filings.toolsItem 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Item 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Principal Market
The Company’s common stock trades on the Nasdaq Global Select Market under the symbol, “MNST”. As of February 14, 2025, there were 973,158,896 shares of the Company’s common stock outstanding held by approximately 181 holders of record. The holders of record do not include those stockholders whose shares are held of record by banks, brokers and other financial institutions.
Stock Price and Dividend Information
We have not paid cash dividends to our stockholders since our inception and do not anticipate paying cash dividends in the foreseeable future.
Share Repurchase Programs
On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”). During the year ended December 31, 2024, the Company purchased approximately 4.6 million shares of common stock at an average purchase price of $51.67 per share, for a total amount of approximately $239.6 million, which exhausted the availability under the November 2022 Repurchase Plan.
On November 7, 2023, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2023 Repurchase Plan”). During the year ended December 31, 2024, the Company purchased approximately 10.6 million shares of common stock at an average purchase price of $47.16 per share, for a total amount of approximately $500.0 million, which exhausted the availability under the November 2023 Repurchase Plan.
On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the year ended December 31, 2024, no shares were repurchased under the August 2024 Repurchase Plan. As of February 27, 2025, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.
The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of February 27, 2025.
During the year ended December 31, 2024, 0.4 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $23.1 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2024.
The following tabular summary reflects the Company’s repurchase activity during the quarter ended December 31, 2024.
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|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | Maximum Number (or | |
| | | | | | | | | | Approximate Dollar | |
| | | | | | | | Total Number of | | | Value) of Shares that |
| | | | | | | | Shares Purchased | | | May Yet Be Purchased |
| | | Total Number | | | | | as Part of Publicly | | Under the Plans or | |
| | | of Shares | | Average Price | | Announced Plans | | Programs (In | ||
| Period | Purchased | per Share | or Programs1 | thousands) | ||||||
| Oct 1 – Oct 31, 2024 | | — | | $ | — | | — | | $ | 500,000 |
| Nov 1 – Nov 30, 2024 | — | | $ | — | | — | | $ | 500,000 | |
| Dec 1 – Dec 31, 2024 | — | | $ | — | — | | $ | 500,000 |
1 On August 19, 2024, the Company publicly announced that its Board of Directors authorized the August 2024 Repurchase Plan. Board authorization of the repurchase plan remains in effect until shares in the amount authorized thereunder have been repurchased. See Item 5, “Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” above for more information.
Tender Offer
On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock. On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024. On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million shares of common stock at a purchase price of $53.00 per share, for an aggregate purchase price of approximately $3.0 billion. The repurchase was funded with approximately $2.25 billion of cash on hand and approximately $750 million in borrowings. The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2024.
For information concerning shares of the Company’s Common Stock authorized for issuance under the Company’s equity compensation plans, see “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”
Performance Graph
The following graph shows a five-year comparison of cumulative total returns:1
1Annual return assumes reinvestment of dividends. Cumulative total return assumes an initial investment of $100 on December 31, 2019. The Company’s self-selected peer group is comprised of TCCC, Keurig Dr. Pepper Inc., Constellation Brands, Inc., Molson Coors Beverage Company and PepsiCo, Inc.
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