Mirae Asset Global Investments Co. Ltd. Acquires 1,701,788 Shares of Monster Beverage Corporation $MNST

Mirae Asset Global Investments Co. Ltd. bought a new stake in Monster Beverage Corporation (NASDAQ:MNST) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,701,788 shares of the company’s stock, valued at approximately $70,828,000. Mirae Asset Global Investments Co. Ltd. owned 0.09% of Monster Beverage at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Monster Beverage in the 2nd quarter valued at about $5,770,004,000. Bank of America Corp DE purchased a new position in shares of Monster Beverage in the 2nd quarter valued at about $1,195,360,000. Ninety One UK Ltd boosted its stake in shares of Monster Beverage by 89.1% in the 3rd quarter. Ninety One UK Ltd now owns 13,105,329 shares of the company’s stock valued at $545,444,000 after buying an additional 6,175,047 shares during the period. Jupiter Topco LLC acquired a new position in shares of Monster Beverage during the second quarter worth about $593,075,000. Finally, Legal & General Group Plc acquired a new position in shares of Monster Beverage during the second quarter worth about $478,694,000. 72.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MNST. TD Cowen raised their target price on shares of Monster Beverage from $45.00 to $47.50 and gave the company a “hold” rating in a report on Wednesday, July 8th. BMO Capital Markets reiterated a “market perform” rating and set a $47.50 price target (up from $36.50) on shares of Monster Beverage in a report on Monday, July 20th. Citigroup reiterated a “buy” rating on shares of Monster Beverage in a report on Thursday, October 22nd. Wells Fargo & Company reissued an “overweight” rating and issued a $50.00 price objective (up from $48.00) on shares of Monster Beverage in a research report on Monday, October 26th. Finally, Sanford C. Bernstein lowered their price target on Monster Beverage from $95.00 to $50.00 in a report on Sunday, August 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.86.

Monster Beverage Price Performance

Shares of MNST stock opened at $47.34 on Monday. The stock has a market cap of $92.74 billion, a P/E ratio of 43.83, a P/E/G ratio of 2.98 and a beta of 0.51. Monster Beverage Corporation has a fifty-two week low of $32.94 and a fifty-two week high of $50.17. The business has a fifty day simple moving average of $44.76 and a 200-day simple moving average of $43.09.

Monster Beverage (NASDAQ:MNST) last posted its earnings results on Thursday, August 6th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. Monster Beverage had a net margin of 23.08% and a return on equity of 26.02%. The firm had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm posted $0.26 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that Monster Beverage Corporation will post 1.16 earnings per share for the current year.

Monster Beverage Profile

Monster Beverage Corporation is a global beverage company focused primarily on the development, marketing, sale and distribution of energy drinks. Its portfolio includes the flagship Monster Energy brand, along with products marketed under brands such as NOS, Full Throttle, Reign, Burn and Mother. The company offers a range of energy drinks in different flavors and formulations, including products positioned for performance, fitness and everyday consumption.

The company traces its origins to Hansen Natural Corporation, which was founded in 1935 and changed its name to Monster Beverage Corporation in 2012 as the Monster Energy brand became increasingly central to its business.