Wealth Enhancement Advisory Services LLC purchased a new position in shares of Monster Beverage Corp (NASDAQ:MNST) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,974 shares of the company’s stock, valued at approximately $883,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Pitcairn Co. grew its position in shares of Monster Beverage by 15.0% during the 3rd quarter. Pitcairn Co. now owns 17,660 shares of the company’s stock worth $1,029,000 after buying an additional 2,299 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Monster Beverage by 10.0% during the 3rd quarter. Daiwa Securities Group Inc. now owns 15,799 shares of the company’s stock worth $921,000 after purchasing an additional 1,436 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Monster Beverage by 57.8% during the 3rd quarter. Private Advisor Group LLC now owns 18,995 shares of the company’s stock worth $1,107,000 after purchasing an additional 6,954 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in shares of Monster Beverage during the 3rd quarter worth $910,000. Finally, First National Trust Co lifted its stake in shares of Monster Beverage by 17.9% during the 3rd quarter. First National Trust Co now owns 31,133 shares of the company’s stock worth $1,815,000 after purchasing an additional 4,729 shares during the last quarter. 65.02% of the stock is currently owned by institutional investors and hedge funds.
Monster Beverage stock opened at $54.79 on Wednesday. Monster Beverage Corp has a one year low of $47.61 and a one year high of $70.21. The stock has a market capitalization of $29.89 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 1.95 and a beta of 1.36.
Monster Beverage announced that its board has approved a share repurchase plan on Wednesday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
In other Monster Beverage news, insider Emelie Tirre sold 17,000 shares of the stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $60.91, for a total value of $1,035,470.00. Following the completion of the sale, the insider now directly owns 46,847 shares in the company, valued at $2,853,450.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 9.70% of the company’s stock.
MNST has been the subject of a number of analyst reports. BidaskClub cut Monster Beverage from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. JPMorgan Chase & Co. decreased their price objective 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. ValuEngine cut Monster Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Stifel Nicolaus upped their price objective on Monster Beverage from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, July 12th. Finally, BMO Capital Markets upped their price objective on Monster Beverage from $68.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. Monster Beverage currently has an average rating of “Buy” and a consensus target price of $65.06.
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Monster Beverage Profile
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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