Osaic Holdings Inc. has increased its stake in Monster Beverage Corporation (NASDAQ: MNST) by 28.6% during the second quarter of 2023. The institutional investor now holds 195,874 shares of the energy drink company after acquiring an additional 43,552 shares during this period, according to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC). As of this filing, Osaic’s holdings in Monster Beverage were valued at approximately $12.19 million.
In addition to Osaic, several other hedge funds have adjusted their positions in Monster Beverage. For instance, Access Investment Management LLC purchased a new stake valued at around $25,000, while Salomon & Ludwin LLC acquired shares worth approximately $28,000. Newbridge Financial Services Group Inc. dramatically increased its holdings by 1,338.7%, now owning 446 shares valued at $28,000 after acquiring an additional 415 shares. Golden State Wealth Management LLC also raised its position by 647.3%, now holding 553 shares valued at $35,000. Webster Bank N.A. completed the list by buying a new position worth $38,000. Currently, institutional investors and hedge funds own approximately 72.36% of Monster Beverage’s stock.
Analyst Ratings and Insider Transactions
Various research firms have provided insights into the stock’s performance. Jefferies Financial Group recently reiterated a “buy” rating, setting a target price of $79.00. UBS Group raised its target from $72.00 to $75.00, maintaining a “neutral” rating. In a similar vein, Evercore ISI boosted its price objective from $72.00 to $80.00 and issued an “outperform” rating. Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating. Overall, Monster Beverage has received two “strong buy” ratings, thirteen “buy” ratings, nine “hold” ratings, and one “sell” rating. The average rating stands at “moderate buy” with a consensus target price of $73.67.
In related news, insider Emelie Tirre sold 30,000 shares of the company’s stock on December 12, 2023, at an average price of $73.31, totaling $2,199,300. Following this transaction, Tirre retains 63,939 shares valued at approximately $4.69 million, representing a 31.94% decrease in her ownership. Another insider, Guy Carling, sold 38,438 shares on November 13, 2023, for a total of $2,741,782.54. After this transaction, Carling owns 21,993 shares, valued at about $1.57 million, marking a 63.61% reduction in his stake. In total, insiders sold 274,981 shares valued at $20.14 million over the past three months, with corporate insiders currently holding 8.30% of the stock.
Stock Performance and Earnings Results
As of the latest trading session, Monster Beverage shares opened at $76.26. The company’s 50-day moving average stands at $71.48, while the 200-day moving average is at $65.96. The stock has fluctuated between a 12-month low of $45.70 and a high of $77.17, contributing to a market capitalization of $74.51 billion.
Monster Beverage recently announced its earnings results for the third quarter of 2023, reporting earnings per share (EPS) of $0.56, exceeding analysts’ expectations of $0.48 by $0.08. The company generated $2.20 billion in revenue, surpassing the forecast of $2.11 billion. With a net margin of 21.65% and a return on equity of 27.76%, the quarterly revenue reflects a year-over-year growth of 16.8%. Analysts predict that Monster Beverage Corporation will report an EPS of $1.62 for the current fiscal year.
Monster Beverage Corporation is renowned for its Monster Energy brand, focusing on carbonated energy beverages and a range of complementary ready-to-drink options, including energy coffees and functional drinks. Originally founded around the Hansen’s Natural line of juices, the company shifted its strategy towards energy drinks and officially adopted the Monster Beverage name in the early 2010s.
For further updates on hedge fund activities in relation to Monster Beverage, interested parties can visit HoldingsChannel.com for the latest 13F filings and insider transactions.
