Oppenheimer Asset Management Inc. Has $4.30 Million Holdings in Monster Beverage Corp (NASDAQ:MNST)
Oppenheimer Asset Management Inc. cut its position in Monster Beverage Corp (NASDAQ:MNST) by 8.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,075 shares of the company’s stock after selling 6,886 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Monster Beverage were worth $4,301,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Optimum Investment Advisors purchased a new stake in Monster Beverage in the 1st quarter worth approximately $120,000. Integrated Investment Consultants LLC acquired a new position in shares of Monster Beverage during the 2nd quarter worth approximately $123,000. Exane Derivatives raised its stake in shares of Monster Beverage by 7,740.0% during the 2nd quarter. Exane Derivatives now owns 2,352 shares of the company’s stock worth $134,000 after buying an additional 2,322 shares during the period. Synovus Financial Corp acquired a new position in shares of Monster Beverage during the 1st quarter worth approximately $175,000. Finally, QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Monster Beverage during the 1st quarter worth approximately $200,000. Institutional investors and hedge funds own 64.56% of the company’s stock.
NASDAQ MNST opened at $60.34 on Friday. Monster Beverage Corp has a twelve month low of $47.61 and a twelve month high of $70.21. The firm has a market cap of $33.89 billion, a PE ratio of 41.33, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29.
Monster Beverage announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other Monster Beverage news, insider Emelie Tirre sold 17,000 shares of the stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $60.91, for a total value of $1,035,470.00. Following the sale, the insider now owns 46,847 shares of the company’s stock, valued at approximately $2,853,450.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.70% of the stock is owned by company insiders.
Several research analysts have recently weighed in on the company. Jefferies Financial Group upped their target price on Monster Beverage from $70.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, August 9th. BidaskClub raised Monster Beverage from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. Zacks Investment Research raised Monster Beverage from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Friday, July 20th. BMO Capital Markets increased their price objective on Monster Beverage from $68.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 19th. Finally, ValuEngine downgraded Monster Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $63.94.
Monster Beverage 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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