Monster Beverage (NASDAQ:MNST) had its target price lifted by investment analysts at Citigroup from $62.00 to $71.00 in a note issued to investors on Friday. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 16.97% from the company’s previous close.
Other research analysts have also recently issued reports about the company. Stifel Nicolaus set a $71.00 target price on Monster Beverage and gave the stock a “buy” rating in a report on Wednesday, April 25th. Evercore ISI set a $65.00 target price on Monster Beverage and gave the stock a “buy” rating in a report on Tuesday, June 5th. Jefferies Financial Group lowered their target price on Monster Beverage to $62.00 and set a “buy” rating on the stock in a report on Wednesday, May 9th. Morgan Stanley boosted their target price on Monster Beverage from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, June 11th. Finally, BidaskClub upgraded Monster Beverage from a “hold” rating to a “buy” rating in a report on Saturday, June 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $63.94.
Shares of Monster Beverage stock traded down $0.28 on Friday, hitting $60.70. 2,040,320 shares of the company were exchanged, compared to its average volume of 2,391,575. The stock has a market cap of $34.31 billion, a P/E ratio of 37.64, a P/E/G ratio of 2.21 and a beta of 1.34. Monster Beverage has a 1-year low of $47.61 and a 1-year high of $70.21.
Monster Beverage declared that its board has approved a share repurchase plan on Wednesday, May 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in Monster Beverage by 2.6% in the second quarter. BlackRock Inc. now owns 23,831,781 shares of the company’s stock valued at $1,365,558,000 after acquiring an additional 604,939 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Monster Beverage by 10.1% in the first quarter. JPMorgan Chase & Co. now owns 6,792,151 shares of the company’s stock valued at $388,579,000 after acquiring an additional 623,336 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Monster Beverage by 0.7% in the first quarter. Franklin Resources Inc. now owns 5,610,583 shares of the company’s stock valued at $320,984,000 after acquiring an additional 40,294 shares during the last quarter. American Century Companies Inc. lifted its holdings in Monster Beverage by 10.6% in the second quarter. American Century Companies Inc. now owns 4,427,388 shares of the company’s stock valued at $253,689,000 after acquiring an additional 423,841 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Monster Beverage by 414.7% in the second quarter. Janus Henderson Group PLC now owns 4,279,018 shares of the company’s stock valued at $245,188,000 after acquiring an additional 3,447,585 shares during the last quarter. Hedge funds and other institutional investors own 65.14% of the company’s stock.
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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