Assenagon Asset Management S.A. purchased a new position in shares of Monster Beverage Corp (NASDAQ:MNST) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 65,066 shares of the company’s stock, valued at approximately $3,778,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nuveen Asset Management LLC grew its stake in shares of Monster Beverage by 7,920.5% in the second quarter. Nuveen Asset Management LLC now owns 9,099,432 shares of the company’s stock valued at $580,817,000 after acquiring an additional 8,985,980 shares in the last quarter. Viking Global Investors LP acquired a new position in shares of Monster Beverage in the second quarter valued at about $565,020,000. Renaissance Technologies LLC grew its stake in shares of Monster Beverage by 19.6% in the second quarter. Renaissance Technologies LLC now owns 8,624,004 shares of the company’s stock valued at $550,470,000 after acquiring an additional 1,413,700 shares in the last quarter. Invesco Ltd. grew its stake in shares of Monster Beverage by 2.9% in the second quarter. Invesco Ltd. now owns 6,799,956 shares of the company’s stock valued at $434,043,000 after acquiring an additional 192,832 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Monster Beverage by 39.0% in the second quarter. AQR Capital Management LLC now owns 4,795,737 shares of the company’s stock valued at $306,112,000 after acquiring an additional 1,345,673 shares in the last quarter. 66.03% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ MNST traded up $1.52 during mid-day trading on Friday, hitting $58.16. The company’s stock had a trading volume of 6,600,300 shares, compared to its average volume of 3,454,498. The firm has a market capitalization of $30.77 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 1.95 and a beta of 1.17. The company’s 50 day simple moving average is $56.72 and its 200 day simple moving average is $60.34. Monster Beverage Corp has a twelve month low of $47.74 and a twelve month high of $66.38.
Monster Beverage (NASDAQ:MNST) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Monster Beverage had a return on equity of 28.10% and a net margin of 26.58%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company posted $0.48 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. On average, analysts predict that Monster Beverage Corp will post 2.03 earnings per share for the current fiscal year.
Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Monster Beverage from $69.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Credit Suisse Group reaffirmed an “outperform” rating and set a $77.00 price objective on shares of Monster Beverage in a research report on Wednesday, August 28th. Zacks Investment Research raised shares of Monster Beverage from a “sell” rating to a “hold” rating and set a $61.00 price objective for the company in a research report on Tuesday, October 1st. UBS Group reissued a “sell” rating and issued a $52.00 target price (down previously from $53.00) on shares of Monster Beverage in a report on Thursday, August 8th. Finally, Jefferies Financial Group increased their target price on shares of Monster Beverage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Friday. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $64.93.
About Monster Beverage
Monster Beverage Corporation, through its subsidiaries, develops, markets, sells, and distributes energy drink beverages and 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 energy drinks, carbonated energy drinks, non-carbonated dairy based coffee and energy drinks, non-carbonated energy shakes, and non-carbonated energy drinks 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.
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