A number of other institutional investors have also recently bought and sold shares of the business. Cornerstone Advisors LLC boosted its holdings in Monster Beverage by 9.5% in the 3rd quarter. Cornerstone Advisors LLC now owns 46,000 shares of the company’s stock valued at $4,000,000 after purchasing an additional 4,000 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Monster Beverage by 91.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 116,479 shares of the company’s stock valued at $10,129,000 after purchasing an additional 55,540 shares during the period. Korea Investment CORP lifted its holdings in shares of Monster Beverage by 14.4% during the 3rd quarter. Korea Investment CORP now owns 182,392 shares of the company’s stock worth $15,861,000 after acquiring an additional 22,956 shares during the period. Employees Retirement System of Texas lifted its holdings in shares of Monster Beverage by 16.8% during the 3rd quarter. Employees Retirement System of Texas now owns 139,000 shares of the company’s stock worth $12,087,000 after acquiring an additional 20,000 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of Monster Beverage by 8.1% during the 3rd quarter. Bessemer Group Inc. now owns 13,420 shares of the company’s stock worth $1,167,000 after acquiring an additional 1,003 shares during the period. Institutional investors own 75.11% of the company’s stock.
Insider Buying and Selling at Monster Beverage
In other Monster Beverage news, insider Guy Carling sold 12,256 shares of the company’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $102.42, for a total value of $1,255,259.52. Following the completion of the transaction, the insider now directly owns 13,645 shares in the company, valued at approximately $1,397,520.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 10.50% of the company’s stock.
Monster Beverage Stock Performance
Shares of NASDAQ MNST opened at $104.04 on Friday. Monster Beverage Co. has a 52-week low of $71.78 and a 52-week high of $105.45. The firm has a 50 day moving average price of $101.89 and a two-hundred day moving average price of $96.09. The stock has a market cap of $54.28 billion, a P/E ratio of 46.04, a price-to-earnings-growth ratio of 3.08 and a beta of 0.88.
Monster Beverage announced that its board has authorized a stock buyback program on Thursday, November 3rd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
MNST has been the subject of a number of recent analyst reports. Stifel Nicolaus upped their price target on shares of Monster Beverage from $105.00 to $113.00 in a report on Friday, December 16th. Wells Fargo & Company upped their price target on shares of Monster Beverage from $105.00 to $115.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Evercore ISI upped their price target on shares of Monster Beverage from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 18th. Citigroup initiated coverage on shares of Monster Beverage in a report on Thursday. They set a “buy” rating for the company. Finally, UBS Group upped their price target on shares of Monster Beverage from $99.00 to $102.00 and gave the stock a “neutral” rating in a report on Friday, November 4th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Monster Beverage presently has an average rating of “Moderate Buy” and an average price target of $106.67.
About Monster Beverage
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Monster Beverage Corp. is a holding company, which engages in the development, marketing, sale, and distribution of energy drink beverages and concentrates. It operates through the following segments: Monster Energy Drinks, Strategic Brands, and Other. The Monster Energy Drinks segment sells ready-to-drink packaged energy drinks to bottlers and full-service beverage distributors.
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