Provenance Wealth Advisors LLC increased its holdings in shares of Monster Beverage Corporation (NASDAQ:MNST – Free Report) by 20,010.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,909 shares of the company’s stock after buying an additional 19,810 shares during the period. Provenance Wealth Advisors LLC’s holdings in Monster Beverage were worth $829,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Monster Beverage in the second quarter worth $5,770,004,000. Ninety One UK Ltd grew its holdings in shares of Monster Beverage by 89.1% during the third quarter. Ninety One UK Ltd now owns 13,105,329 shares of the company’s stock worth $545,444,000 after buying an additional 6,175,047 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Monster Beverage by 0.8% during the 1st quarter. Bank of America Corp DE now owns 12,532,462 shares of the company’s stock worth $908,102,000 after acquiring an additional 99,168 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Monster Beverage by 23.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,637,514 shares of the company’s stock valued at $553,414,000 after purchasing an additional 1,461,167 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Monster Beverage by 27.8% in the second quarter. Wellington Management Group LLP now owns 7,465,974 shares of the company’s stock valued at $717,629,000 after purchasing an additional 1,624,416 shares during the last quarter. Institutional investors and hedge funds own 72.36% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the stock. Zacks Research raised shares of Monster Beverage from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 12th. JPMorgan Chase & Co. decreased their target price on shares of Monster Beverage from $49.50 to $49.00 and set a “neutral” rating for the company in a research report on Monday, October 26th. Piper Sandler reiterated an “overweight” rating and issued a $50.50 price target on shares of Monster Beverage in a research note on Monday, October 19th. Stifel Nicolaus set a $52.00 price target on shares of Monster Beverage in a research report on Thursday, October 22nd. Finally, Weiss Ratings upgraded shares of Monster Beverage from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Monster Beverage has an average rating of “Moderate Buy” and a consensus target price of $71.86.
View Our Latest Analysis on MNST
Monster Beverage Trading Up 3.3%
NASDAQ MNST opened at $48.75 on Thursday. The company has a market cap of $95.50 billion, a PE ratio of 45.14, a PEG ratio of 2.97 and a beta of 0.51. Monster Beverage Corporation has a 12 month low of $32.94 and a 12 month high of $50.17. The stock has a 50 day moving average of $44.73 and a 200-day moving average of $43.23.
Monster Beverage (NASDAQ:MNST – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Monster Beverage had a net margin of 23.08% and a return on equity of 26.02%. The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the company earned $0.26 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts predict that Monster Beverage Corporation will post 1.16 EPS for the current fiscal year.
Monster Beverage Company Profile
Monster Beverage Corporation is a global beverage company focused primarily on the development, marketing, sale and distribution of energy drinks. Its portfolio includes the flagship Monster Energy brand, along with products marketed under brands such as NOS, Full Throttle, Reign, Burn and Mother. The company offers a range of energy drinks in different flavors and formulations, including products positioned for performance, fitness and everyday consumption.
The company traces its origins to Hansen Natural Corporation, which was founded in 1935 and changed its name to Monster Beverage Corporation in 2012 as the Monster Energy brand became increasingly central to its business.
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