The Manufacturers Life Insurance Company Reduces Position in The Vita Coco Company, Inc. (NASDAQ:COCO)

The Manufacturers Life Insurance Company decreased its stake in shares of The Vita Coco Company, Inc. (NASDAQ:COCO) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,073 shares of the company’s stock after selling 319 shares during the period. The Manufacturers Life Insurance Company’s holdings in Vita Coco were worth $625,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of COCO. Victory Capital Management Inc. increased its position in Vita Coco by 106.4% during the third quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock worth $25,358,000 after buying an additional 461,748 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Vita Coco in the second quarter valued at $9,859,000. Harbor Capital Advisors Inc. lifted its position in Vita Coco by 143.0% during the third quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock worth $9,668,000 after buying an additional 200,940 shares during the period. Summit Creek Advisors LLC boosted its stake in Vita Coco by 123.3% in the 2nd quarter. Summit Creek Advisors LLC now owns 340,634 shares of the company’s stock worth $9,487,000 after buying an additional 188,060 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Vita Coco by 25.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 776,469 shares of the company’s stock valued at $21,623,000 after buying an additional 156,033 shares during the period. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on COCO. Craig Hallum upped their price objective on shares of Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Bank of America upped their price objective on shares of Vita Coco from $30.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.14.

Insider Transactions at Vita Coco

In other Vita Coco news, CEO Martin F. Roper sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $35.35, for a total value of $176,750.00. Following the completion of the transaction, the chief executive officer now owns 447,452 shares in the company, valued at $15,817,428.20. This represents a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jonathan Burth sold 2,244 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $30.01, for a total value of $67,342.44. Following the completion of the transaction, the chief operating officer now owns 124,605 shares of the company’s stock, valued at approximately $3,739,396.05. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,425 shares of company stock worth $3,550,567. 34.20% of the stock is currently owned by company insiders.

Vita Coco Stock Performance

Shares of NASDAQ:COCO opened at $36.72 on Friday. The Vita Coco Company, Inc. has a 1 year low of $19.41 and a 1 year high of $37.88. The stock has a market capitalization of $2.08 billion, a P/E ratio of 37.09, a PEG ratio of 2.42 and a beta of 0.31. The stock has a 50-day simple moving average of $32.96 and a 200-day simple moving average of $29.15.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. The business had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $138.56 million. During the same quarter in the previous year, the business earned $0.26 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts predict that The Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Vita Coco Company Profile

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.