Norinchukin Bank The Has $2.98 Million Stake in Monster Beverage Corp (MNST)
Norinchukin Bank The grew its position in Monster Beverage Corp (NASDAQ:MNST) by 9.9% during the third quarter, Holdings Channel reports. The firm owned 51,168 shares of the company’s stock after buying an additional 4,630 shares during the period. Norinchukin Bank The’s holdings in Monster Beverage were worth $2,982,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Laurel Wealth Advisors Inc. boosted its stake in shares of Monster Beverage by 14.5% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 6,594 shares of the company’s stock valued at $377,000 after purchasing an additional 836 shares during the last quarter. Lido Advisors LLC bought a new position in Monster Beverage during the second quarter worth $202,000. Dock Street Asset Management Inc. boosted its stake in Monster Beverage by 1.1% during 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 in the last quarter. Bank of Montreal Can boosted its stake in Monster Beverage by 87.3% during the third quarter. Bank of Montreal Can now owns 312,899 shares of the company’s stock worth $18,236,000 after acquiring an additional 145,812 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its stake in Monster Beverage by 15.7% during the third quarter. IFM Investors Pty Ltd now owns 21,702 shares of the company’s stock worth $1,265,000 after acquiring an additional 2,949 shares in the last quarter. 63.49% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Monster Beverage from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Wednesday, November 14th. BMO Capital Markets cut their target price on shares of Monster Beverage to $60.00 and set an “outperform” rating on the stock in a research note on Friday, November 9th. They noted that the move was a valuation call. Morgan Stanley lowered shares of Monster Beverage from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $50.02 to $57.00 in a research note on Thursday, November 8th. Goldman Sachs Group raised shares of Monster Beverage from a “buy” rating to a “conviction-buy” rating in a research note on Friday, November 9th. Finally, Citigroup set a $64.00 target price on shares of Monster Beverage and gave the stock a “buy” rating in a research note on Friday, November 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $63.38.
Monster Beverage (NASDAQ:MNST) last released its quarterly earnings data on Wednesday, November 7th. The company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.04. Monster Beverage had a net margin of 25.86% and a return on equity of 25.47%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $988.73 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. The business’s revenue was up 11.7% on a year-over-year basis. Equities analysts forecast that Monster Beverage Corp will post 1.77 EPS for the current year.
Monster Beverage announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Monster Beverage news, insider Emelie Tirre sold 17,000 shares of the company’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $60.91, for a total transaction of $1,035,470.00. Following the transaction, the insider now owns 46,847 shares in the company, valued at $2,853,450.77. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 9.70% of the company’s stock.
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Monster Beverage Profile
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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