Bank of New York Mellon Corp decreased its holdings in shares of Monster Beverage Corp (NASDAQ:MNST) by 8.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,796,269 shares of the company’s stock after selling 508,263 shares during the period. Bank of New York Mellon Corp owned 1.05% of Monster Beverage worth $332,126,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Advisors Asset Management Inc. boosted its holdings in shares of Monster Beverage by 23.1% in the second quarter. Advisors Asset Management Inc. now owns 17,960 shares of the company’s stock worth $1,029,000 after acquiring an additional 3,369 shares during the period. Davidson Kempner Capital Management LP raised its position in Monster Beverage by 23.1% during the second quarter. Davidson Kempner Capital Management LP now owns 400,000 shares of the company’s stock valued at $22,920,000 after purchasing an additional 75,000 shares in the last quarter. Laurel Wealth Advisors Inc. raised its position in Monster Beverage by 14.5% during the second quarter. Laurel Wealth Advisors Inc. now owns 6,594 shares of the company’s stock valued at $377,000 after purchasing an additional 836 shares in the last quarter. Andra AP fonden purchased a new stake in Monster Beverage during the second quarter valued at about $5,220,000. Finally, Global X Management Co LLC raised its position in Monster Beverage by 106.2% during the second quarter. Global X Management Co LLC now owns 9,790 shares of the company’s stock valued at $561,000 after purchasing an additional 5,043 shares in the last quarter. Institutional investors own 63.49% of the company’s stock.
Several research analysts have recently commented on the company. Goldman Sachs Group upgraded Monster Beverage from a “buy” rating to a “conviction-buy” rating in a report on Friday, November 9th. JPMorgan Chase & Co. cut their target price on Monster Beverage from $64.00 to $58.00 and set a “hold” rating on the stock in a research note on Wednesday, October 24th. Zacks Investment Research raised Monster Beverage from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Wednesday, November 14th. BidaskClub cut Monster Beverage from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. Finally, ValuEngine cut Monster Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $63.38.
MNST traded up $0.25 during mid-day trading on Thursday, reaching $56.03. 3,513,192 shares of the company traded hands, compared to its average volume of 4,135,492. The firm has a market cap of $30.84 billion, a PE ratio of 38.38, a P/E/G ratio of 1.97 and a beta of 1.36. Monster Beverage Corp has a 52-week low of $47.61 and a 52-week high of $70.21.
Monster Beverage (NASDAQ:MNST) last announced its earnings results on Wednesday, November 7th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $988.73 million. Monster Beverage had a net margin of 25.86% and a return on equity of 25.47%. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. Research analysts expect that Monster Beverage Corp will post 1.77 earnings per share for the current fiscal year.
Monster Beverage announced that its Board of Directors has initiated a share repurchase plan on Wednesday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Emelie Tirre sold 17,000 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $60.91, for a total transaction of $1,035,470.00. Following the completion of the sale, the insider now owns 46,847 shares of the company’s stock, valued at approximately $2,853,450.77. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.70% of the stock is currently owned by insiders.
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Monster Beverage Company Profile
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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