Wellington Management Group LLP Sells 489,256 Shares of Vita Coco Company, Inc. $COCO

Key Points

• Wellington Management reduced its Vita Coco stake by 21%, selling 489,256 shares and retaining 1.84 million shares valued at approximately $122 million. Institutional investors collectively own 88.49% of COCO.
• Analyst sentiment remains positive, with Vita Coco holding a consensus “Moderate Buy” rating and an average price target of $77.71, despite one downgrade to “hold.”
• Vita Coco reported strong quarterly results, posting $0.82 EPS versus $0.56 expected and revenue of $216.15 million, up 28.1% year over year; however, insiders have sold roughly 343,900 shares over the past 90 days.

Wellington Management Group LLP trimmed its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 21.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,844,963 shares of the company's stock after selling 489,256 shares during the quarter. Wellington Management Group LLP owned 3.21% of Vita Coco worth $122,026,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Vita Coco during the second quarter valued at approximately $463,654,000. Wasatch Advisors LP boosted its holdings in Vita Coco by 80.3% during the 1st 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 period. Vanguard Group Inc. grew its position in Vita Coco by 8.2% in the 4th quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company's stock valued at $166,959,000 after acquiring an additional 237,510 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in Vita Coco in the fourth quarter worth $73,242,000. Finally, Ameriprise Financial Inc. increased its stake in Vita Coco by 135.5% in the third quarter. Ameriprise Financial Inc. now owns 1,282,310 shares of the company's stock worth $54,460,000 after purchasing an additional 737,823 shares during the period. 88.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on COCO shares. Wall Street Zen cut shares of Vita Coco from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Evercore boosted their price target on Vita Coco from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Piper Sandler restated an "overweight" rating on shares of Vita Coco in a report on Monday, August 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Vita Coco in a research report on Wednesday, July 29th. Finally, Citigroup reissued a "buy" rating on shares of Vita Coco in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Vita Coco presently has an average rating of "Moderate Buy" and a consensus target price of $77.71.

Insider Activity at Vita Coco

In related news, Director Ira Liran sold 96,158 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $79.14, for a total transaction of $7,609,944.12. Following the sale, the director owned 476,421 shares in the company, valued at approximately $37,703,957.94. This trade represents a 16.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth Sadowsky sold 3,900 shares of Vita Coco stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $82.92, for a total transaction of $323,388.00. Following the completion of the transaction, the director directly owned 580,296 shares of the company's stock, 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 ninety days, insiders have sold 343,900 shares of company stock valued at $27,403,488. Insiders own 12.90% of the company's stock.

Vita Coco Price Performance

Shares of COCO opened at $58.06 on Wednesday. The company's fifty day moving average price is $67.74 and its 200-day moving average price is $64.21. The firm has a market capitalization of $3.33 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 1.11 and a beta of 0.75. Vita Coco Company, Inc. has a 1-year low of $34.85 and a 1-year high of $85.83.

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

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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