Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Monster Beverage Corp (NASDAQ:MNST) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,195 shares of the company’s stock, valued at approximately $637,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. The Manufacturers Life Insurance Company boosted its position in Monster Beverage by 8.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 636,981 shares of the company’s stock valued at $35,836,000 after purchasing an additional 50,860 shares during the period. Federated Hermes Inc. raised its position in Monster Beverage by 19.0% in the 1st quarter. Federated Hermes Inc. now owns 23,452 shares of the company’s stock worth $1,320,000 after purchasing an additional 3,752 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in Monster Beverage by 320.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 23,090 shares of the company’s stock worth $1,601,000 after buying an additional 17,600 shares in the last quarter. Comerica Bank increased its stake in shares of Monster Beverage by 15.3% in the 1st quarter. Comerica Bank now owns 67,518 shares of the company’s stock valued at $4,037,000 after buying an additional 8,971 shares during the period. Finally, CIBC Asset Management Inc increased its stake in shares of Monster Beverage by 2.4% in the 2nd quarter. CIBC Asset Management Inc now owns 72,287 shares of the company’s stock valued at $5,011,000 after buying an additional 1,719 shares during the period. Hedge funds and other institutional investors own 63.92% of the company’s stock.
MNST stock traded down $0.68 during mid-day trading on Tuesday, reaching $83.86. The company had a trading volume of 1,666,800 shares, compared to its average volume of 1,793,318. The company has a market capitalization of $44.59 billion, a price-to-earnings ratio of 39.37, a PEG ratio of 3.13 and a beta of 1.07. Monster Beverage Corp has a 52 week low of $50.06 and a 52 week high of $84.97. The stock has a 50 day simple moving average of $79.28 and a two-hundred day simple moving average of $68.48.
Monster Beverage (NASDAQ:MNST) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.10. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1 billion. Monster Beverage had a net margin of 26.57% and a return on equity of 27.95%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.53 earnings per share. As a group, equities analysts expect that Monster Beverage Corp will post 2.26 EPS for the current fiscal year.
A number of brokerages recently commented on MNST. SunTrust Banks lifted their price objective on Monster Beverage from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. UBS Group raised their price objective on shares of Monster Beverage from $51.00 to $52.00 and gave the company a “sell” rating in a research note on Friday, May 8th. Morgan Stanley lifted their target price on shares of Monster Beverage from $75.00 to $82.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Guggenheim increased their price target on Monster Beverage from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Deutsche Bank lifted their price objective on Monster Beverage from $83.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Monster Beverage currently has a consensus rating of “Buy” and a consensus target price of $75.38.
In other Monster Beverage news, Director Mark Vidergauz sold 12,000 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $83.47, for a total transaction of $1,001,640.00. Following the completion of the sale, the director now owns 41,325 shares of the company’s stock, valued at approximately $3,449,397.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Emelie Tirre sold 47,601 shares of Monster Beverage stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $80.34, for a total transaction of $3,824,264.34. Following the transaction, the insider now directly owns 11,349 shares of the company’s stock, valued at $911,778.66. The disclosure for this sale can be found here. Insiders sold a total of 111,100 shares of company stock valued at $9,126,791 over the last quarter. 10.60% of the stock is currently owned by company insiders.
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.
Further Reading: What is Cost of Goods Sold (COGS)?
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