Covenant Partners LLC Cuts Holdings in Monster Beverage Co. (NASDAQ:MNST)

Covenant Partners LLC decreased its holdings in shares of Monster Beverage Co. (NASDAQ:MNST - Free Report) by 58.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,150 shares of the company's stock after selling 5,754 shares during the quarter. Covenant Partners LLC's holdings in Monster Beverage were worth $218,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Migdal Insurance & Financial Holdings Ltd. raised its stake in Monster Beverage by 62.5% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 528 shares of the company's stock worth $28,000 after acquiring an additional 203 shares in the last quarter. Spire Wealth Management acquired a new stake in shares of Monster Beverage in the 4th quarter valued at about $29,000. Retirement Wealth Solutions LLC purchased a new position in Monster Beverage during the 4th quarter worth approximately $30,000. SBI Securities Co. Ltd. acquired a new position in Monster Beverage during the fourth quarter worth approximately $31,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Monster Beverage in the fourth quarter valued at approximately $33,000. 72.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Monster Beverage news, CFO Thomas J. Kelly sold 10,000 shares of Monster Beverage stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $55.27, for a total value of $552,700.00. Following the completion of the sale, the chief financial officer now directly owns 72,273 shares of the company's stock, valued at approximately $3,994,528.71. The trade was a 12.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Emelie Tirre sold 91,316 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $55.38, for a total value of $5,057,080.08. Following the completion of the transaction, the insider now owns 76,201 shares of the company's stock, valued at $4,220,011.38. This trade represents a 54.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 208,316 shares of company stock worth $11,484,440 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Monster Beverage Price Performance

MNST traded up $1.00 during midday trading on Friday, reaching $61.14. 8,654,413 shares of the company's stock were exchanged, compared to its average volume of 6,964,961. Monster Beverage Co. has a 1-year low of $43.32 and a 1-year high of $61.83. The stock has a market capitalization of $59.62 billion, a PE ratio of 39.19, a P/E/G ratio of 2.28 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.13 and a quick ratio of 2.51. The business's 50-day moving average price is $57.88 and its 200 day moving average price is $53.95.

Monster Beverage (NASDAQ:MNST - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.97 billion. Monster Beverage had a return on equity of 23.31% and a net margin of 21.66%. The company's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 EPS. As a group, equities analysts anticipate that Monster Beverage Co. will post 1.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on MNST. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Monster Beverage from $60.00 to $61.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Piper Sandler upped their price objective on Monster Beverage from $51.00 to $54.00 and gave the company a "neutral" rating in a research note on Friday. TD Cowen upped their price objective on shares of Monster Beverage from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Friday. Morgan Stanley increased their price target on shares of Monster Beverage from $60.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $59.00 price objective on shares of Monster Beverage in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Monster Beverage has a consensus rating of "Hold" and a consensus target price of $60.17.

Monster Beverage Company Profile

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.