Renaissance Technologies LLC Cuts Stake in Monster Beverage Corp (MNST)

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Renaissance Technologies LLC decreased its position in shares of Monster Beverage Corp (NASDAQ:MNST) by 71.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 726,500 shares of the company’s stock after selling 1,814,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.13% of Monster Beverage worth $41,628,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Optimum Investment Advisors bought a new position in Monster Beverage in the 1st quarter worth about $120,000. Integrated Investment Consultants LLC bought a new position in Monster Beverage in the 2nd quarter worth about $123,000. Exane Derivatives boosted its stake in Monster Beverage by 7,740.0% in the 2nd quarter. Exane Derivatives now owns 2,352 shares of the company’s stock worth $134,000 after purchasing an additional 2,322 shares during the period. Synovus Financial Corp bought a new position in Monster Beverage in the 1st quarter worth about $175,000. Finally, TLP Group LLC bought a new position in Monster Beverage in the 1st quarter worth about $203,000. Institutional investors own 64.55% of the company’s stock.

MNST has been the subject of several analyst reports. BidaskClub downgraded Monster Beverage from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. ValuEngine downgraded Monster Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Stifel Nicolaus raised their target price on Monster Beverage from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, July 12th. Jefferies Financial Group raised their target price on Monster Beverage from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, June 8th. Finally, BMO Capital Markets raised their target price on Monster Beverage from $68.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $64.41.

Shares of MNST opened at $59.53 on Friday. The stock has a market cap of $32.21 billion, a PE ratio of 40.77, a price-to-earnings-growth ratio of 2.11 and a beta of 1.29. Monster Beverage Corp has a 12-month low of $47.61 and a 12-month high of $70.21.

Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings results on Wednesday, August 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.03 billion. Monster Beverage had a return on equity of 24.39% and a net margin of 25.27%. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter last year, the company posted $0.39 EPS. sell-side analysts forecast that Monster Beverage Corp will post 1.73 earnings per share for the current year.

Monster Beverage announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In other news, insider Emelie Tirre sold 17,000 shares of Monster Beverage stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $60.91, for a total transaction of $1,035,470.00. Following the completion of the sale, the insider now owns 46,847 shares in the company, valued at approximately $2,853,450.77. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 9.70% of the company’s stock.

About Monster Beverage

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.

Further Reading: Outstanding Shares and The Effect on Share Price

Institutional Ownership by Quarter for Monster Beverage (NASDAQ:MNST)

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