1,219,286.40. Following the sale, the chief executive officer directly owned 298,484 shares in the company, valued at approximately $17,715,025.40. The trade was a 6.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Es Charles Van sold 8,561 shares of Vita Coco stock in a transaction on Friday, May 8th. The shares were sold at an average price of $70.00, for a total transaction of $599,270.00. Following the completion of the sale, the insider owned 67,130 shares in the company, valued at $4,699,100. The trade was a 11.31% 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. Insiders have sold a total of 488,361 shares of company stock valued at $28,603,572 over the last quarter. 34.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on COCO. Wells Fargo & Company lifted their price target on shares of Vita Coco from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Monday. Jefferies Financial Group raised their price objective on shares of Vita Coco from $63.00 to $78.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Piper Sandler restated an "overweight" rating and set a $70.00 price objective on shares of Vita Coco in a report on Wednesday, April 29th. Weiss Ratings upgraded shares of Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Finally, The Goldman Sachs Group restated a "buy" rating and set a $71.00 price objective on shares of Vita Coco in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Vita Coco has a consensus rating of "Moderate Buy" and an average target price of $70.43.

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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