Eaton Vance Management Has $8.44 Million Position in Monster Beverage Corp (MNST)
Eaton Vance Management increased its stake in shares of Monster Beverage Corp (NASDAQ:MNST) by 6.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,843 shares of the company’s stock after buying an additional 8,400 shares during the quarter. Eaton Vance Management’s holdings in Monster Beverage were worth $8,441,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of MNST. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Monster Beverage in the 2nd quarter valued at $3,066,000. Alps Advisors Inc. acquired a new stake in shares of Monster Beverage in the 2nd quarter valued at $531,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Monster Beverage by 82.2% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,400 shares of the company’s stock valued at $2,487,000 after purchasing an additional 19,575 shares in the last quarter. Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Monster Beverage in the 2nd quarter valued at $20,335,000. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in shares of Monster Beverage in the 2nd quarter valued at $2,952,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on MNST. BidaskClub raised Monster Beverage from a “hold” rating to a “buy” rating in a report on Friday, August 17th. Zacks Investment Research downgraded Monster Beverage from a “buy” rating to a “hold” rating in a report on Monday, October 15th. Jefferies Financial Group raised their target price on Monster Beverage from $70.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Citigroup raised their target price on Monster Beverage from $62.00 to $71.00 and gave the company a “buy” rating in a report on Friday, August 10th. Finally, Guggenheim began coverage on Monster Beverage in a report on Thursday, September 13th. They issued a “buy” rating and a $72.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven 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 stock has a consensus rating of “Buy” and a consensus target price of $63.38.
Monster Beverage (NASDAQ:MNST) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.04. Monster Beverage had a return on equity of 25.47% and a net margin of 25.86%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $988.73 million. During the same period in the prior year, the company earned $0.40 EPS. Monster Beverage’s revenue was up 11.7% compared to the same quarter last year. On average, sell-side analysts predict that Monster Beverage Corp will post 1.77 earnings per share for the current fiscal year.
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About Monster Beverage
Monster Beverage Corporation, through its subsidiaries, develops, markets, sells, and distributes energy drink beverages, soda, and its 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 drinks, non-carbonated dairy based coffee and energy drinks, and non-carbonated energy shakes 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; and ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.
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