Mackenzie Financial Corp Acquires 107,525 Shares of Monster Beverage Co. (NASDAQ:MNST)

Posted by Defense World Staff on Jul 13th, 2023

Mackenzie Financial Corp raised its holdings in Monster Beverage Co. (NASDAQ:MNST – Free Report) by 143.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 182,668 shares of the company’s stock after purchasing an additional 107,525 shares during the quarter. Mackenzie Financial Corp’s holdings in Monster Beverage were worth $9,866,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Monster Beverage by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 30,005,150 shares of the company’s stock valued at $2,397,411,000 after purchasing an additional 504,239 shares during the last quarter. State Street Corp lifted its stake in shares of Monster Beverage by 2.4% during the 1st quarter. State Street Corp now owns 17,029,815 shares of the company’s stock worth $1,360,682,000 after buying an additional 391,417 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Monster Beverage by 10.0% during the 1st quarter. Clearbridge Investments LLC now owns 10,071,948 shares of the company’s stock worth $804,749,000 after buying an additional 912,942 shares during the period. Geode Capital Management LLC grew its stake in Monster Beverage by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 7,074,387 shares of the company’s stock valued at $716,804,000 after buying an additional 113,450 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Monster Beverage by 8.2% in the 1st quarter. Renaissance Technologies LLC now owns 7,028,060 shares of the company’s stock valued at $561,542,000 after acquiring an additional 531,500 shares during the period. 67.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MNST has been the subject of several research reports. Truist Financial dropped their price target on Monster Beverage to $65.00 and set a “buy” rating for the company in a report on Friday, May 5th. StockNews.com downgraded Monster Beverage from a “buy” rating to a “hold” rating in a report on Wednesday. Piper Sandler initiated coverage on shares of Monster Beverage in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $60.00 price target on the stock. UBS Group lifted their price objective on shares of Monster Beverage from $56.00 to $61.00 and gave the stock a “neutral” rating in a research note on Friday, May 5th. Finally, VNET Group restated a “maintains” rating on shares of Monster Beverage in a research report on Tuesday, May 2nd. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.50.

Monster Beverage Price Performance

Shares of Monster Beverage stock opened at $56.21 on Thursday. The company’s 50 day moving average price is $58.18 and its two-hundred day moving average price is $54.45. The firm has a market capitalization of $56.21 billion, a P/E ratio of 46.07, a P/E/G ratio of 1.58 and a beta of 0.84. Monster Beverage Co. has a fifty-two week low of $42.81 and a fifty-two week high of $60.47.

Monster Beverage (NASDAQ:MNST – Get Free Report) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. Monster Beverage had a return on equity of 18.47% and a net margin of 19.95%. Monster Beverage’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. On average, analysts expect that Monster Beverage Co. will post 1.54 earnings per share for the current year.

Insider Activity

In related news, insider Guy Carling sold 80,591 shares of Monster Beverage stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $58.74, for a total transaction of $4,733,915.34. Following the sale, the insider now directly owns 14,773 shares in the company, valued at approximately $867,766.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Guy Carling sold 80,591 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $58.74, for a total transaction of $4,733,915.34. Following the completion of the transaction, the insider now directly owns 14,773 shares of the company’s stock, valued at approximately $867,766.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mark Vidergauz sold 4,000 shares of Monster Beverage stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $59.13, for a total value of $236,520.00. Following the transaction, the director now directly owns 93,270 shares in the company, valued at $5,515,055.10. The disclosure for this sale can be found here. Insiders sold 181,783 shares of company stock valued at $10,745,972 over the last quarter. 9.40% of the stock is owned by company insiders.

Monster Beverage Company Profile

(Free Report)

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: Finished Product, Concentrate, and Other. It offers carbonated non-carbonated energy drinks, ready-to-drink iced teas and juice drinks, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks and single-serve still waters, and sodas that are considered natural, sparkling juices, and flavored sparkling beverages.