Monster Beverage (MNST) Shares Up 6.2%
Monster Beverage Corp (NASDAQ:MNST) shares shot up 6.2% during trading on Tuesday . The company traded as high as $53.05 and last traded at $52.83. 6,023,218 shares changed hands during mid-day trading, an increase of 32% from the average session volume of 4,579,704 shares. The stock had previously closed at $49.73.
MNST has been the topic of a number of recent research reports. Stifel Nicolaus raised their price objective on Monster Beverage from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, September 18th. Guggenheim assumed coverage on shares of Monster Beverage in a report on Thursday, September 13th. They issued a “buy” rating and a $72.00 price objective for the company. Zacks Investment Research downgraded shares of Monster Beverage from a “buy” rating to a “hold” rating in a research report on Wednesday, December 5th. UBS Group initiated coverage on shares of Monster Beverage in a research report on Thursday, December 13th. They set a “sell” rating and a $48.00 price objective for the company. Finally, Citigroup set a $64.00 target price on shares of Monster Beverage and gave the company a “buy” rating in a research note on Friday, November 9th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Monster Beverage currently has an average rating of “Buy” and an average target price of $62.27.
The company has a market capitalization of $27.53 billion, a price-to-earnings ratio of 36.23, a price-to-earnings-growth ratio of 1.58 and a beta of 1.45.
In other news, Director Harold C. Taber, Jr. sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 13th. The shares were sold at an average price of $54.55, for a total transaction of $490,950.00. Following the completion of the sale, the director now owns 77,238 shares of the company’s stock, valued at $4,213,332.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas J. Kelly sold 14,661 shares of Monster Beverage stock in a transaction on Thursday, December 13th. The stock was sold at an average price of $53.73, for a total transaction of $787,735.53. Following the completion of the transaction, the executive vice president now directly owns 24,312 shares of the company’s stock, valued at approximately $1,306,283.76. The disclosure for this sale can be found here. Company insiders own 9.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of MNST. Alliancebernstein L.P. increased its stake in Monster Beverage by 47.2% in the 3rd quarter. Alliancebernstein L.P. now owns 12,359,240 shares of the company’s stock worth $720,297,000 after purchasing an additional 3,961,104 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of Monster Beverage by 101,575.8% during the third quarter. Glenmede Trust Co. NA now owns 1,985,729 shares of the company’s stock worth $115,727,000 after buying an additional 1,983,776 shares during the last quarter. USS Investment Management Ltd bought a new stake in shares of Monster Beverage during the fourth quarter valued at approximately $94,311,000. Capital World Investors bought a new stake in shares of Monster Beverage during the third quarter valued at approximately $62,068,000. Finally, Renaissance Technologies LLC grew its position in Monster Beverage by 98.8% in the third quarter. Renaissance Technologies LLC now owns 1,444,200 shares of the company’s stock valued at $84,168,000 after acquiring an additional 717,700 shares during the period. Hedge funds and other institutional investors own 64.15% of the company’s stock.
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About Monster Beverage (NASDAQ:MNST)
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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