Equities researchers at Guggenheim initiated coverage on shares of Monster Beverage (NASDAQ:MNST) in a report issued on Thursday, September 13th, The Fly reports. The firm set a “buy” rating and a $72.00 price target on the stock. Guggenheim’s price target indicates a potential upside of 27.46% from the company’s previous close.
Several other equities research analysts have also commented on the company. ValuEngine lowered Monster Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. BidaskClub lowered Monster Beverage from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Morgan Stanley increased their price target on Monster Beverage from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, June 11th. BMO Capital Markets increased their price target on Monster Beverage from $68.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 19th. Finally, Stifel Nicolaus increased their price target on Monster Beverage from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, July 12th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $64.69.
Shares of Monster Beverage stock traded up $0.30 on Thursday, hitting $56.49. 2,376,400 shares of the company’s stock traded hands, compared to its average volume of 3,011,120. Monster Beverage has a one year low of $47.61 and a one year high of $70.21. The firm has a market cap of $32.20 billion, a price-to-earnings ratio of 38.63, a PEG ratio of 2.11 and a beta of 1.36.
Monster Beverage (NASDAQ:MNST) last announced its earnings results on Wednesday, August 8th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.47 by $0.02. Monster Beverage had a return on equity of 24.39% and a net margin of 25.27%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $0.39 EPS. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, analysts predict that Monster Beverage will post 1.73 earnings per share for the current fiscal year.
Monster Beverage announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Emelie Tirre sold 17,000 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $60.91, for a total value of $1,035,470.00. Following the completion of the sale, the insider now directly owns 46,847 shares of the company’s stock, valued at $2,853,450.77. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MNST. Janus Henderson Group PLC increased its position in shares of Monster Beverage by 414.7% during the second quarter. Janus Henderson Group PLC now owns 4,279,018 shares of the company’s stock valued at $245,188,000 after acquiring an additional 3,447,585 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Monster Beverage by 24.4% during the second quarter. Voya Investment Management LLC now owns 5,468,514 shares of the company’s stock valued at $313,346,000 after acquiring an additional 1,071,066 shares during the last quarter. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Monster Beverage during the second quarter valued at approximately $56,494,000. Millennium Management LLC increased its position in Monster Beverage by 133.5% in the second quarter. Millennium Management LLC now owns 1,099,631 shares of the company’s stock worth $63,009,000 after buying an additional 628,708 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Monster Beverage by 10.1% in the first quarter. JPMorgan Chase & Co. now owns 6,792,151 shares of the company’s stock worth $388,579,000 after buying an additional 623,336 shares during the last quarter. 64.53% of the stock is owned by institutional investors.
About Monster Beverage
Monster Beverage Corporation, through its subsidiaries, develops, markets, sells, and distributes energy drink beverages, soda, and its concentrates in the United States and internationally. It operates through three segments: Monster Energy Drinks, Strategic Brands, and Other. The company offers ready-to-drink packaged drinks, non-carbonated dairy based coffee and energy drinks, and non-carbonated energy shakes primarily to bottlers and full service beverage distributors, as well as sells directly to retail grocery and specialty chains, wholesalers, club stores, drug stores, mass merchandisers, convenience chains, food service customers, and the military; and concentrates and/or beverage bases to authorized bottling and canning operations; and ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.
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