Procyon Advisors LLC Lowers Position in Monster Beverage Corporation $MNST

Key Points

• Procyon Advisors LLC has reduced its stake in Monster Beverage Corporation by 81.7%, selling 94,706 shares to hold only 21,238 shares valued at $1.33 million.
• In recent analyst updates, Bank of America raised its price target for Monster Beverage from $66 to $72, while Rothschild & Co Redburn downgraded the stock to a "neutral" rating with a price target of $60.
• For the latest quarter, Monster Beverage reported $2.11 billion in revenue and an earnings per share of $0.52, exceeding analysts' estimates and reflecting a 11.1% year-over-year increase.

Procyon Advisors LLC lessened its stake in shares of Monster Beverage Corporation (NASDAQ:MNST - Free Report) by 81.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,238 shares of the company's stock after selling 94,706 shares during the quarter. Procyon Advisors LLC's holdings in Monster Beverage were worth $1,330,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Pallas Capital Advisors LLC purchased a new stake in shares of Monster Beverage during the 2nd quarter valued at about $1,809,000. Gateway Investment Advisers LLC boosted its holdings in shares of Monster Beverage by 1.8% during the 2nd quarter. Gateway Investment Advisers LLC now owns 444,729 shares of the company's stock valued at $27,858,000 after acquiring an additional 8,050 shares during the last quarter. Aaron Wealth Advisors LLC boosted its holdings in shares of Monster Beverage by 6.6% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 9,703 shares of the company's stock valued at $608,000 after acquiring an additional 605 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in shares of Monster Beverage during the 2nd quarter valued at about $2,714,000. Finally, Czech National Bank boosted its holdings in shares of Monster Beverage by 6.7% during the 2nd quarter. Czech National Bank now owns 171,664 shares of the company's stock valued at $10,753,000 after acquiring an additional 10,836 shares during the last quarter. Hedge funds and other institutional investors own 72.36% of the company's stock.

Monster Beverage Stock Performance

Shares of Monster Beverage stock traded down $0.51 on Friday, hitting $64.13. 13,012,741 shares of the company traded hands, compared to its average volume of 6,077,287. The stock has a market capitalization of $62.62 billion, a P/E ratio of 39.83, a price-to-earnings-growth ratio of 2.31 and a beta of 0.54. Monster Beverage Corporation has a 52 week low of $45.70 and a 52 week high of $67.13. The business has a 50-day simple moving average of $62.06 and a 200 day simple moving average of $60.78.

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

Insider Buying and Selling at Monster Beverage

In related news, Director Mark Vidergauz sold 10,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $63.73, for a total value of $637,300.00. Following the completion of the transaction, the director directly owned 51,191 shares of the company's stock, valued at approximately $3,262,402.43. This trade represents a 16.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 8.30% of the company's stock.

Analyst Ratings Changes

MNST has been the topic of several recent research reports. Stifel Nicolaus initiated coverage on shares of Monster Beverage in a research note on Thursday, June 12th. They issued a "buy" rating and a $72.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Monster Beverage from $64.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, August 8th. Roth Capital reiterated a "neutral" rating and issued a $60.00 price objective (up previously from $56.00) on shares of Monster Beverage in a research note on Wednesday, August 13th. Bank of America increased their price objective on shares of Monster Beverage from $66.00 to $72.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Redburn Atlantic cut shares of Monster Beverage from a "strong-buy" rating to a "hold" rating and decreased their target price for the stock from $63.00 to $60.00 in a research note on Wednesday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $65.19.

Monster Beverage Company 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.