Monster Beverage Corporation (NASDAQ:MNST – Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $89.50 and last traded at $89.5440, with a volume of 487467 shares. The stock had previously closed at $87.42.
Wall Street Analyst Weigh In
MNST has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on Monster Beverage from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Bank of America decreased their target price on Monster Beverage from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 10th. Wall Street Zen downgraded Monster Beverage from a “buy” rating to a “hold” rating in a research note on Monday, March 9th. JPMorgan Chase & Co. decreased their target price on Monster Beverage from $81.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Finally, Citigroup increased their target price on Monster Beverage from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Fourteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Monster Beverage presently has an average rating of “Moderate Buy” and an average price target of $88.89.
Read Our Latest Stock Analysis on Monster Beverage
Monster Beverage Stock Performance
Monster Beverage (NASDAQ:MNST – Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Monster Beverage had a return on equity of 26.86% and a net margin of 23.11%.The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the company earned $0.47 EPS. The company’s quarterly revenue was up 22.6% on a year-over-year basis. On average, sell-side analysts anticipate that Monster Beverage Corporation will post 2.31 EPS for the current fiscal year.
Monster Beverage announced that its Board of Directors has approved a share buyback program on Friday, May 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 0.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
In other Monster Beverage news, 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 value of $4,633,740.00. Following the completion of the sale, the director owned 299,246 shares in the company, valued at approximately $25,678,299.26. This trade represents a 15.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $87.81, for a total value of $614,670.00. Following the completion of the sale, the chief financial officer owned 62,553 shares of the company’s stock, valued at $5,492,778.93. This represents a 10.06% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 159,700 shares of company stock worth $13,730,462. 8.10% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Monster Beverage
A number of hedge funds have recently modified their holdings of the stock. Glenmede Trust Co. NA raised its holdings in shares of Monster Beverage by 112.3% in the 1st quarter. Glenmede Trust Co. NA now owns 541,038 shares of the company’s stock worth $39,204,000 after buying an additional 286,192 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Monster Beverage in the 1st quarter worth approximately $5,276,000. Groupe la Francaise acquired a new position in shares of Monster Beverage in the 1st quarter worth approximately $2,261,000. Western Wealth Management LLC raised its holdings in shares of Monster Beverage by 6.9% in the 1st quarter. Western Wealth Management LLC now owns 3,034 shares of the company’s stock worth $220,000 after buying an additional 195 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Monster Beverage by 0.8% in the 1st quarter. Bank of America Corp DE now owns 12,532,462 shares of the company’s stock worth $908,102,000 after buying an additional 99,168 shares in the last quarter. 72.36% of the stock is owned by institutional investors and hedge funds.
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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