Kornitzer Capital Management Inc. KS cut its holdings in shares of Monster Beverage Corp (NASDAQ:MNST) by 10.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 47,049 shares of the company’s stock after selling 5,621 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Monster Beverage were worth $3,003,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Monster Beverage by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 5,335,460 shares of the company’s stock worth $262,159,000 after acquiring an additional 289,340 shares during the last quarter. USS Investment Management Ltd raised its holdings in Monster Beverage by 14.3% during the 1st quarter. USS Investment Management Ltd now owns 2,190,226 shares of the company’s stock valued at $119,521,000 after buying an additional 274,111 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Monster Beverage by 0.5% during the 1st quarter. Nisa Investment Advisors LLC now owns 142,575 shares of the company’s stock valued at $7,782,000 after buying an additional 700 shares during the last quarter. Appleton Partners Inc. MA raised its holdings in Monster Beverage by 5.3% during the 1st quarter. Appleton Partners Inc. MA now owns 38,851 shares of the company’s stock valued at $2,120,000 after buying an additional 1,959 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Monster Beverage during the 1st quarter valued at $55,000. Institutional investors and hedge funds own 66.21% of the company’s stock.
Shares of Monster Beverage stock opened at $57.44 on Friday. The company’s fifty day simple moving average is $63.30 and its two-hundred day simple moving average is $60.52. The company has a market cap of $31.62 billion, a P/E ratio of 32.01, a PEG ratio of 1.98 and a beta of 1.30. Monster Beverage Corp has a 12-month low of $47.74 and a 12-month high of $66.38.
Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.03). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Monster Beverage had a net margin of 26.58% and a return on equity of 28.10%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 earnings per share. As a group, sell-side analysts expect that Monster Beverage Corp will post 2.05 EPS for the current fiscal year.
A number of equities research analysts recently commented on the stock. Credit Suisse Group set a $77.00 price target on shares of Monster Beverage and gave the company a “buy” rating in a report on Friday, May 3rd. BidaskClub lowered shares of Monster Beverage from a “strong-buy” rating to a “buy” rating in a report on Wednesday. UBS Group reiterated a “sell” rating and set a $52.00 price target (down from $53.00) on shares of Monster Beverage in a report on Thursday, August 8th. Zacks Investment Research upgraded shares of Monster Beverage from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, ValuEngine lowered shares of Monster Beverage from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $65.21.
In other Monster Beverage news, insider Guy Carling sold 24,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $65.82, for a total transaction of $1,579,680.00. Following the transaction, the insider now directly owns 33,535 shares of the company’s stock, valued at approximately $2,207,273.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 10.20% of the stock is currently owned by insiders.
About Monster Beverage
Monster Beverage Corporation, through its subsidiaries, develops, markets, sells, and distributes energy drink beverages and 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 energy drinks, carbonated energy drinks, non-carbonated dairy based coffee and energy drinks, non-carbonated energy shakes, and non-carbonated energy drinks 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.
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