Corebridge Financial Inc. Decreases Holdings in Monster Beverage Corporation $MNST

Key Points

• Corebridge Financial Inc. reduced its stake in Monster Beverage Corporation by 7.5%, owning 289,476 shares worth approximately $16.94 million after selling 23,366 shares in Q1.
• Institutional investors and hedge funds control 72.36% of Monster Beverage's stock, with various firms either acquiring new stakes or increasing existing ones.
• The company's most recent earnings report showed $0.52 EPS, exceeding expectations, with revenue of $2.11 billion during the quarter, up 11.1% year-over-year.

Corebridge Financial Inc. cut its holdings in Monster Beverage Corporation (NASDAQ:MNST - Free Report) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,476 shares of the company's stock after selling 23,366 shares during the period. Corebridge Financial Inc.'s holdings in Monster Beverage were worth $16,940,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new stake in shares of Monster Beverage during the first quarter worth about $29,000. Park Square Financial Group LLC acquired a new stake in shares of Monster Beverage during the fourth quarter worth about $36,000. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Monster Beverage by 37.1% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 724 shares of the company's stock worth $42,000 after purchasing an additional 196 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Monster Beverage during the first quarter worth about $43,000. Finally, Cary Street Partners Investment Advisory LLC increased its position in shares of Monster Beverage by 21.2% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,314 shares of the company's stock worth $77,000 after purchasing an additional 230 shares in the last quarter. 72.36% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Monster Beverage news, Director Mark Vidergauz sold 10,000 shares of Monster Beverage stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $63.73, for a total value of $637,300.00. Following the sale, the director owned 51,191 shares of the company's stock, valued at approximately $3,262,402.43. The trade was a 16.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.30% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MNST shares. Bank of America lifted their target price on Monster Beverage from $66.00 to $72.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. TD Cowen lifted their target price on Monster Beverage from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Rothschild & Co Redburn cut Monster Beverage from a "buy" rating to a "neutral" rating and set a $60.00 target price on the stock. in a research report on Wednesday, July 9th. Redburn Atlantic lowered Monster Beverage from a "strong-buy" rating to a "hold" rating and lowered their price target for the stock from $63.00 to $60.00 in a report on Wednesday, July 9th. Finally, Citigroup raised their price target on Monster Beverage from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Twelve research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $65.10.

Monster Beverage Stock Performance

MNST traded up $0.29 during trading on Thursday, reaching $62.02. The company's stock had a trading volume of 4,328,982 shares, compared to its average volume of 7,093,673. Monster Beverage Corporation has a 52-week low of $45.70 and a 52-week high of $66.75. The company's fifty day moving average price is $61.60 and its 200-day moving average price is $59.49. The company has a market capitalization of $60.56 billion, a price-to-earnings ratio of 38.52, a price-to-earnings-growth ratio of 2.02 and a beta of 0.55.

Monster Beverage (NASDAQ:MNST - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.48 by $0.04. Monster Beverage had a return on equity of 27.46% and a net margin of 20.54%.The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter in the previous year, the company earned $0.41 EPS. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts predict that Monster Beverage Corporation will post 1.62 earnings per share for the current year.

Monster Beverage 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.