Huntington National Bank lifted its stake in Monster Beverage Co. (NASDAQ:MNST – Free Report) by 56.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,644 shares of the company’s stock after purchasing an additional 592 shares during the period. Huntington National Bank’s holdings in Monster Beverage were worth $87,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. increased its stake in Monster Beverage by 8.4% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 19,210 shares of the company’s stock worth $1,017,000 after buying an additional 1,482 shares in the last quarter. Corient Private Wealth LLC increased its stake in Monster Beverage by 112.2% in the 3rd quarter. Corient Private Wealth LLC now owns 195,272 shares of the company’s stock worth $10,339,000 after buying an additional 103,271 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in Monster Beverage in the 2nd quarter worth $6,379,000. Perigon Wealth Management LLC increased its stake in Monster Beverage by 5.8% in the 2nd quarter. Perigon Wealth Management LLC now owns 18,060 shares of the company’s stock worth $1,037,000 after buying an additional 997 shares in the last quarter. Finally, Cibc World Markets Corp increased its stake in Monster Beverage by 47.8% in the 2nd quarter. Cibc World Markets Corp now owns 177,198 shares of the company’s stock worth $10,178,000 after buying an additional 57,288 shares in the last quarter. Hedge funds and other institutional investors own 64.60% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on MNST. Jefferies Financial Group began coverage on Monster Beverage in a research note on Monday, November 13th. They issued a “buy” rating and a $65.00 price target for the company. BMO Capital Markets increased their price objective on shares of Monster Beverage from $57.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday, January 17th. JPMorgan Chase & Co. increased their price objective on shares of Monster Beverage from $61.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 17th. Roth Mkm dropped their price objective on shares of Monster Beverage from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 20th. Finally, Piper Sandler increased their price target on shares of Monster Beverage from $50.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, November 20th. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Monster Beverage has a consensus rating of “Moderate Buy” and an average price target of $61.73.
Insider Transactions at Monster Beverage
In other news, Director Mark Vidergauz sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $54.90, for a total transaction of $164,700.00. Following the transaction, the director now directly owns 81,270 shares of the company’s stock, valued at $4,461,723. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Guy Carling sold 34,553 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $55.55, for a total value of $1,919,419.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark Vidergauz sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $54.90, for a total transaction of $164,700.00. Following the completion of the transaction, the director now directly owns 81,270 shares of the company’s stock, valued at approximately $4,461,723. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,553 shares of company stock valued at $3,850,599. 9.40% of the stock is currently owned by company insiders.
Monster Beverage Stock Performance
Shares of NASDAQ:MNST opened at $55.66 on Monday. The firm has a market cap of $57.91 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 1.47 and a beta of 0.72. The firm’s 50 day simple moving average is $56.36 and its 200-day simple moving average is $55.29. Monster Beverage Co. has a one year low of $47.13 and a one year high of $60.47.
Monster Beverage declared that its Board of Directors has approved a share repurchase program on Wednesday, November 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Monster Beverage 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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