Cresset Asset Management LLC Trims Stock Position in Monster Beverage Co. (NASDAQ:MNST)

Cresset Asset Management LLC lowered its holdings in Monster Beverage Co. (NASDAQ:MNST - Free Report) by 84.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,083 shares of the company's stock after selling 39,414 shares during the quarter. Cresset Asset Management LLC's holdings in Monster Beverage were worth $372,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Monster Beverage in the 4th quarter valued at $442,642,000. CIBC Private Wealth Group LLC raised its stake in Monster Beverage by 659.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 4,872,972 shares of the company's stock worth $251,445,000 after acquiring an additional 4,231,063 shares in the last quarter. Montrusco Bolton Investments Inc. lifted its position in Monster Beverage by 250.9% in the fourth quarter. Montrusco Bolton Investments Inc. now owns 3,468,660 shares of the company's stock valued at $178,801,000 after acquiring an additional 2,480,291 shares during the last quarter. Champlain Investment Partners LLC acquired a new position in Monster Beverage in the fourth quarter valued at $121,575,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Monster Beverage during the fourth quarter worth about $106,882,000. Hedge funds and other institutional investors own 72.36% of the company's stock.

Monster Beverage Price Performance

Shares of NASDAQ MNST traded up $0.39 during midday trading on Wednesday, hitting $63.38. The company had a trading volume of 1,046,487 shares, compared to its average volume of 6,940,962. The firm has a market capitalization of $61.81 billion, a price-to-earnings ratio of 40.61, a price-to-earnings-growth ratio of 2.28 and a beta of 0.63. Monster Beverage Co. has a twelve month low of $43.32 and a twelve month high of $63.42. The business has a 50-day simple moving average of $58.83 and a two-hundred day simple moving average of $54.40. The company has a quick ratio of 2.51, a current ratio of 3.13 and a debt-to-equity ratio of 0.13.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MNST shares. Needham & Company LLC reiterated a "hold" rating on shares of Monster Beverage in a research note on Friday, February 28th. Roth Capital increased their price target on shares of Monster Beverage from $50.00 to $56.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 14th. Piper Sandler lifted their price objective on shares of Monster Beverage from $51.00 to $54.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. UBS Group upped their target price on shares of Monster Beverage from $62.00 to $63.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. raised their price target on Monster Beverage from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Monster Beverage has a consensus rating of "Hold" and a consensus target price of $60.50.

Insider Transactions at Monster Beverage

In other news, insider Emelie Tirre sold 8,796 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $62.46, for a total transaction of $549,398.16. Following the completion of the transaction, the insider now directly owns 89,501 shares of the company's stock, valued at $5,590,232.46. This trade represents a 8.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Guy Carling sold 47,000 shares of the company's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $55.02, for a total value of $2,585,940.00. Following the completion of the sale, the insider now directly owns 21,993 shares in the company, valued at approximately $1,210,054.86. The trade was a 68.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 217,112 shares of company stock valued at $12,033,838 in the last 90 days. 8.30% of the stock is currently owned by insiders.

About Monster Beverage

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.