Millennium Management LLC Has $188.02 Million Stock Holdings in BellRing Brands, Inc. (NYSE:BRBR)

Millennium Management LLC reduced its stake in BellRing Brands, Inc. (NYSE:BRBR - Free Report) by 13.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,495,559 shares of the company's stock after selling 385,613 shares during the period. Millennium Management LLC owned 1.94% of BellRing Brands worth $188,015,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lazard Asset Management LLC grew its position in BellRing Brands by 361.5% during the 4th quarter. Lazard Asset Management LLC now owns 6,673 shares of the company's stock worth $502,000 after purchasing an additional 5,227 shares in the last quarter. LMR Partners LLP purchased a new position in BellRing Brands during the 4th quarter worth approximately $17,328,000. J. Goldman & Co LP purchased a new position in BellRing Brands during the 4th quarter worth approximately $3,285,000. Ground Swell Capital LLC purchased a new position in BellRing Brands during the 4th quarter worth approximately $231,000. Finally, Focus Partners Wealth grew its position in BellRing Brands by 13.6% during the 4th quarter. Focus Partners Wealth now owns 98,609 shares of the company's stock worth $7,429,000 after purchasing an additional 11,821 shares in the last quarter. 94.97% of the stock is currently owned by institutional investors and hedge funds.

BellRing Brands Stock Up 2.6%

NYSE BRBR traded up $1.68 during trading hours on Friday, hitting $65.95. The company's stock had a trading volume of 1,923,934 shares, compared to its average volume of 1,297,695. The stock has a fifty day moving average of $71.60 and a 200 day moving average of $73.48. BellRing Brands, Inc. has a twelve month low of $48.06 and a twelve month high of $80.67. The firm has a market capitalization of $8.46 billion, a P/E ratio of 30.96, a PEG ratio of 2.24 and a beta of 0.86.

BellRing Brands (NYSE:BRBR - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $588.00 million for the quarter, compared to analyst estimates of $577.56 million. BellRing Brands had a net margin of 13.32% and a negative return on equity of 130.14%. The business's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. On average, analysts predict that BellRing Brands, Inc. will post 2.23 earnings per share for the current year.

BellRing Brands announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Robert V. Vitale sold 46,766 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $74.72, for a total value of $3,494,355.52. Following the sale, the director now directly owns 848,180 shares of the company's stock, valued at approximately $63,376,009.60. The trade was a 5.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas J. Cornille sold 3,192 shares of BellRing Brands stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $75.13, for a total transaction of $239,814.96. Following the completion of the sale, the insider now owns 57,836 shares in the company, valued at $4,345,218.68. The trade was a 5.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 109,207 shares of company stock worth $8,253,616. Company insiders own 1.07% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Mizuho boosted their price target on shares of BellRing Brands from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. Evercore ISI decreased their price objective on shares of BellRing Brands from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Stephens reiterated an "equal weight" rating and issued a $75.00 price objective on shares of BellRing Brands in a report on Tuesday, February 4th. Truist Financial decreased their price objective on shares of BellRing Brands from $75.00 to $65.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Finally, Morgan Stanley assumed coverage on shares of BellRing Brands in a report on Monday, March 24th. They issued an "overweight" rating and a $84.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $77.00.

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.