Monster Beverage (NASDAQ:MNST – Get Free Report) had its target price raised by equities researchers at Wells Fargo & Company from $87.00 to $97.00 in a research note issued on Monday, Marketbeat reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 10.74% from the stock’s previous close.
Several other equities research analysts have also recently commented on the company. Stifel Nicolaus dropped their price objective on Monster Beverage from $92.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Rothschild & Co Redburn upgraded shares of Monster Beverage from a “neutral” rating to a “buy” rating and upped their target price for the company from $76.00 to $90.00 in a research note on Wednesday, May 6th. Royal Bank Of Canada raised their price target on shares of Monster Beverage from $86.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Morgan Stanley reiterated an “overweight” rating and issued a $100.00 price target (up from $96.00) on shares of Monster Beverage in a research note on Sunday, May 10th. Finally, Wall Street Zen cut shares of Monster Beverage from a “buy” rating to a “hold” rating in a report on Monday, March 9th. Fourteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.89.
Read Our Latest Analysis on MNST
Monster Beverage Stock Up 0.6%
Monster Beverage (NASDAQ:MNST – Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Monster Beverage had a net margin of 23.11% and a return on equity of 26.86%. The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, research analysts expect that Monster Beverage will post 2.31 EPS for the current fiscal year.
Monster Beverage announced that its board has approved a share repurchase plan on Friday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 0.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.
Insiders Place Their Bets
In other news, CFO Thomas J. Kelly sold 7,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $87.81, for a total value of $614,670.00. Following the transaction, the chief financial officer owned 62,553 shares in the company, valued at $5,492,778.93. This represents a 10.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark J. Hall sold 54,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $85.81, for a total transaction of $4,633,740.00. Following the completion of the transaction, the director directly owned 299,246 shares in the company, valued at approximately $25,678,299.26. The trade was a 15.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 159,700 shares of company stock valued at $13,730,462. Insiders own 8.10% of the company’s stock.
Institutional Investors Weigh In On Monster Beverage
Several hedge funds and other institutional investors have recently modified their holdings of MNST. Quantinno Capital Management LP raised its holdings in Monster Beverage by 20.4% in the 1st quarter. Quantinno Capital Management LP now owns 2,026,932 shares of the company’s stock worth $146,872,000 after purchasing an additional 343,682 shares during the period. Lazard Asset Management LLC grew its holdings in Monster Beverage by 3,349.8% during the first quarter. Lazard Asset Management LLC now owns 281,194 shares of the company’s stock valued at $20,375,000 after purchasing an additional 273,043 shares during the period. Gateway Wealth Partners LLC purchased a new stake in Monster Beverage in the first quarter worth about $546,000. OMERS ADMINISTRATION Corp raised its stake in shares of Monster Beverage by 20.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 66,474 shares of the company’s stock worth $4,817,000 after buying an additional 11,060 shares during the period. Finally, Lombard Odier Asset Management Switzerland SA bought a new position in shares of Monster Beverage in the first quarter worth about $329,000. 72.36% of the stock is currently owned by hedge funds and other institutional investors.
Monster Beverage Company Profile
Monster Beverage Corporation (NASDAQ: MNST) is an American beverage company best known for its Monster Energy brand of energy drinks. The company’s product portfolio centers on carbonated energy beverages and a range of complementary ready-to-drink offerings, including energy coffees, hydration beverages and other flavored functional drinks. Monster markets multiple sub-brands and flavor variants to address different consumer segments and consumption occasions.
Originally organized around the Hansen’s Natural line of juices and sodas, the company pivoted toward the energy drink category and formally adopted the Monster Beverage name in the early 2010s to reflect its strategic focus.
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