635,976 Monster Beverage Corporation $MNST Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Monster Beverage stake by 137.6% in the third quarter, buying 635,976 shares to reach 1,098,190 shares valued at about $46.3 million. Several other institutional investors also expanded their holdings.
• Monster reported quarterly revenue of $2.53 billion, up 16.7% year over year, and earnings of $0.30 per share, matching analyst expectations. Revenue also exceeded consensus estimates of $2.49 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $67.07. Shares opened at $45.34 in the article’s latest trading update.

Allspring Global Investments Holdings LLC raised its holdings in Monster Beverage Corporation (NASDAQ:MNST - Free Report) by 137.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,098,190 shares of the company's stock after purchasing an additional 635,976 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.06% of Monster Beverage worth $46,278,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MNST. SteelPeak Wealth LLC lifted its stake in Monster Beverage by 101.6% during the third quarter. SteelPeak Wealth LLC now owns 57,569 shares of the company's stock worth $2,396,000 after purchasing an additional 29,014 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of Monster Beverage by 97.6% in the 3rd quarter. Vontobel Holding Ltd. now owns 146,109 shares of the company's stock valued at $6,081,000 after purchasing an additional 72,173 shares during the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of Monster Beverage by 399.2% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 33,613 shares of the company's stock valued at $1,399,000 after purchasing an additional 26,880 shares during the last quarter. Carderock Capital Management Inc. increased its stake in shares of Monster Beverage by 98.6% in the 3rd quarter. Carderock Capital Management Inc. now owns 246,880 shares of the company's stock valued at $10,275,000 after purchasing an additional 122,539 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in shares of Monster Beverage during the 3rd quarter worth $1,907,000. Institutional investors own 72.36% of the company's stock.

Monster Beverage Trading Down 0.7%

Monster Beverage stock opened at $45.34 on Wednesday. The company has a market capitalization of $88.75 billion, a PE ratio of 41.03, a P/E/G ratio of 2.95 and a beta of 0.51. Monster Beverage Corporation has a 12 month low of $35.03 and a 12 month high of $50.17. The stock has a 50-day moving average price of $44.67 and a two-hundred day moving average price of $43.34.

Monster Beverage (NASDAQ:MNST - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.49 billion. Monster Beverage had a return on equity of 24.99% and a net margin of 22.66%. Monster Beverage's quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 earnings per share. As a group, analysts predict that Monster Beverage Corporation will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MNST has been the topic of a number of research analyst reports. Royal Bank Of Canada restated an "outperform" rating and issued a $48.50 price target (down from $97.00) on shares of Monster Beverage in a research note on Wednesday, August 5th. BNP Paribas Exane reiterated a "neutral" rating and set a $98.00 price objective (up from $84.00) on shares of Monster Beverage in a research report on Monday, September 28th. Weiss Ratings raised shares of Monster Beverage from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, November 3rd. Evercore cut their target price on shares of Monster Beverage from $95.00 to $52.00 in a research report on Thursday, October 8th. Finally, Citigroup restated a "buy" rating on shares of Monster Beverage in a research report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.07.

About Monster Beverage

Monster Beverage Corporation develops, markets and sells energy drinks and other beverages. Its portfolio includes Monster Energy, Reign, NOS and Full Throttle, along with products in categories such as sports drinks, juices and alcoholic beverages. The company traces its roots to Hansen's, a beverage business established in the 1930s. It introduced the Monster Energy brand in 2002 and adopted the Monster Beverage name in 2012. Based in Corona, California, Monster sells its products in the United States and internationally.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.