Aviva PLC lessened its position in Monster Beverage Corp (NASDAQ:MNST) by 5.7% in the third quarter, HoldingsChannel.com reports. The fund owned 215,466 shares of the company’s stock after selling 12,990 shares during the period. Aviva PLC’s holdings in Monster Beverage were worth $12,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd grew its position in shares of Monster Beverage by 287.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,900 shares of the company’s stock valued at $111,000 after acquiring an additional 1,409 shares during the period. Integrated Investment Consultants LLC bought a new position in shares of Monster Beverage in the 2nd quarter valued at about $123,000. Valeo Financial Advisors LLC bought a new position in shares of Monster Beverage in the 2nd quarter valued at about $181,000. Qube Research & Technologies Ltd bought a new position in shares of Monster Beverage in the 2nd quarter valued at about $175,000. Finally, Gradient Investments LLC grew its position in shares of Monster Beverage by 940.9% in the 3rd quarter. Gradient Investments LLC now owns 3,435 shares of the company’s stock valued at $200,000 after acquiring an additional 3,105 shares during the period. 63.49% of the stock is owned by institutional investors.
NASDAQ MNST opened at $59.68 on Friday. The stock has a market cap of $32.51 billion, a PE ratio of 40.88, a P/E/G ratio of 2.07 and a beta of 1.36. Monster Beverage Corp has a 52-week low of $47.61 and a 52-week high of $70.21.
Monster Beverage announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
A number of analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Monster Beverage from a “buy” rating to a “hold” rating in a research note on Monday, October 15th. JPMorgan Chase & Co. cut their target price on shares of Monster Beverage from $64.00 to $58.00 and set a “hold” rating for the company in a research note on Wednesday, October 24th. Guggenheim assumed coverage on shares of Monster Beverage in a research note on Thursday, September 13th. They set a “buy” rating and a $72.00 target price for the company. Goldman Sachs Group upgraded shares of Monster Beverage from a “buy” rating to a “conviction-buy” rating in a research note on Friday, November 9th. Finally, Citigroup raised their target price on shares of Monster Beverage from $62.00 to $71.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $63.38.
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Monster Beverage Company Profile
Monster Beverage Corporation, through its subsidiaries, develops, markets, sells, and distributes energy drink beverages, soda, and its concentrates in the United States and internationally. It operates through three segments: Monster Energy Drinks, Strategic Brands, and Other. The company offers ready-to-drink packaged drinks, non-carbonated dairy based coffee and energy drinks, and non-carbonated energy shakes primarily to bottlers and full service beverage distributors, as well as sells directly to retail grocery and specialty chains, wholesalers, club stores, drug stores, mass merchandisers, convenience chains, food service customers, and the military; and concentrates and/or beverage bases to authorized bottling and canning operations; and ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.
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