Thrivent Financial Expands Stake in Monster Beverage by 247%

Thrivent Financial for Lutherans has significantly increased its investment in Monster Beverage Corporation (NASDAQ: MNST), acquiring a staggering 247% more shares during the second quarter of 2023. According to data from HoldingsChannel, the fund now holds 95,245 shares of the energy drink company, valued at approximately $5,974,000 as per its latest filing with the Securities and Exchange Commission (SEC). This move reflects a growing confidence among institutional investors in the energy beverage market.

Several other institutional investors have also adjusted their positions in Monster Beverage during the same quarter. B. Riley Wealth Advisors Inc. entered the market with a new investment worth around $347,000. Meanwhile, Newbridge Financial Services Group Inc. dramatically increased its stake by 1,338.7%, bringing its total to 446 shares valued at $28,000 after acquiring an additional 415 shares. Advisory Services Network LLC and State of Wyoming also made notable increases, with stakes growing by 568.3% and 51.3%, respectively.

As of now, institutional investors own approximately 72.36% of Monster Beverage’s stock, indicating a strong institutional interest in the company.

Market Performance and Analyst Ratings

On the trading floor, shares of Monster Beverage opened at $76.26. The company’s market capitalization stands at $74.51 billion, with a price-to-earnings ratio of 43.33. Over the past year, the stock has fluctuated between a low of $45.70 and a high of $77.17. Current moving averages show a 50-day simple moving average at $71.48 and a 200-day simple moving average at $65.96.

Analysts are optimistic about the company’s prospects. The Goldman Sachs Group recently raised its target price from $80.00 to $83.00 and maintained a “buy” rating. BMO Capital Markets increased its price target from $53.00 to $73.00 and reaffirmed a “market perform” rating. Evercore ISI and Jefferies Financial Group also expressed confidence, boosting their price objectives to $80.00 and $79.00, respectively.

Overall, Monster Beverage has garnered a “Moderate Buy” average rating from analysts, with an average target price of $73.67.

Insider Transactions and Company Overview

In addition to institutional investments, insider trading activity reflects ongoing interest in the company. Director Rodney C. Sacks sold 206,543 shares on December 12, 2023, at an average price of $73.58, totaling approximately $15,197,433.94. Another insider, Emelie Tirre, sold 30,000 shares on the same day for about $2,199,300.00. Following these transactions, insiders collectively own 8.30% of the company’s stock.

Monster Beverage Corporation is primarily recognized for its line of energy drinks, particularly the Monster Energy brand. The company has diversified its product offerings to include ready-to-drink energy coffees and flavored functional beverages. Originally founded around the Hansen’s Natural line of juices, Monster shifted its focus to energy drinks in the early 2010s, adopting its current name to emphasize this strategic pivot.

As the energy drink market continues to evolve, Monster Beverage’s recent financial maneuvers and strong analyst ratings suggest a promising outlook for the company, further solidifying its position in the competitive beverage industry.