Huntington National Bank raised its stake in shares of Monster Beverage Co. (NASDAQ:MNST – Free Report) by 56.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund 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.
Several other institutional investors and hedge funds have also recently bought and sold shares of MNST. Freedom Wealth Alliance LLC acquired a new stake in shares of Monster Beverage during the fourth quarter worth $25,000. Peoples Bank KS acquired a new stake in shares of Monster Beverage during the third quarter worth $26,000. Resurgent Financial Advisors LLC acquired a new stake in shares of Monster Beverage during the fourth quarter worth $26,000. Ancora Advisors LLC acquired a new stake in shares of Monster Beverage during the first quarter worth $27,000. Finally, Quarry LP increased its holdings in shares of Monster Beverage by 276.1% in the 1st quarter. Quarry LP now owns 504 shares of the company’s stock worth $27,000 after acquiring an additional 370 shares during the period. Institutional investors and hedge funds own 64.60% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on MNST shares. Roth Mkm dropped their price objective on shares of Monster Beverage from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 20th. UBS Group increased their price objective on shares of Monster Beverage from $57.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Monster Beverage from $62.00 to $61.00 and set a “buy” rating on the stock in a report on Monday, October 23rd. Piper Sandler increased their target price on shares of Monster Beverage from $50.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, November 20th. Finally, BMO Capital Markets increased their target price on shares of Monster Beverage from $57.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday, January 17th. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Monster Beverage presently has an average rating of “Moderate Buy” and a consensus target price of $61.73.
Monster Beverage Price Performance
Shares of MNST opened at $55.66 on Monday. Monster Beverage Co. has a one year low of $47.13 and a one year high of $60.47. The company has a 50-day moving average of $56.36 and a two-hundred day moving average of $55.29. The stock has a market cap of $57.91 billion, a price-to-earnings ratio of 37.48, a PEG ratio of 1.47 and a beta of 0.72.
Monster Beverage declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Insiders Place Their Bets
In other news, Director Mark Vidergauz sold 3,000 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $54.90, for a total value of $164,700.00. Following the completion of the sale, the director now directly owns 81,270 shares of the company’s stock, valued at $4,461,723. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related 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 owns 81,270 shares of the company’s stock, valued at $4,461,723. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Kelly sold 30,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 60,056 shares in the company, valued at approximately $3,314,490.64. The disclosure for this sale can be found here. Insiders sold a total of 69,553 shares of company stock worth $3,850,599 over the last ninety days. 9.40% of the stock is currently owned by company insiders.
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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