Goldman Sachs Group upgraded shares of Monster Beverage (NASDAQ:MNST) from a buy rating to a conviction-buy rating in a report published on Friday morning, The Fly reports.
Several other research analysts have also weighed in on the company. BMO Capital Markets lowered their price target on Monster Beverage to $60.00 and set an outperform rating on the stock in a research report on Friday. They noted that the move was a valuation call. Jefferies Financial Group reiterated a buy rating and set a $71.00 target price on shares of Monster Beverage in a research note on Thursday. Morgan Stanley downgraded Monster Beverage from an overweight rating to an equal weight rating and lifted their target price for the stock from $50.02 to $57.00 in a research note on Thursday. BidaskClub upgraded Monster Beverage from a sell rating to a hold rating in a research note on Wednesday, October 24th. Finally, JPMorgan Chase & Co. reduced their target price on Monster Beverage from $64.00 to $58.00 and set a hold rating for the company in a research note on Wednesday, October 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Monster Beverage presently has a consensus rating of Buy and a consensus price target of $63.63.
Shares of NASDAQ:MNST traded up $2.70 during trading on Friday, hitting $56.84. 5,340,989 shares of the company were exchanged, compared to its average volume of 3,222,555. The firm has a market capitalization of $30.89 billion, a price-to-earnings ratio of 38.93, a price-to-earnings-growth ratio of 2.02 and a beta of 1.36. Monster Beverage has a fifty-two week low of $47.61 and a fifty-two week high of $70.21.
Monster Beverage declared that its Board of Directors has approved a stock buyback program on Wednesday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 1.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, insider Emelie Tirre sold 17,000 shares of Monster Beverage stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $60.91, for a total transaction of $1,035,470.00. Following the completion of the transaction, the insider now directly owns 46,847 shares in the company, valued at approximately $2,853,450.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.70% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Laurel Wealth Advisors Inc. boosted its stake in Monster Beverage by 14.5% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 6,594 shares of the company’s stock valued at $377,000 after purchasing an additional 836 shares during the period. Penserra Capital Management LLC raised its holdings in Monster Beverage by 16.5% in the 3rd quarter. Penserra Capital Management LLC now owns 6,900 shares of the company’s stock valued at $402,000 after acquiring an additional 975 shares in the last quarter. Supplemental Annuity Collective Trust of NJ raised its holdings in Monster Beverage by 25.0% in the 2nd quarter. Supplemental Annuity Collective Trust of NJ now owns 5,000 shares of the company’s stock valued at $287,000 after acquiring an additional 1,000 shares in the last quarter. Flagship Harbor Advisors LLC raised its holdings in Monster Beverage by 21.5% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 5,660 shares of the company’s stock valued at $324,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Monster Beverage by 1.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,044 shares of the company’s stock valued at $4,899,000 after acquiring an additional 1,085 shares in the last quarter. Institutional investors and hedge funds own 65.02% of the company’s stock.
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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