1,701,788 Shares of Monster Beverage Corporation $MNST Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Monster Beverage Corporation (NASDAQ:MNST) during the third quarter, HoldingsChannel.com reports. The fund bought 1,701,788 shares of the company’s stock, valued at approximately $70,828,000.

Several other hedge funds also recently modified their holdings of MNST. BlackRock Inc. purchased a new stake in shares of Monster Beverage during the second quarter worth about $5,770,004,000. Bank of America Corp DE acquired a new position in shares of Monster Beverage in the second quarter valued at approximately $1,195,360,000. Ninety One UK Ltd raised its position in shares of Monster Beverage by 89.1% in the third quarter. Ninety One UK Ltd now owns 13,105,329 shares of the company’s stock valued at $545,444,000 after buying an additional 6,175,047 shares during the last quarter. Jupiter Topco LLC acquired a new position in shares of Monster Beverage in the second quarter valued at approximately $593,075,000. Finally, Legal & General Group Plc purchased a new position in shares of Monster Beverage during the second quarter valued at approximately $478,694,000. 72.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MNST. Stifel Nicolaus set a $52.00 target price on shares of Monster Beverage in a research report on Thursday, October 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $100.00 target price (up from $98.00) on shares of Monster Beverage in a research note on Monday, August 10th. Citigroup reiterated a “buy” rating on shares of Monster Beverage in a report on Thursday, October 22nd. Royal Bank Of Canada reissued an “outperform” rating and set a $48.50 price target (down from $97.00) on shares of Monster Beverage in a research note on Wednesday, August 5th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $47.50 price target (up from $36.50) on shares of Monster Beverage in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Monster Beverage presently has a consensus rating of “Moderate Buy” and an average target price of $71.86.

Monster Beverage Stock Performance

Monster Beverage stock opened at $47.34 on Monday. Monster Beverage Corporation has a 1 year low of $32.94 and a 1 year high of $50.17. The firm has a 50 day moving average price of $44.76 and a 200 day moving average price of $43.09. The company has a market cap of $92.74 billion, a price-to-earnings ratio of 43.83, a PEG ratio of 2.98 and a beta of 0.51.

Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.43 billion. Monster Beverage had a net margin of 23.08% and a return on equity of 26.02%. Monster Beverage’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 earnings per share. Sell-side analysts predict that Monster Beverage Corporation will post 1.16 EPS for the current year.

About Monster Beverage

Monster Beverage Corporation is a global beverage company focused primarily on the development, marketing, sale and distribution of energy drinks. Its portfolio includes the flagship Monster Energy brand, along with products marketed under brands such as NOS, Full Throttle, Reign, Burn and Mother. The company offers a range of energy drinks in different flavors and formulations, including products positioned for performance, fitness and everyday consumption.

The company traces its origins to Hansen Natural Corporation, which was founded in 1935 and changed its name to Monster Beverage Corporation in 2012 as the Monster Energy brand became increasingly central to its business.