Morgan Stanley lowered shares of Monster Beverage (NASDAQ:MNST) from an overweight rating to an equal weight rating in a research report report published on Thursday, Marketbeat.com reports. The brokerage currently has $57.00 target price on the stock, up from their prior target price of $50.02.
MNST has been the topic of several other reports. BidaskClub downgraded shares of Monster Beverage from a buy rating to a hold rating in a research note on Friday, August 24th. JPMorgan Chase & Co. dropped their price objective on shares of Monster Beverage from $64.00 to $58.00 and set a hold rating on the stock in a research report on Wednesday, October 24th. ValuEngine downgraded shares of Monster Beverage from a buy rating to a hold rating in a research report on Thursday, August 23rd. Stifel Nicolaus increased their price objective on shares of Monster Beverage from $63.00 to $65.00 and gave the company a buy rating in a research report on Thursday, July 12th. Finally, BMO Capital Markets increased their price objective on shares of Monster Beverage from $68.00 to $70.00 and gave the company an outperform rating in a research report on Thursday, July 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $63.63.
MNST traded up $2.70 during trading hours on Thursday, hitting $56.84. 5,340,989 shares of the company’s stock were exchanged, compared to its average volume of 3,091,447. Monster Beverage has a 12-month low of $47.61 and a 12-month high of $70.21. The company has a market cap of $30.27 billion, a P/E ratio of 38.93, a PEG ratio of 1.98 and a beta of 1.36.
Monster Beverage declared that its board has approved a share buyback plan on Wednesday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Emelie Tirre sold 17,000 shares of the stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $60.91, for a total value of $1,035,470.00. Following the transaction, the insider now directly owns 46,847 shares of the company’s stock, valued at approximately $2,853,450.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 9.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Harvest Fund Management Co. Ltd grew its position in shares of Monster Beverage by 287.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,900 shares of the company’s stock valued at $111,000 after buying an additional 1,409 shares during the last quarter. Integrated Investment Consultants LLC purchased a new position in shares of Monster Beverage in the 2nd quarter valued at $123,000. Exane Derivatives grew its position in shares of Monster Beverage by 7,740.0% in the 2nd quarter. Exane Derivatives now owns 2,352 shares of the company’s stock valued at $134,000 after buying an additional 2,322 shares during the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of Monster Beverage in the 2nd quarter valued at $181,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Monster Beverage in the 2nd quarter valued at $175,000. 65.02% of the stock is currently owned by hedge funds and other institutional investors.
Monster Beverage Company 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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