Assenagon Asset Management S.A. purchased a new stake in shares of Monster Beverage Corp (NASDAQ:MNST) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 655,381 shares of the company’s stock, valued at approximately $38,196,000. Assenagon Asset Management S.A. owned about 0.12% of Monster Beverage as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. QUANTRES ASSET MANAGEMENT Ltd bought a new stake in shares of Monster Beverage in the 3rd quarter worth approximately $379,000. OLD National Bancorp IN raised its holdings in shares of Monster Beverage by 24.3% in the 3rd quarter. OLD National Bancorp IN now owns 107,594 shares of the company’s stock worth $6,271,000 after purchasing an additional 21,065 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of Monster Beverage in the 3rd quarter worth approximately $317,000. W.E. Donoghue & Co. LLC bought a new stake in shares of Monster Beverage in the 3rd quarter worth approximately $2,526,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Monster Beverage by 60.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 286,383 shares of the company’s stock worth $16,691,000 after purchasing an additional 108,172 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.
A number of research firms recently commented on MNST. BidaskClub raised shares of Monster Beverage from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. JPMorgan Chase & Co. lowered their price target on shares of Monster Beverage from $64.00 to $58.00 and set a “hold” rating on the stock in a report on Wednesday, October 24th. Zacks Investment Research cut shares of Monster Beverage from a “buy” rating to a “hold” rating in a report on Monday, October 15th. Stifel Nicolaus lifted their price target on shares of Monster Beverage from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, September 18th. Finally, Guggenheim began 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $65.06.
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 transaction of $1,035,470.00. Following 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders own 9.70% of the company’s stock.
MNST stock traded up $0.61 during midday trading on Monday, reaching $51.66. 1,054,884 shares of the company’s stock traded hands, compared to its average volume of 3,121,709. Monster Beverage Corp has a 52 week low of $47.61 and a 52 week high of $70.21. The stock has a market capitalization of $28.21 billion, a price-to-earnings ratio of 35.38, a PEG ratio of 1.84 and a beta of 1.36.
Monster Beverage (NASDAQ:MNST) last issued its earnings results on Wednesday, August 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Monster Beverage had a net margin of 25.27% and a return on equity of 24.39%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, analysts forecast that Monster Beverage Corp will post 1.73 EPS for the current fiscal year.
Monster Beverage declared that its board has authorized a stock 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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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