Baird Financial Group Inc. Raises Stock Position in Vita Coco Company, Inc. $COCO

Baird Financial Group Inc. raised its position in shares of Vita Coco Company, Inc. (NASDAQ:COCO) by 32.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 130,318 shares of the company’s stock after acquiring an additional 31,902 shares during the quarter. Baird Financial Group Inc. owned approximately 0.23% of Vita Coco worth $4,704,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in COCO. EverSource Wealth Advisors LLC lifted its stake in shares of Vita Coco by 5,376.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock valued at $49,000 after purchasing an additional 1,344 shares during the period. Quantbot Technologies LP bought a new position in Vita Coco in the second quarter worth $3,495,000. Seven Grand Managers LLC purchased a new position in Vita Coco during the second quarter valued at $3,610,000. New York State Common Retirement Fund boosted its holdings in shares of Vita Coco by 4.6% during the 2nd quarter. New York State Common Retirement Fund now owns 463,399 shares of the company’s stock valued at $16,729,000 after buying an additional 20,283 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in shares of Vita Coco by 3.2% during the 2nd quarter. Schroder Investment Management Group now owns 12,041 shares of the company’s stock valued at $435,000 after buying an additional 376 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Insider Activity at Vita Coco

In related news, Director Kenneth Sadowsky sold 3,900 shares of Vita Coco stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $47.12, for a total value of $183,768.00. Following the completion of the sale, the director directly owned 616,066 shares in the company, valued at approximately $29,029,029.92. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael Kirban sold 5,102 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $44.00, for a total transaction of $224,488.00. Following the transaction, the chairman owned 1,479,049 shares in the company, valued at $65,078,156. This represents a 0.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,752,153 shares of company stock valued at $155,133,163 over the last three months. 34.20% of the stock is owned by insiders.

Vita Coco Stock Up 1.1%

NASDAQ:COCO opened at $54.14 on Wednesday. Vita Coco Company, Inc. has a 52 week low of $25.79 and a 52 week high of $55.09. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 47.08, a PEG ratio of 1.78 and a beta of 0.37. The company’s 50 day moving average price is $45.06 and its 200-day moving average price is $39.50.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.08. The business had revenue of $182.31 million for the quarter, compared to analysts’ expectations of $154.96 million. Vita Coco had a return on equity of 25.08% and a net margin of 11.35%.The firm’s quarterly revenue was up 37.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 EPS. As a group, sell-side analysts anticipate that Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on COCO. Morgan Stanley increased their price target on shares of Vita Coco from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Wells Fargo & Company raised their target price on shares of Vita Coco from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Evercore ISI lifted their target price on shares of Vita Coco from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Needham & Company LLC initiated coverage on Vita Coco in a research report on Wednesday, September 24th. They issued a “hold” rating on the stock. Finally, Zacks Research upgraded Vita Coco from a “strong sell” rating to a “hold” rating in a research note on Friday, November 7th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Vita Coco presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.88.

About Vita Coco

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.