Wilmington Savings Fund Society FSB Invests $62.82 Million in Vita Coco Company, Inc. $COCO

Wilmington Savings Fund Society FSB acquired a new stake in shares of Vita Coco Company, Inc. (NASDAQ:COCO) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,479,049 shares of the company’s stock, valued at approximately $62,815,000. Vita Coco accounts for about 1.0% of Wilmington Savings Fund Society FSB’s investment portfolio, making the stock its 21st largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in COCO. Marshall Wace LLP purchased a new stake in Vita Coco in the 2nd quarter worth approximately $9,627,000. Capricorn Fund Managers Ltd purchased a new stake in shares of Vita Coco in the second quarter worth $5,054,000. Cubist Systematic Strategies LLC bought a new stake in shares of Vita Coco during the 2nd quarter valued at $4,385,000. BNP Paribas Financial Markets lifted its stake in shares of Vita Coco by 1,181.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 112,291 shares of the company’s stock valued at $4,054,000 after buying an additional 103,530 shares in the last quarter. Finally, Seven Grand Managers LLC bought a new position in Vita Coco in the 2nd quarter worth $3,610,000. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Michael Kirban sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $45.70, for a total transaction of $1,371,000.00. Following the completion of the transaction, the chairman directly owned 1,499,049 shares of the company’s stock, valued at $68,506,539.30. This represents a 1.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ira Liran sold 40,000 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $45.58, for a total value of $1,823,200.00. Following the transaction, the director owned 558,341 shares in the company, valued at $25,449,182.78. This trade represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 345,253 shares of company stock valued at $16,145,518 in the last ninety days. Company insiders own 32.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Bank of America raised Vita Coco from a “neutral” rating to a “buy” rating and raised their price target for the company from $48.00 to $54.00 in a report on Monday, November 17th. Evercore ISI boosted their price target on Vita Coco from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Piper Sandler upped their price target on Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Zacks Research upgraded shares of Vita Coco from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 8th. Finally, Wells Fargo & Company raised their target price on shares of Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.50.

Vita Coco Trading Up 1.4%

Shares of NASDAQ:COCO opened at $52.71 on Friday. Vita Coco Company, Inc. has a 12-month low of $25.79 and a 12-month high of $56.46. The business has a 50 day moving average of $51.58 and a two-hundred day moving average of $42.93. The company has a market capitalization of $3.00 billion, a PE ratio of 45.84, a PEG ratio of 1.47 and a beta of 0.38.

Vita Coco (NASDAQ:COCO) last posted its earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. Vita Coco had a net margin of 11.35% and a return on equity of 25.08%. The firm had revenue of $182.31 million during the quarter, compared to analyst estimates of $154.96 million. During the same period in the previous year, the firm earned $0.32 EPS. The business’s quarterly revenue was up 37.2% on a year-over-year basis. Equities research analysts predict that Vita Coco Company, Inc. will post 1.07 earnings per share 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.