Principal Financial Group Inc. Boosts Stake in Vita Coco Company, Inc. $COCO

Principal Financial Group Inc. increased its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO) by 146.7% during the first quarter, Holdings Channel.com reports. The fund owned 406,719 shares of the company’s stock after buying an additional 241,836 shares during the period. Principal Financial Group Inc.’s holdings in Vita Coco were worth $19,486,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of COCO. Caitong International Asset Management Co. Ltd raised its position in Vita Coco by 2,636.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after acquiring an additional 501 shares during the period. Quarry LP grew its position in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after purchasing an additional 758 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Vita Coco by 5,376.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after purchasing an additional 1,344 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Vita Coco by 25.0% during the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock worth $60,000 after purchasing an additional 227 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Vita Coco by 265.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock worth $70,000 after purchasing an additional 958 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Wall Street Analysts Forecast Growth

COCO has been the topic of several research analyst reports. Weiss Ratings upgraded Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Wells Fargo & Company boosted their price objective on Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Morgan Stanley set a $65.00 target price on Vita Coco in a report on Thursday, April 30th. Wall Street Zen upgraded Vita Coco from a “sell” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $71.00 price target on shares of Vita Coco in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and an average target price of $71.00.

Insider Activity

In other Vita Coco news, Chairman Michael Kirban sold 50,000 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $68.00, for a total value of $3,400,000.00. Following the transaction, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. The trade was a 8.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at approximately $14,924,200. This trade represents a 7.73% 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 quarter, insiders have sold 596,950 shares of company stock valued at $43,711,695. Company insiders own 12.90% of the company’s stock.

Vita Coco Stock Up 2.7%

NASDAQ COCO opened at $75.89 on Wednesday. The business’s fifty day simple moving average is $75.72 and its 200-day simple moving average is $62.07. The firm has a market cap of $4.33 billion, a PE ratio of 55.39, a P/E/G ratio of 1.76 and a beta of 0.77. Vita Coco Company, Inc. has a 52 week low of $31.79 and a 52 week high of $85.83.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $179.77 million during the quarter, compared to analyst estimates of $148.39 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Vita Coco’s quarterly revenue was up 37.4% on a year-over-year basis. Research analysts expect that Vita Coco Company, Inc. will post 1.77 EPS for the current 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.