CIBC Asset Management Inc Grows Stock Position in Monster Beverage Corporation $MNST

CIBC Asset Management Inc increased its position in Monster Beverage Corporation (NASDAQ:MNST) by 24.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 430,442 shares of the company’s stock after acquiring an additional 85,213 shares during the quarter. CIBC Asset Management Inc’s holdings in Monster Beverage were worth $33,002,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Monster Beverage by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 67,980,692 shares of the company’s stock worth $5,212,080,000 after acquiring an additional 497,108 shares in the last quarter. State Street Corp increased its holdings in Monster Beverage by 8.0% in the 3rd quarter. State Street Corp now owns 37,719,091 shares of the company’s stock worth $2,538,872,000 after acquiring an additional 2,789,273 shares in the last quarter. Geode Capital Management LLC increased its holdings in Monster Beverage by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 19,625,097 shares of the company’s stock worth $1,509,369,000 after acquiring an additional 330,766 shares in the last quarter. Invesco Ltd. increased its holdings in Monster Beverage by 6.3% in the 3rd quarter. Invesco Ltd. now owns 11,675,603 shares of the company’s stock worth $785,885,000 after acquiring an additional 692,192 shares in the last quarter. Finally, Norges Bank purchased a new stake in Monster Beverage in the 4th quarter worth approximately $691,104,000. 72.36% of the stock is owned by hedge funds and other institutional investors.

Monster Beverage Price Performance

MNST stock opened at $89.04 on Thursday. Monster Beverage Corporation has a 1-year low of $58.09 and a 1-year high of $89.86. The company has a market capitalization of $87.08 billion, a price-to-earnings ratio of 43.01, a PEG ratio of 2.90 and a beta of 0.54. The business has a 50 day simple moving average of $79.63 and a two-hundred day simple moving average of $78.41.

Monster Beverage (NASDAQ:MNST) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Monster Beverage had a return on equity of 26.86% and a net margin of 23.11%.The business had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the company posted $0.47 EPS. The firm’s revenue for the quarter was up 22.6% compared to the same quarter last year. Sell-side analysts anticipate that Monster Beverage Corporation will post 2.31 EPS for the current fiscal year.

Monster Beverage declared that its board has approved a share repurchase plan on Friday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 0.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

MNST has been the subject of several analyst reports. Piper Sandler increased their target price on shares of Monster Beverage from $85.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. Wells Fargo & Company increased their target price on shares of Monster Beverage from $87.00 to $97.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Evercore increased their target price on shares of Monster Beverage from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Stifel Nicolaus reduced their target price on shares of Monster Beverage from $92.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. Finally, Argus upped their price target on Monster Beverage from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Fourteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.05.

Insiders Place Their Bets

In other Monster Beverage news, insider Emelie Tirre sold 88,700 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $85.96, for a total value of $7,624,652.00. Following the completion of the transaction, the insider directly owned 81,763 shares in the company, valued at $7,028,347.48. This represents a 52.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark J. Hall sold 54,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $85.81, for a total value of $4,633,740.00. Following the completion of the transaction, the director owned 299,246 shares of the company’s stock, valued at $25,678,299.26. The trade was a 15.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 159,700 shares of company stock worth $13,730,462 in the last three months. 8.10% of the stock is owned by company insiders.

Monster Beverage Company Profile

Monster Beverage Corporation (NASDAQ: MNST) is an American beverage company best known for its Monster Energy brand of energy drinks. The company’s product portfolio centers on carbonated energy beverages and a range of complementary ready-to-drink offerings, including energy coffees, hydration beverages and other flavored functional drinks. Monster markets multiple sub-brands and flavor variants to address different consumer segments and consumption occasions.

Originally organized around the Hansen’s Natural line of juices and sodas, the company pivoted toward the energy drink category and formally adopted the Monster Beverage name in the early 2010s to reflect its strategic focus.