State Board of Administration of Florida Retirement System lifted its position in shares of Monster Beverage Corp (NASDAQ:MNST) by 1.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 565,182 shares of the company’s stock after purchasing an additional 9,211 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Monster Beverage were worth $39,178,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in MNST. Jacobi Capital Management LLC grew its holdings in shares of Monster Beverage by 1,073.0% during the 2nd quarter. Jacobi Capital Management LLC now owns 4,387 shares of the company’s stock worth $26,000 after purchasing an additional 4,013 shares in the last quarter. Virtus ETF Advisers LLC acquired a new stake in shares of Monster Beverage during the 2nd quarter worth approximately $26,000. First Horizon Advisors Inc. grew its holdings in shares of Monster Beverage by 120.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 557 shares of the company’s stock worth $39,000 after purchasing an additional 304 shares in the last quarter. Balentine LLC acquired a new stake in shares of Monster Beverage during the 1st quarter worth approximately $41,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Monster Beverage in the 2nd quarter valued at $83,000. 64.05% of the stock is currently owned by institutional investors.
In related news, EVP Thomas J. Kelly sold 10,249 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $83.53, for a total value of $856,098.97. Following the completion of the sale, the executive vice president now owns 2,868 shares in the company, valued at $239,564.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark J. Hall sold 64,643 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $72.82, for a total value of $4,707,303.26. The disclosure for this sale can be found here. Insiders sold 163,743 shares of company stock valued at $12,832,454 in the last quarter. 10.60% of the stock is currently owned by corporate insiders.
Shares of MNST stock traded down $0.45 on Friday, reaching $82.56. 24,117 shares of the stock were exchanged, compared to its average volume of 1,966,567. The stock has a market cap of $43.60 billion, a PE ratio of 38.97, a P/E/G ratio of 3.06 and a beta of 1.07. Monster Beverage Corp has a one year low of $50.06 and a one year high of $83.97. The stock has a 50 day moving average price of $76.37 and a 200 day moving average price of $67.63.
Monster Beverage (NASDAQ:MNST) last released its earnings results on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.10. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1 billion. Monster Beverage had a return on equity of 27.95% and a net margin of 26.57%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 earnings per share. As a group, analysts anticipate that Monster Beverage Corp will post 2.26 earnings per share for the current year.
Several analysts recently commented on MNST shares. Morgan Stanley boosted their price target on Monster Beverage from $75.00 to $82.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Bank of America lifted their price objective on Monster Beverage from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Guggenheim lifted their price objective on Monster Beverage from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Credit Suisse Group lifted their price objective on Monster Beverage from $90.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Finally, BidaskClub upgraded Monster Beverage from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $75.38.
Monster Beverage 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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