Adage Capital Partners GP L.L.C. Decreases Stake in Monster Beverage Corporation $MNST
Adage Capital Partners GP L.L.C. has reduced its stake in Monster Beverage Corporation (NASDAQ:MNST) by 2.3%, now holding 639,022 shares valued at $37.4 million. Other hedge funds have also adjusted their positions, with significant purchases made in the first quarter. Analysts have raised price targets for Monster Beverage, with a consensus target of $65.10. The stock opened at $63.51, with a market cap of $62.01 billion and a recent earnings report showing a revenue increase of 11.1% year-over-year.
Adage Capital Partners GP L.L.C. reduced its position in Monster Beverage Corporation (NASDAQ:MNST - Free Report) by 2.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 639,022 shares of the company's stock after selling 15,200 shares during the period. Adage Capital Partners GP L.L.C. owned 0.07% of Monster Beverage worth $37,396,000 at the end of the most recent quarter.
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Other hedge funds also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new stake in shares of Monster Beverage in the first quarter worth about $29,000. Park Square Financial Group LLC purchased a new stake in Monster Beverage during the fourth quarter valued at approximately $36,000. Migdal Insurance & Financial Holdings Ltd. raised its position in Monster Beverage by 37.1% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 724 shares of the company's stock valued at $42,000 after purchasing an additional 196 shares during the period. Banque Cantonale Vaudoise purchased a new stake in Monster Beverage during the first quarter valued at approximately $43,000. Finally, Cary Street Partners Investment Advisory LLC raised its position in Monster Beverage by 21.2% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,314 shares of the company's stock valued at $77,000 after purchasing an additional 230 shares during the period. 72.36% of the stock is currently owned by hedge funds and other institutional investors.
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Insider Buying and Selling at Monster Beverage
In related news, Director Mark Vidergauz sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $63.73, for a total value of $637,300.00. Following the transaction, the director owned 51,191 shares of the company's stock, valued at $3,262,402.43. This represents a 16.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.80% of the company's stock.
Wall Street Analysts Forecast Growth
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A number of equities research analysts have issued reports on the company. UBS Group upped their price objective on Monster Beverage from $64.00 to $67.00 and gave the company a "neutral" rating in a research report on Friday, August 8th. The Goldman Sachs Group upped their price objective on Monster Beverage from $67.00 to $72.00 and gave the company a "buy" rating in a research report on Friday, June 13th. TD Cowen upped their price objective on Monster Beverage from $55.00 to $60.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Roth Mkm upped their price objective on Monster Beverage from $50.00 to $56.00 and gave the company a "neutral" rating in a research report on Wednesday, May 14th. Finally, Wells Fargo & Company set a $73.00 price objective on Monster Beverage and gave the company an "overweight" rating in a research report on Friday, August 8th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $65.10.
View Our Latest Research Report on MNST
Monster Beverage Stock Performance
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Shares of NASDAQ MNST opened at $63.51 on Thursday. The business's 50 day moving average price is $61.58 and its 200-day moving average price is $59.87. Monster Beverage Corporation has a fifty-two week low of $45.70 and a fifty-two week high of $66.75. The company has a market cap of $62.01 billion, a price-to-earnings ratio of 39.45, a PEG ratio of 2.04 and a beta of 0.54.
Monster Beverage (NASDAQ:MNST - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. Monster Beverage had a return on equity of 27.46% and a net margin of 20.54%.The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The company's revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts predict that Monster Beverage Corporation will post 1.62 earnings per share for the current year.
About Monster Beverage
(Free Report)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.
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