Coconut should be close to 100% saturated fat. If it isn't, look for added ingredients (added ingredients generally not a good thing).
As an mct oil, coconut oil or coconut milk has a high lauric acid content. For this reason mainly it is being touted as a very healthy addition to the diet. And there is a fair amount of evidence that suggests this is the case.
In terms of using it in a bodybuilding diet, coconut oil and other mct oils provide a quick energy source. Keep that in mind when judging when and how to use it. The mct oil is water soluble and is usually shuttled through the portal vein directly to the liver rather than having to be reformed and eventually enter circulation via the lymphatic system.
I certainly include it in my diet. Drinking straight coconut milk is great.