Van ECK Associates Corp lifted its position in shares of Monster Beverage Co. (NASDAQ:MNST – Free Report) by 3.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 107,096 shares of the company’s stock after buying an additional 3,567 shares during the quarter. Van ECK Associates Corp’s holdings in Monster Beverage were worth $5,671,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of MNST. Freedom Wealth Alliance LLC purchased a new stake in shares of Monster Beverage during the fourth quarter worth about $25,000. Peoples Bank KS purchased a new stake in Monster Beverage in the third quarter valued at approximately $26,000. Resurgent Financial Advisors LLC purchased a new stake in Monster Beverage in the fourth quarter valued at approximately $26,000. Marquette Asset Management LLC purchased a new stake in Monster Beverage in the second quarter valued at approximately $27,000. Finally, Ancora Advisors LLC purchased a new stake in Monster Beverage in the first quarter valued at approximately $27,000. 64.60% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Monster Beverage
In other news, CFO Thomas J. Kelly sold 30,000 shares of Monster Beverage stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $55.19, for a total value of $1,655,700.00. Following the transaction, the chief financial officer now owns 60,056 shares of the company’s stock, valued at $3,314,490.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Thomas J. Kelly sold 30,000 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $55.19, for a total transaction of $1,655,700.00. Following the transaction, the chief financial officer now owns 60,056 shares of the company’s stock, valued at $3,314,490.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Vidergauz sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $55.39, for a total transaction of $110,780.00. Following the transaction, the director now directly owns 79,270 shares in the company, valued at approximately $4,390,765.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,553 shares of company stock valued at $3,850,599. 9.40% of the stock is currently owned by corporate insiders.
Monster Beverage Stock Performance
Monster Beverage announced that its board has authorized a share buyback program on Wednesday, November 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of research firms recently issued reports on MNST. Jefferies Financial Group began coverage on shares of Monster Beverage in a report on Monday, November 13th. They issued a “buy” rating and a $65.00 target price for the company. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Monster Beverage from $62.00 to $61.00 and set a “buy” rating for the company in a report on Monday, October 23rd. UBS Group boosted their target price on shares of Monster Beverage from $57.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Bank of America decreased their price objective on shares of Monster Beverage from $63.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, October 17th. Finally, BMO Capital Markets boosted their price objective on shares of Monster Beverage from $57.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 17th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.73.
Monster Beverage Company Profile
Monster Beverage Corporation, through its subsidiaries, engages in development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally. The company operates through three segments: Finished Product, Concentrate, and Other. It offers carbonated non-carbonated energy drinks, ready-to-drink iced teas and juice drinks, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks and single-serve still waters, and sodas that are considered natural, sparkling juices, and flavored sparkling beverages.
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