Employees Retirement System of Texas Increases Position in Monster Beverage Co. (NASDAQ:MNST)
Employees Retirement System of Texas lifted its holdings in Monster Beverage Co. (NASDAQ:MNST) by 821.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 193,400 shares of the company’s stock after buying an additional 172,400 shares during the quarter. Employees Retirement System of Texas’ holdings in Monster Beverage were worth $12,240,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of MNST. Jennison Associates LLC lifted its position in shares of Monster Beverage by 8.9% in the 4th quarter. Jennison Associates LLC now owns 13,126,248 shares of the company’s stock worth $830,760,000 after buying an additional 1,072,773 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Monster Beverage by 19.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,132,325 shares of the company’s stock valued at $338,810,000 after purchasing an additional 1,008,607 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in Monster Beverage by 163.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,173,475 shares of the company’s stock valued at $64,834,000 after purchasing an additional 728,295 shares during the last quarter. WINTON GROUP Ltd lifted its position in Monster Beverage by 239.0% in the 3rd quarter. WINTON GROUP Ltd now owns 614,794 shares of the company’s stock valued at $33,967,000 after purchasing an additional 433,465 shares during the last quarter. Finally, Engadine Partners LLP bought a new stake in Monster Beverage in the 4th quarter valued at about $24,266,000. Institutional investors own 65.26% of the company’s stock.
Monster Beverage Co. (NASDAQ MNST) opened at $58.19 on Friday. The firm has a market cap of $33,260.00, a P/E ratio of 40.98, a PEG ratio of 1.78 and a beta of 1.14. Monster Beverage Co. has a 1 year low of $44.35 and a 1 year high of $70.21.
Monster Beverage announced that its Board of Directors has authorized a share buyback program on Thursday, March 1st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, Chairman Rodney C. Sacks sold 189,861 shares of the firm’s stock in a transaction that occurred on Tuesday, December 26th. The shares were sold at an average price of $63.92, for a total transaction of $12,135,915.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas J. Kelly sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 14th. The stock was sold at an average price of $58.31, for a total transaction of $874,650.00. Following the sale, the vice president now owns 9,651 shares of the company’s stock, valued at $562,749.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 323,796 shares of company stock valued at $20,407,966. 9.40% of the stock is currently owned by corporate insiders.
A number of analysts have commented on the stock. UBS Group downgraded shares of Monster Beverage to a “neutral” rating in a research report on Monday, November 20th. Susquehanna Bancshares set a $51.00 price target on shares of Monster Beverage and gave the stock a “sell” rating in a research report on Monday, November 20th. Citigroup downgraded shares of Monster Beverage to a “neutral” rating and dropped their price target for the stock from $56.00 to $51.00 in a research report on Monday, November 20th. They noted that the move was a valuation call. Credit Suisse Group restated an “outperform” rating and set a $69.00 price target (up from $62.00) on shares of Monster Beverage in a research report on Monday, November 20th. Finally, Jefferies Group boosted their price target on shares of Monster Beverage from $64.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, November 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Monster Beverage currently has a consensus rating of “Buy” and an average price target of $65.29.
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About Monster Beverage
Monster Beverage Corporation is a holding company. The Company develop, market, sell and distribute alternative beverage category beverages under the brand names of Monster Energy, Monster Rehab, Monster Energy Extra Strength Nitrous Technology, Java Monster, X-Presso Monster, Muscle Monster, Punch Monster, Hansen’s, Hansen’s Natural Cane Soda, Junior Juice, Blue Sky, Hubert’s, Worx Energy and Peace Tea.
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