5 Beverage Stocks to Buy Now Despite Economic Headwinds

4. Monster Beverage Corporation (NASDAQ:MNST)

Number of Hedge Fund Holders: 48

Monster Beverage Corporation (NASDAQ:MNST) is a California-based company that manufactures and markets carbonated and non-carbonated energy drinks, ready-to-drink iced teas, lemonades, juices and fruit beverages, ready-to-drink dairy and coffee drinks, sports drinks, and sodas. 

Wells Fargo analyst Chris Carey on July 28 raised the price target on Monster Beverage Corporation (NASDAQ:MNST) to $110 from $105 and maintained an Overweight rating on the shares. The analyst observed that Monster Beverage Corporation (NASDAQ:MNST)’s global sales momentum has continued into Q2, but the more happening development in his view is improvement in margin potential despite deflation in some primary commodities. He also boosted his estimates on more confidence in a faster margin recovery into 2023.

According to Insider Monkey’s data, 48 hedge funds were bullish on Monster Beverage Corporation (NASDAQ:MNST) at the end of Q1 2022, up from 47 funds in the prior quarter. Jim Simons’ Renaissance Technologies held the biggest stake in the company, comprising more than 7 million shares worth $561.5 million.