North Dakota State Investment Board Buys New Position in Monster Beverage Corporation $MNST

Key Points

• North Dakota State Investment Board initiated a new position in Monster Beverage, buying 35,222 shares valued at about $2.7 million in the fourth quarter.
• Monster Beverage reported better-than-expected quarterly results, with EPS of $0.58 versus $0.53 expected and revenue of $2.32 billion versus $2.16 billion forecast, helped by 22.6% year-over-year revenue growth.
• The company also announced a $500 million share repurchase program, while analysts remain broadly constructive with a consensus rating of Moderate Buy and an average price target of $88.89.

North Dakota State Investment Board purchased a new position in shares of Monster Beverage Corporation (NASDAQ:MNST - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,222 shares of the company's stock, valued at approximately $2,700,000.

Other large investors have also recently made changes to their positions in the company. Harbor Investment Advisory LLC raised its stake in shares of Monster Beverage by 136.7% during the fourth quarter. Harbor Investment Advisory LLC now owns 355 shares of the company's stock worth $27,000 after acquiring an additional 205 shares in the last quarter. Physician Wealth Advisors Inc. raised its stake in shares of Monster Beverage by 508.1% during the third quarter. Physician Wealth Advisors Inc. now owns 377 shares of the company's stock worth $25,000 after acquiring an additional 315 shares in the last quarter. First Horizon Corp purchased a new position in shares of Monster Beverage during the third quarter worth approximately $29,000. Newbridge Financial Services Group Inc. raised its stake in shares of Monster Beverage by 1,338.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 446 shares of the company's stock worth $28,000 after acquiring an additional 415 shares in the last quarter. Finally, Triumph Capital Management purchased a new position in shares of Monster Beverage during the third quarter worth approximately $36,000. 72.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on MNST shares. Bank of America decreased their price target on shares of Monster Beverage from $100.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 10th. Wells Fargo & Company lifted their price target on shares of Monster Beverage from $87.00 to $97.00 and gave the stock an "overweight" rating in a research note on Monday. Rothschild & Co Redburn raised shares of Monster Beverage from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $76.00 to $90.00 in a research note on Wednesday, May 6th. Piper Sandler lifted their price target on shares of Monster Beverage from $85.00 to $94.00 and gave the stock an "overweight" rating in a research note on Friday, February 27th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Monster Beverage from $81.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, May 4th. Fourteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Monster Beverage currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.89.

Insider Transactions at Monster Beverage

In related news, insider Emelie Tirre sold 88,700 shares of Monster Beverage stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $85.96, for a total value of $7,624,652.00. Following the sale, the insider owned 81,763 shares in the company, valued at $7,028,347.48. The trade was a 52.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark J. Hall sold 54,000 shares of Monster Beverage stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $85.81, for a total transaction of $4,633,740.00. Following the completion of the sale, the director owned 299,246 shares in the company, valued at approximately $25,678,299.26. This trade represents a 15.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 159,700 shares of company stock worth $13,730,462. Insiders own 8.10% of the company's stock.

Monster Beverage Stock Performance

Shares of Monster Beverage stock opened at $88.54 on Tuesday. Monster Beverage Corporation has a 52-week low of $58.09 and a 52-week high of $88.77. The stock has a market capitalization of $86.59 billion, a price-to-earnings ratio of 42.77, a P/E/G ratio of 2.87 and a beta of 0.50. The company's 50 day moving average price is $76.78 and its 200-day moving average price is $76.78.

Monster Beverage (NASDAQ:MNST - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Monster Beverage had a net margin of 23.11% and a return on equity of 26.86%. The firm had revenue of $2.32 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same quarter last year, the business earned $0.47 earnings per share. The business's revenue was up 22.6% on a year-over-year basis. As a group, equities research analysts forecast that Monster Beverage Corporation will post 2.31 earnings per share for the current fiscal year.

Monster Beverage announced that its board has authorized a stock repurchase plan on Friday, May 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 0.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

About Monster Beverage

Monster Beverage Corporation NASDAQ: MNST is an American beverage company best known for its Monster Energy brand of energy drinks. The company's product portfolio centers on carbonated energy beverages and a range of complementary ready-to-drink offerings, including energy coffees, hydration beverages and other flavored functional drinks. Monster markets multiple sub-brands and flavor variants to address different consumer segments and consumption occasions.

Originally organized around the Hansen's Natural line of juices and sodas, the company pivoted toward the energy drink category and formally adopted the Monster Beverage name in the early 2010s to reflect its strategic focus.

Want to see what other hedge funds are holding MNST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Monster Beverage Corporation (NASDAQ:MNST - Free Report).

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.