OLD National Bancorp IN Sells 901 Shares of Monster Beverage Corporation $MNST

OLD National Bancorp IN trimmed its position in Monster Beverage Corporation (NASDAQ:MNST) by 14.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,554 shares of the company’s stock after selling 901 shares during the quarter. OLD National Bancorp IN’s holdings in Monster Beverage were worth $348,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Portside Wealth Group LLC lifted its stake in shares of Monster Beverage by 10.0% during the 1st quarter. Portside Wealth Group LLC now owns 17,334 shares of the company’s stock worth $1,014,000 after purchasing an additional 1,576 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Monster Beverage by 23.1% during the 1st quarter. Farther Finance Advisors LLC now owns 7,400 shares of the company’s stock worth $437,000 after purchasing an additional 1,390 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Monster Beverage by 2.2% during the 1st quarter. GAMMA Investing LLC now owns 21,433 shares of the company’s stock worth $1,254,000 after purchasing an additional 460 shares during the last quarter. Simplicity Wealth LLC lifted its stake in shares of Monster Beverage by 14.6% during the 1st quarter. Simplicity Wealth LLC now owns 4,481 shares of the company’s stock worth $262,000 after purchasing an additional 570 shares during the last quarter. Finally, Trueblood Wealth Management LLC purchased a new stake in shares of Monster Beverage during the 1st quarter worth $205,000. 72.36% of the stock is currently owned by hedge funds and other institutional investors.

Monster Beverage Stock Up 1.6%

Shares of NASDAQ:MNST opened at $68.15 on Wednesday. Monster Beverage Corporation has a 52-week low of $45.70 and a 52-week high of $68.28. The stock has a market cap of $66.54 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.33 and a beta of 0.54. The business has a 50-day moving average price of $63.74 and a 200-day moving average price of $61.75.

Monster Beverage (NASDAQ:MNST) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. Monster Beverage had a return on equity of 27.46% and a net margin of 20.54%.The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same period last year, the business posted $0.41 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Monster Beverage Corporation will post 1.62 EPS for the current fiscal year.

Analysts Set New Price Targets

MNST has been the subject of a number of analyst reports. Wall Street Zen cut Monster Beverage from a “buy” rating to a “hold” rating in a research note on Friday, September 5th. Piper Sandler upgraded Monster Beverage from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $54.00 to $74.00 in a research note on Thursday, August 7th. Stifel Nicolaus initiated coverage on Monster Beverage in a research note on Thursday, June 12th. They issued a “buy” rating and a $72.00 price target for the company. The Goldman Sachs Group increased their price target on Monster Beverage from $67.00 to $72.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Finally, Royal Bank Of Canada set a $68.00 price target on Monster Beverage and gave the company an “outperform” rating in a research note on Friday, August 8th. Thirteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $65.19.

Insider Activity

In other news, Director Mark Vidergauz sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $63.73, for a total value of $637,300.00. Following the completion of the transaction, the director directly owned 51,191 shares in the company, valued at $3,262,402.43. This trade represents a 16.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 7.80% of the stock is currently owned by insiders.

Monster Beverage Profile

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: Monster Energy Drinks, Strategic Brands, Alcohol Brands, and Other.