State of Michigan Retirement System increased its position in Monster Beverage Corp (NASDAQ:MNST) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 95,492 shares of the company’s stock after acquiring an additional 8,000 shares during the period. State of Michigan Retirement System’s holdings in Monster Beverage were worth $6,620,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Jacobi Capital Management LLC lifted its position in shares of Monster Beverage by 1,073.0% during the 2nd quarter. Jacobi Capital Management LLC now owns 4,387 shares of the company’s stock valued at $26,000 after acquiring an additional 4,013 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Monster Beverage during the first quarter worth $27,000. Balentine LLC purchased a new stake in shares of Monster Beverage during the first quarter valued at $41,000. Verus Capital Partners LLC acquired a new position in shares of Monster Beverage in the 4th quarter valued at $64,000. Finally, Valeo Financial Advisors LLC increased its stake in Monster Beverage by 12.2% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,308 shares of the company’s stock worth $91,000 after purchasing an additional 142 shares in the last quarter. 64.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of Monster Beverage stock opened at $78.48 on Friday. The firm has a market cap of $41.32 billion, a price-to-earnings ratio of 37.91, a P/E/G ratio of 4.37 and a beta of 1.05. The stock has a 50-day simple moving average of $71.28 and a 200-day simple moving average of $66.14. Monster Beverage Corp has a 52-week low of $50.06 and a 52-week high of $78.48.
Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $995.97 million. Monster Beverage had a net margin of 26.07% and a return on equity of 27.77%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share. On average, equities research analysts predict that Monster Beverage Corp will post 2.09 EPS for the current year.
MNST has been the subject of a number of analyst reports. Credit Suisse Group reaffirmed a “buy” rating and set a $78.00 price objective on shares of Monster Beverage in a research note on Friday, May 8th. SunTrust Banks raised their price objective on shares of Monster Beverage from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Guggenheim boosted their target price on shares of Monster Beverage from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Citigroup cut Monster Beverage from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $77.00 to $73.00 in a research report on Monday, May 11th. Finally, Zacks Investment Research upgraded Monster Beverage from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, April 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Monster Beverage currently has a consensus rating of “Buy” and an average price target of $70.24.
In related news, Director Mark J. Hall sold 64,643 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $72.82, for a total value of $4,707,303.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Emelie Tirre sold 84,465 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $66.41, for a total transaction of $5,609,320.65. Following the transaction, the insider now directly owns 96,903 shares in the company, valued at $6,435,328.23. The disclosure for this sale can be found here. Insiders have sold a total of 196,108 shares of company stock worth $13,486,804 in the last 90 days. 10.60% of the stock is owned by insiders.
Monster Beverage Company Profile
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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