Monster Beverage Corporation $MNST Position Boosted by Wedmont Private Capital

Wedmont Private Capital raised its position in shares of Monster Beverage Corporation (NASDAQ:MNST) by 203.6% during the 3rd quarter, Holdings Channel reports. The fund owned 48,280 shares of the company’s stock after purchasing an additional 32,379 shares during the period. Wedmont Private Capital’s holdings in Monster Beverage were worth $2,107,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in Monster Beverage in the second quarter worth $5,770,004,000. Bank of America Corp DE purchased a new stake in Monster Beverage during the second quarter valued at $1,195,360,000. Jupiter Topco LLC bought a new position in Monster Beverage during the second quarter valued at $593,075,000. Legal & General Group Plc bought a new position in Monster Beverage during the second quarter valued at $478,694,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Monster Beverage in the 2nd quarter worth $440,838,000. 72.36% of the stock is owned by hedge funds and other institutional investors.

Monster Beverage Price Performance

Shares of NASDAQ:MNST opened at $43.64 on Friday. Monster Beverage Corporation has a 1 year low of $32.94 and a 1 year high of $50.17. The business has a 50 day simple moving average of $44.92 and a two-hundred day simple moving average of $43.82. The firm has a market capitalization of $85.49 billion, a PE ratio of 40.41, a price-to-earnings-growth ratio of 2.85 and a beta of 0.49.

Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. Monster Beverage had a return on equity of 26.02% and a net margin of 23.08%. The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts expect that Monster Beverage Corporation will post 1.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Jefferies Financial Group decreased their target price on shares of Monster Beverage from $108.00 to $54.00 and set a “buy” rating on the stock in a research report on Thursday, September 3rd. The Goldman Sachs Group upped their price objective on Monster Beverage from $106.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Stifel Nicolaus lifted their target price on Monster Beverage from $45.00 to $52.50 and gave the stock a “buy” rating in a report on Thursday, July 16th. BMO Capital Markets reissued a “market perform” rating and set a $47.50 target price (up from $36.50) on shares of Monster Beverage in a research report on Monday, July 20th. Finally, Evercore lowered their price target on Monster Beverage from $95.00 to $52.00 in a research report on Thursday. Fifteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.07.

Monster Beverage Company Profile

Monster Beverage Corporation is a beverage company that develops, markets, and distributes energy drinks and related alternative beverages. Its flagship Monster Energy brand offers a range of energy drinks in multiple flavors and formulations, including products designed for performance, focus, and lifestyle-oriented consumption.

The company’s portfolio also includes brands such as Reign, NOS, Full Throttle, Burn, and Mother, along with other energy and beverage products sold under regional or strategic brand arrangements.