Vita Coco Company, Inc. $COCO Holdings Boosted by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its Vita Coco stake by 137.9% in the third quarter, adding 23,300 shares to hold 40,200 shares valued at about $2.3 million.
• Vita Coco reported quarterly EPS of $0.58, beating the $0.47 estimate, while revenue rose 33.7% year over year to $243.83 million—also above expectations.
• Analysts give the stock a consensus “Moderate Buy” rating with a $74.12 price target; shares opened at $59.69 in the article’s cited session.

VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 137.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,200 shares of the company's stock after purchasing an additional 23,300 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.07% of Vita Coco worth $2,302,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of COCO. BlackRock Inc. acquired a new position in Vita Coco during the second quarter valued at $463,654,000. Bank of America Corp DE acquired a new stake in Vita Coco during the 2nd quarter worth about $56,722,000. Bank of New York Mellon Corp acquired a new stake in Vita Coco during the 2nd quarter worth about $17,119,000. Principal Financial Group Inc. boosted its position in Vita Coco by 146.7% during the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company's stock worth $19,486,000 after acquiring an additional 241,836 shares during the period. Finally, Legal & General Group Plc purchased a new position in Vita Coco during the 2nd quarter valued at about $7,057,000. Hedge funds and other institutional investors own 88.49% of the company's stock.

Vita Coco Trading Up 2.5%

COCO stock opened at $59.69 on Wednesday. Vita Coco Company, Inc. has a 1 year low of $39.69 and a 1 year high of $85.83. The company has a fifty day simple moving average of $57.26 and a 200 day simple moving average of $61.66. The firm has a market cap of $3.41 billion, a PE ratio of 29.25, a PEG ratio of 1.49 and a beta of 0.76.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.11. Vita Coco had a net margin of 15.70% and a return on equity of 31.84%. The firm had revenue of $243.83 million during the quarter, compared to analysts' expectations of $230.10 million. During the same period in the prior year, the company posted $0.40 earnings per share. Vita Coco's revenue for the quarter was up 33.7% on a year-over-year basis. As a group, analysts forecast that Vita Coco Company, Inc. will post 2.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Evercore reiterated an "outperform" rating on shares of Vita Coco in a report on Friday, October 23rd. Wall Street Zen cut shares of Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Oppenheimer started coverage on shares of Vita Coco in a research report on Thursday, October 1st. They set an "outperform" rating and a $70.00 price objective on the stock. Weiss Ratings lowered shares of Vita Coco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, October 29th. Finally, Morgan Stanley upped their price objective 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. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Vita Coco presently has an average rating of "Moderate Buy" and a consensus target price of $74.12.

Vita Coco Profile

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.

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