Bank of Nova Scotia Boosts Stock Position in Monster Beverage Corporation $MNST

Bank of Nova Scotia lifted its stake in shares of Monster Beverage Corporation (NASDAQ:MNST) by 248.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 312,425 shares of the company’s stock after acquiring an additional 222,684 shares during the quarter. Bank of Nova Scotia’s holdings in Monster Beverage were worth $21,029,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Boothbay Fund Management LLC boosted its position in shares of Monster Beverage by 94.9% in the third quarter. Boothbay Fund Management LLC now owns 16,839 shares of the company’s stock worth $1,133,000 after purchasing an additional 8,197 shares during the period. Aquatic Capital Management LLC raised its position in shares of Monster Beverage by 16.5% during the 3rd quarter. Aquatic Capital Management LLC now owns 173,798 shares of the company’s stock valued at $11,698,000 after purchasing an additional 24,636 shares during the period. Algert Global LLC lifted its stake in shares of Monster Beverage by 6.9% during the 3rd quarter. Algert Global LLC now owns 92,711 shares of the company’s stock valued at $6,240,000 after buying an additional 6,003 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Monster Beverage by 16.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,748,236 shares of the company’s stock worth $117,680,000 after buying an additional 240,885 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its holdings in Monster Beverage by 0.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 141,871 shares of the company’s stock worth $9,549,000 after buying an additional 1,222 shares during the period. 72.36% of the stock is owned by hedge funds and other institutional investors.

Monster Beverage Stock Down 0.1%

Shares of MNST stock opened at $77.05 on Tuesday. The company’s fifty day simple moving average is $80.20 and its two-hundred day simple moving average is $73.62. Monster Beverage Corporation has a 52 week low of $54.73 and a 52 week high of $87.38. The stock has a market cap of $75.28 billion, a P/E ratio of 39.72, a PEG ratio of 2.49 and a beta of 0.44.

Monster Beverage (NASDAQ:MNST) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Monster Beverage had a return on equity of 27.38% and a net margin of 22.97%.The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter last year, the business posted $0.39 earnings per share. The business’s quarterly revenue was up 17.6% compared to the same quarter last year. On average, analysts anticipate that Monster Beverage Corporation will post 1.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MNST shares. Royal Bank Of Canada raised their price target on Monster Beverage from $83.00 to $88.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Jefferies Financial Group upped their price objective on Monster Beverage from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Monster Beverage in a research report on Monday, December 29th. Wall Street Zen downgraded Monster Beverage from a “buy” rating to a “hold” rating in a research note on Monday, March 9th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $73.00 price target (up from $53.00) on shares of Monster Beverage in a report on Wednesday, December 3rd. Fourteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $83.95.

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.