© Reuters. Monster Beverage (MNST) Announces New $500 Million Stock Buyback Plan
By Davit Kirakosyan
Monster Beverage Corporation (NASDAQ:) announced that its Board of Directors has authorized a new share repurchase program of up to an additional $500 million of its common stock. The company has approximately $157.4 million worth of shares remaining available for repurchase as of June 14, 2022 under its previously authorized repurchase program.
The share repurchase announcement came ahead of the company’s annual meeting, scheduled for today at 5:30PM EST. The move was widely expected by analysts given the company’s rising cash hoard.
Shares of Monster Beverage rose 4% intra-day Tuesday into the event and related to news that rival Red Bull is raising prices by 7%.
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