Monster Beverage (NASDAQ:MNST) Given New $72.00 Price Target at Bank of America

Key Points

• Bank of America has raised its price target for Monster Beverage stock from $66.00 to $72.00, indicating a potential upside of 18.42% from the company's previous close.
• Monster Beverage reported $2.11 billion in revenue for the quarter, exceeding analysts' expectations and reflecting an 11.1% increase compared to the same quarter last year.
• Despite a positive outlook from several research firms, some analysts have issued sell or neutral ratings, with a consensus average target price of $63.17 for the stock.

Monster Beverage (NASDAQ:MNST - Free Report) had its price objective hoisted by Bank of America from $66.00 to $72.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on MNST. Rothschild & Co Redburn downgraded shares of Monster Beverage from a "buy" rating to a "neutral" rating and set a $60.00 price target on the stock. in a research report on Wednesday, July 9th. Morgan Stanley upped their price target on shares of Monster Beverage from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Thursday, June 12th. The Goldman Sachs Group upped their price target on shares of Monster Beverage from $67.00 to $72.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Truist Financial upped their price target on shares of Monster Beverage from $40.00 to $50.00 and gave the stock a "sell" rating in a research report on Wednesday, April 23rd. Finally, Stifel Nicolaus started coverage on shares of Monster Beverage in a research report on Thursday, June 12th. They set a "buy" rating and a $72.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $64.90.

Monster Beverage Price Performance

Shares of MNST traded up $3.89 during trading hours on Friday, hitting $64.69. The stock had a trading volume of 12,216,027 shares, compared to its average volume of 6,160,069. The company's fifty day moving average is $61.55 and its two-hundred day moving average is $58.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.37 and a quick ratio of 2.78. Monster Beverage has a 52 week low of $45.19 and a 52 week high of $66.75. The stock has a market capitalization of $63.09 billion, a price-to-earnings ratio of 40.18, a P/E/G ratio of 2.36 and a beta of 0.55.

Monster Beverage (NASDAQ:MNST - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.08 billion. Monster Beverage had a net margin of 20.54% and a return on equity of 28.71%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. On average, analysts anticipate that Monster Beverage will post 1.62 EPS for the current year.

Insider Buying and Selling

In other Monster Beverage news, CFO Thomas J. Kelly sold 27,000 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $63.40, for a total transaction of $1,711,800.00. Following the sale, the chief financial officer directly owned 69,273 shares in the company, valued at approximately $4,391,908.20. This trade represents a 28.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Emelie Tirre sold 8,796 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $62.46, for a total transaction of $549,398.16. Following the sale, the insider owned 89,501 shares in the company, valued at $5,590,232.46. This trade represents a 8.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.30% of the company's stock.

Institutional Trading of Monster Beverage

Several hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. grew its stake in shares of Monster Beverage by 37.9% during the 4th quarter. Federated Hermes Inc. now owns 5,094 shares of the company's stock worth $268,000 after acquiring an additional 1,399 shares in the last quarter. Bank of Nova Scotia grew its stake in shares of Monster Beverage by 124.7% in the fourth quarter. Bank of Nova Scotia now owns 253,972 shares of the company's stock valued at $13,350,000 after buying an additional 140,955 shares in the last quarter. DRW Securities LLC bought a new position in shares of Monster Beverage in the fourth quarter valued at $274,000. Bessemer Group Inc. grew its stake in shares of Monster Beverage by 2.2% in the fourth quarter. Bessemer Group Inc. now owns 25,270 shares of the company's stock valued at $1,328,000 after buying an additional 556 shares in the last quarter. Finally, F M Investments LLC acquired a new stake in Monster Beverage during the 4th quarter valued at $218,000. 72.36% of the stock is currently owned by institutional investors and hedge funds.

About Monster Beverage

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.