FY2024 Earnings Forecast for Monster Beverage Co. Issued By Wedbush (NASDAQ:MNST)

Monster Beverage Co. (NASDAQ:MNST) – Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of Monster Beverage in a research report issued to clients and investors on Monday, May 6th. Wedbush analyst G. Pascarelli now anticipates that the company will post earnings of $1.78 per share for the year, down from their previous forecast of $1.83. The consensus estimate for Monster Beverage’s current full-year earnings is $1.79 per share.

Monster Beverage (NASDAQ:MNST) last announced its earnings results on Thursday, May 2nd. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.01). Monster Beverage had a net margin of 22.83% and a return on equity of 20.74%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The firm’s revenue was up 11.8% on a year-over-year basis.

Several other equities analysts also recently issued reports on MNST. JPMorgan Chase & Co. downgraded Monster Beverage from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $66.00 to $59.00 in a research report on Thursday, April 25th. Redburn Atlantic initiated coverage on Monster Beverage in a research note on Wednesday, March 6th. They issued a “buy” rating for the company. UBS Group cut their price objective on shares of Monster Beverage from $61.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Truist Financial lowered shares of Monster Beverage from a “buy” rating to a “sell” rating and decreased their target price for the company from $65.00 to $46.00 in a research report on Thursday, April 25th. Finally, HSBC dropped their price target on shares of Monster Beverage from $72.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.32.

Monster Beverage Trading Down 0.7 %

MNST stock opened at $54.30 on Thursday. The firm has a market cap of $56.57 billion, a P/E ratio of 34.15, a P/E/G ratio of 2.27 and a beta of 0.74. The stock’s 50 day simple moving average is $56.78 and its 200 day simple moving average is $55.92. Monster Beverage has a 12-month low of $47.13 and a 12-month high of $61.22.

Hedge Funds Weigh In On Monster Beverage

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fortis Capital Advisors LLC boosted its stake in shares of Monster Beverage by 10.0% in the 1st quarter. Fortis Capital Advisors LLC now owns 12,369 shares of the company’s stock valued at $733,000 after purchasing an additional 1,123 shares in the last quarter. Interchange Capital Partners LLC grew its position in Monster Beverage by 11.8% during the 1st quarter. Interchange Capital Partners LLC now owns 5,676 shares of the company’s stock worth $342,000 after acquiring an additional 599 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in Monster Beverage by 2.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 916,270 shares of the company’s stock valued at $49,488,000 after purchasing an additional 21,754 shares during the last quarter. TD Asset Management Inc boosted its stake in Monster Beverage by 41.1% in the first quarter. TD Asset Management Inc now owns 4,528,763 shares of the company’s stock worth $268,465,000 after purchasing an additional 1,318,890 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Monster Beverage by 26.5% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 777,869 shares of the company’s stock worth $46,112,000 after acquiring an additional 162,894 shares during the last quarter. 72.36% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Mark J. Hall sold 659,000 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $58.55, for a total value of $38,584,450.00. Following the transaction, the director now directly owns 777,840 shares in the company, valued at approximately $45,542,532. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.40% of the company’s stock.

About Monster Beverage

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: Monster Energy Drinks, Strategic Brands, Alcohol Brands, and Other.