New York State Common Retirement Fund Lowers Position in Monster Beverage Co. (NASDAQ:MNST)

New York State Common Retirement Fund lowered its holdings in Monster Beverage Co. (NASDAQ:MNST) by 4.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,113,832 shares of the company’s stock after selling 49,303 shares during the quarter. New York State Common Retirement Fund’s holdings in Monster Beverage were worth $58,109,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MNST. Ninety One UK Ltd boosted its position in shares of Monster Beverage by 93.9% during the second quarter. Ninety One UK Ltd now owns 7,477,852 shares of the company’s stock valued at $373,519,000 after purchasing an additional 3,620,436 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Monster Beverage by 1,148.0% in the third quarter. Assenagon Asset Management S.A. now owns 2,596,888 shares of the company’s stock worth $135,480,000 after acquiring an additional 2,388,798 shares during the period. AMF Tjanstepension AB bought a new stake in shares of Monster Beverage in the second quarter worth $81,757,000. TD Asset Management Inc grew its holdings in shares of Monster Beverage by 41.1% in the first quarter. TD Asset Management Inc now owns 4,528,763 shares of the company’s stock worth $268,465,000 after acquiring an additional 1,318,890 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in Monster Beverage by 34.1% during the first quarter. William Blair Investment Management LLC now owns 4,859,680 shares of the company’s stock valued at $288,082,000 after purchasing an additional 1,234,718 shares during the period. Hedge funds and other institutional investors own 72.36% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on MNST shares. Roth Mkm cut their price target on Monster Beverage from $56.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. lowered their price objective on Monster Beverage from $56.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Truist Financial decreased their price target on Monster Beverage from $46.00 to $40.00 and set a “sell” rating for the company in a research note on Friday, August 9th. TD Cowen reduced their price objective on Monster Beverage from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Monday, July 15th. Finally, Royal Bank of Canada reduced their price objective on Monster Beverage from $64.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.68.

Monster Beverage Price Performance

MNST stock opened at $52.30 on Friday. The company has a market capitalization of $51.23 billion, a P/E ratio of 32.48, a PEG ratio of 2.39 and a beta of 0.74. Monster Beverage Co. has a twelve month low of $43.32 and a twelve month high of $61.22. The business has a 50 day simple moving average of $50.98 and a 200-day simple moving average of $51.01. The company has a current ratio of 3.41, a quick ratio of 2.69 and a debt-to-equity ratio of 0.13.

Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.04). The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $2.01 billion. Monster Beverage had a return on equity of 22.23% and a net margin of 22.84%. Monster Beverage’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 earnings per share. As a group, equities analysts anticipate that Monster Beverage Co. will post 1.66 EPS for the current year.

Monster Beverage Company Profile

Monster Beverage Corporation, through its subsidiaries, engages in development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally. The company operates through three segments: Monster Energy Drinks, Strategic Brands, Alcohol Brands, and Other.