Monster Beverage (NASDAQ:MNST) announced that its Board of Directors has initiated a share buyback plan, which permits the company to repurchase $250.00 million in outstanding shares on Thursday, March 1st, EventVestor reports. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
MNST has been the topic of a number of recent analyst reports. Deutsche Bank raised Monster Beverage from a “hold” rating to a “buy” rating in a report on Monday, March 5th. BMO Capital Markets boosted their target price on Monster Beverage to $71.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Morgan Stanley reduced their price target on Monster Beverage from $70.00 to $67.00 and set an “overweight” rating for the company in a research note on Friday, March 2nd. Susquehanna Bancshares downgraded Monster Beverage from a “neutral” rating to a “negative” rating and set a $51.00 price target for the company. in a research note on Monday, November 20th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $73.00 price target (up from $61.00) on shares of Monster Beverage in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Monster Beverage has an average rating of “Buy” and a consensus price target of $65.29.
Shares of Monster Beverage (NASDAQ:MNST) opened at $58.69 on Wednesday. The firm has a market capitalization of $33,094.92, a price-to-earnings ratio of 39.75, a PEG ratio of 1.77 and a beta of 1.14. Monster Beverage has a 1 year low of $44.35 and a 1 year high of $70.21.
In other news, Vice Chairman Hilton H. Schlosberg sold 13,983 shares of the business’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $64.53, for a total transaction of $902,322.99. Following the completion of the transaction, the insider now owns 967,456 shares of the company’s stock, valued at approximately $62,429,935.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Norman Epstein sold 7,770 shares of the company’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $56.09, for a total value of $435,819.30. Following the completion of the transaction, the director now directly owns 14,280 shares of the company’s stock, valued at approximately $800,965.20. The disclosure for this sale can be found here. Insiders have sold a total of 275,796 shares of company stock valued at $17,615,686 in the last three months. 9.40% of the stock is owned by insiders.
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Monster Beverage Company Profile
Monster Beverage Corporation is a holding company. The Company develop, market, sell and distribute alternative beverage category beverages under the brand names of Monster Energy, Monster Rehab, Monster Energy Extra Strength Nitrous Technology, Java Monster, X-Presso Monster, Muscle Monster, Punch Monster, Hansen’s, Hansen’s Natural Cane Soda, Junior Juice, Blue Sky, Hubert’s, Worx Energy and Peace Tea.
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