Bank of The West lessened its stake in Monster Beverage Corp (NASDAQ:MNST) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,383 shares of the company’s stock after selling 1,562 shares during the quarter. Bank of The West’s holdings in Monster Beverage were worth $3,403,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Monster Beverage in the 3rd quarter valued at $883,000. Pitcairn Co. boosted its holdings in shares of Monster Beverage by 15.0% in the 3rd quarter. Pitcairn Co. now owns 17,660 shares of the company’s stock valued at $1,029,000 after purchasing an additional 2,299 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Monster Beverage by 10.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 15,799 shares of the company’s stock valued at $921,000 after purchasing an additional 1,436 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Monster Beverage by 57.8% in the 3rd quarter. Private Advisor Group LLC now owns 18,995 shares of the company’s stock valued at $1,107,000 after purchasing an additional 6,954 shares during the last quarter. Finally, Chicago Equity Partners LLC acquired a new position in shares of Monster Beverage in the 3rd quarter valued at $910,000. Institutional investors own 65.02% of the company’s stock.
In other Monster Beverage 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 value of $1,035,470.00. Following the transaction, the insider now owns 46,847 shares in the company, valued at approximately $2,853,450.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.70% of the company’s stock.
NASDAQ:MNST opened at $54.71 on Tuesday. The firm has a market cap of $29.89 billion, a P/E ratio of 33.40, a price-to-earnings-growth ratio of 1.95 and a beta of 1.36. Monster Beverage Corp has a twelve month low of $47.61 and a twelve month high of $70.21.
Monster Beverage (NASDAQ:MNST) last posted its earnings results on Wednesday, August 8th. The company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. Monster Beverage had a net margin of 25.27% and a return on equity of 24.39%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.39 EPS. Research analysts forecast that Monster Beverage Corp will post 1.73 earnings per share for the current fiscal year.
Monster Beverage declared that its Board of Directors has approved a share repurchase program on Wednesday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have weighed in on MNST shares. ValuEngine lowered shares of Monster Beverage from a “buy” rating to a “hold” rating in a report on Thursday, August 23rd. Guggenheim started coverage on shares of Monster Beverage in a report on Thursday, September 13th. They issued a “buy” rating and a $72.00 price target on the stock. BidaskClub lowered shares of Monster Beverage from a “hold” rating to a “sell” rating in a report on Friday, October 5th. Stifel Nicolaus lifted their price target on shares of Monster Beverage from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, September 18th. Finally, BMO Capital Markets lifted their target price on shares of Monster Beverage from $68.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $65.06.
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Monster Beverage 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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