PNC Financial Services Group Inc. lifted its stake in Monster Beverage Corp (NASDAQ:MNST) by 26.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 141,214 shares of the company’s stock after purchasing an additional 29,377 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Monster Beverage were worth $8,229,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of MNST. Laurel Wealth Advisors Inc. grew its position in Monster Beverage by 14.5% in the second quarter. Laurel Wealth Advisors Inc. now owns 6,594 shares of the company’s stock worth $377,000 after acquiring an additional 836 shares during the period. Penserra Capital Management LLC grew its position in Monster Beverage by 16.5% in the third quarter. Penserra Capital Management LLC now owns 6,900 shares of the company’s stock worth $402,000 after acquiring an additional 975 shares during the period. Flagship Harbor Advisors LLC grew its position in Monster Beverage by 21.5% in the second quarter. Flagship Harbor Advisors LLC now owns 5,660 shares of the company’s stock worth $324,000 after acquiring an additional 1,000 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Monster Beverage by 1.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 84,044 shares of the company’s stock worth $4,899,000 after acquiring an additional 1,085 shares during the period. Finally, Dock Street Asset Management Inc. grew its position in Monster Beverage by 1.1% in the third quarter. Dock Street Asset Management Inc. now owns 108,135 shares of the company’s stock worth $6,302,000 after acquiring an additional 1,197 shares during the period. 63.49% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on MNST. Zacks Investment Research upgraded Monster Beverage from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Tuesday. Citigroup set a $64.00 price objective on Monster Beverage and gave the stock a “buy” rating in a research report on Friday, November 9th. Goldman Sachs Group upgraded Monster Beverage from a “buy” rating to a “conviction-buy” rating in a research report on Friday, November 9th. BMO Capital Markets lowered their price objective on Monster Beverage to $60.00 and set an “outperform” rating for the company in a research report on Friday, November 9th. They noted that the move was a valuation call. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $71.00 price objective on shares of Monster Beverage in a research report on Thursday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.38.
Monster Beverage (NASDAQ:MNST) last released its quarterly earnings results on Wednesday, November 7th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.46 by $0.04. Monster Beverage had a return on equity of 25.47% and a net margin of 25.86%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $988.73 million. During the same period last year, the business posted $0.40 earnings per share. The company’s quarterly revenue was up 11.7% on a year-over-year basis. As a group, equities research analysts predict that Monster Beverage Corp will post 1.77 EPS for the current year.
Monster Beverage declared that its board has approved a stock repurchase program on Wednesday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
About Monster Beverage
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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