State of Michigan Retirement System raised its stake in Monster Beverage Corp (NASDAQ:MNST) by 9.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 95,492 shares of the company’s stock after acquiring an additional 8,000 shares during the quarter. State of Michigan Retirement System’s holdings in Monster Beverage were worth $6,620,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in Monster Beverage by 8.7% during the first quarter. The Manufacturers Life Insurance Company now owns 636,981 shares of the company’s stock valued at $35,836,000 after purchasing an additional 50,860 shares during the period. Municipal Employees Retirement System of Michigan grew its holdings in shares of Monster Beverage by 320.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 23,090 shares of the company’s stock valued at $1,601,000 after purchasing an additional 17,600 shares during the last quarter. Comerica Bank raised its position in Monster Beverage by 15.3% in the 1st quarter. Comerica Bank now owns 67,518 shares of the company’s stock worth $4,037,000 after purchasing an additional 8,971 shares during the period. Federated Hermes Inc. lifted its stake in Monster Beverage by 19.0% in the first quarter. Federated Hermes Inc. now owns 23,452 shares of the company’s stock worth $1,320,000 after purchasing an additional 3,752 shares during the last quarter. Finally, Advisor Group Holdings Inc. bought a new position in shares of Monster Beverage during the first quarter valued at about $2,185,000. 64.05% of the stock is owned by institutional investors and hedge funds.
In related news, Director Mark J. Hall sold 64,643 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $72.82, for a total transaction of $4,707,303.26. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Emelie Tirre sold 84,465 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $66.41, for a total transaction of $5,609,320.65. Following the completion of the sale, the insider now owns 96,903 shares in the company, valued at approximately $6,435,328.23. The disclosure for this sale can be found here. Insiders sold a total of 196,108 shares of company stock worth $13,486,804 over the last ninety days. Insiders own 10.60% of the company’s stock.
MNST stock opened at $78.48 on Friday. Monster Beverage Corp has a fifty-two week low of $50.06 and a fifty-two week high of $78.48. The company has a market capitalization of $41.32 billion, a price-to-earnings ratio of 37.91, a price-to-earnings-growth ratio of 4.37 and a beta of 1.05. The business’s 50 day moving average price is $71.28 and its two-hundred day moving average price is $66.14.
Monster Beverage (NASDAQ:MNST) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.04. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $995.97 million. Monster Beverage had a return on equity of 27.77% and a net margin of 26.07%. The firm’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Research analysts forecast that Monster Beverage Corp will post 2.09 earnings per share for the current year.
A number of equities analysts have commented on MNST shares. SunTrust Banks lifted their price target on Monster Beverage from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Deutsche Bank lifted their target price on shares of Monster Beverage from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Goldman Sachs Group reissued a “buy” rating and set a $78.00 price target (up previously from $70.00) on shares of Monster Beverage in a research report on Monday, June 1st. Morgan Stanley raised their price target on shares of Monster Beverage from $70.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, July 13th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $67.00 price objective on shares of Monster Beverage in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $70.24.
Monster Beverage Company Profile
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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