Artisan Partners Limited Partnership Purchases 224,305 Shares of Vita Coco Company, Inc. $COCO

Artisan Partners Limited Partnership raised its position in Vita Coco Company, Inc. (NASDAQ:COCO) by 12.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,073,329 shares of the company’s stock after acquiring an additional 224,305 shares during the quarter. Artisan Partners Limited Partnership owned approximately 3.64% of Vita Coco worth $88,054,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of COCO. Clearstead Advisors LLC increased its holdings in Vita Coco by 22,500.0% during the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock valued at $29,000 after purchasing an additional 675 shares during the period. MAI Capital Management bought a new stake in shares of Vita Coco in the 2nd quarter worth approximately $33,000. 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 valued at $49,000 after buying an additional 1,344 shares during the period. Mather Group LLC. bought a new position in shares of Vita Coco during the third quarter valued at approximately $54,000. Finally, State of Alaska Department of Revenue purchased a new stake in Vita Coco in the third quarter worth $93,000. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Vita Coco news, Director Jane Cecil Morreau sold 15,000 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $53.91, for a total transaction of $808,650.00. Following the completion of the sale, the director directly owned 17,179 shares in the company, valued at approximately $926,119.89. This trade represents a 46.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira Liran sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $56.65, for a total transaction of $1,699,500.00. Following the completion of the transaction, the director owned 572,579 shares in the company, valued at approximately $32,436,600.35. This represents a 4.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 72,800 shares of company stock worth $4,052,956 over the last three months. 32.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on COCO shares. Bank of America raised shares of Vita Coco from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $48.00 to $54.00 in a research report on Monday, November 17th. Morgan Stanley boosted their price target on shares of Vita Coco from $49.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday. Piper Sandler raised their price objective on shares of Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Vita Coco in a research report on Monday, December 29th. Finally, Evercore reissued an “outperform” rating and issued a $58.00 target price on shares of Vita Coco in a research report on Thursday, February 19th. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.88.

Vita Coco Stock Performance

COCO stock opened at $58.06 on Friday. The firm has a 50 day moving average price of $54.61 and a 200-day moving average price of $46.93. Vita Coco Company, Inc. has a 52-week low of $25.79 and a 52-week high of $59.88. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 49.20, a PEG ratio of 1.81 and a beta of 0.38.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The company had revenue of $127.79 million for the quarter, compared to the consensus estimate of $117.80 million. During the same period last year, the business earned $0.06 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. As a group, sell-side analysts forecast that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

About Vita Coco

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.