Millennium Management LLC Sells 1,160,804 Shares of BellRing Brands Inc. $BRBR

Key Points

• Millennium Management LLC reduced its stake in BellRing Brands by 46.5%, now holding approximately 1.04% of the company's shares, worth $99.39 million.
• Wall Street analysts have a consensus rating of "Moderate Buy" for BellRing Brands, with an average price target of $64.80 and several firms adjusting their target prices recently.
• The company's Board of Directors has initiated a $400 million share repurchase plan, indicating confidence in the company's stock value.

Millennium Management LLC reduced its holdings in shares of BellRing Brands Inc. (NYSE:BRBR - Free Report) by 46.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,334,755 shares of the company's stock after selling 1,160,804 shares during the quarter. Millennium Management LLC owned about 1.04% of BellRing Brands worth $99,386,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BRBR. Mirae Asset Global Investments Co. Ltd. purchased a new stake in BellRing Brands in the first quarter valued at approximately $280,000. GAMMA Investing LLC grew its holdings in shares of BellRing Brands by 12.2% during the 1st quarter. GAMMA Investing LLC now owns 2,316 shares of the company's stock worth $172,000 after acquiring an additional 252 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in shares of BellRing Brands by 0.6% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 72,051 shares of the company's stock worth $5,365,000 after acquiring an additional 438 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of BellRing Brands by 71.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,883 shares of the company's stock valued at $661,000 after purchasing an additional 3,700 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of BellRing Brands by 31.6% during the first quarter. Janney Montgomery Scott LLC now owns 18,584 shares of the company's stock valued at $1,384,000 after purchasing an additional 4,461 shares during the last quarter. Hedge funds and other institutional investors own 94.97% of the company's stock.

Insider Transactions at BellRing Brands

In other BellRing Brands news, insider Craig L. Rosenthal bought 2,600 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of $37.29 per share, for a total transaction of $96,954.00. Following the transaction, the insider directly owned 33,475 shares in the company, valued at $1,248,282.75. The trade was a 8.42% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shawn Conway purchased 1,316 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of $49,999.99 per share, for a total transaction of $65,799,986.84. Following the transaction, the director owned 8,001 shares of the company's stock, valued at $400,049,919.99. The trade was a 19.69% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 6,616 shares of company stock valued at $65,995,248 and sold 11,200 shares valued at $638,640. Corporate insiders own 1.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BRBR. Evercore ISI decreased their price objective on shares of BellRing Brands from $82.00 to $64.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Morgan Stanley reduced their price objective on BellRing Brands from $78.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. started coverage on shares of BellRing Brands in a report on Wednesday, August 20th. They issued an "overweight" rating and a $52.00 price target for the company. Truist Financial decreased their target price on shares of BellRing Brands from $60.00 to $40.00 and set a "hold" rating for the company in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group raised their price target on shares of BellRing Brands from $80.00 to $82.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Thirteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.80.

BellRing Brands Stock Performance

BRBR stock traded down $0.09 during midday trading on Thursday, hitting $36.67. 786,176 shares of the stock were exchanged, compared to its average volume of 2,258,528. The stock's 50-day moving average price is $47.22 and its 200-day moving average price is $60.65. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 1.84 and a beta of 0.74. BellRing Brands Inc. has a fifty-two week low of $34.02 and a fifty-two week high of $80.67.

BellRing Brands (NYSE:BRBR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.06. The company had revenue of $547.50 million during the quarter, compared to the consensus estimate of $530.76 million. BellRing Brands had a negative return on equity of 123.43% and a net margin of 10.26%.BellRing Brands's revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 EPS. BellRing Brands has set its FY 2025 guidance at EPS. Research analysts anticipate that BellRing Brands Inc. will post 2.23 EPS for the current year.

BellRing Brands declared that its Board of Directors has approved a share buyback plan on Tuesday, September 2nd that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.