Prudential Financial Inc. has significantly reduced its investment in National Beverage Corp. (NASDAQ:FIZZ) by selling 40,422 shares, representing a 52.5% decrease in its holdings during the second quarter of 2023. Following this sale, Prudential now holds 36,626 shares of the beverage company, valued at approximately $1,584,000 as of the end of the latest reporting period, according to its recent filing with the Securities and Exchange Commission (SEC).
Several institutional investors have also adjusted their positions in National Beverage in recent months. The Commonwealth of Pennsylvania Public School Employees Retirement System increased its stake by 7.3% during the second quarter, now owning 6,009 shares worth $260,000 after acquiring an additional 408 shares. Covestor Ltd boosted its holdings by 14.3% in the first quarter, bringing its total to 3,421 shares valued at $142,000 following an additional purchase of 427 shares.
Additionally, Gabelli Funds LLC increased its position by 1.9%, now owning 32,500 shares worth $1,350,000, while MIRAE Asset Global ETFs Holdings Ltd. raised its stake by 4.6%, owning 13,973 shares valued at $580,000. Notably, Signaturefd LLC lifted its holdings by an impressive 136.7%, now owning 1,375 shares worth $59,000 after purchasing an additional 794 shares. Overall, institutional investors collectively own 23.95% of National Beverage’s stock.
Market Performance and Analyst Ratings
As of the latest trading session on October 27, 2023, National Beverage opened at $33.25. The company has a market capitalization of $3.11 billion with a price-to-earnings ratio of 16.71 and a beta of 0.52. Over the past year, the stock has fluctuated, hitting a low of $32.21 and a high of $49.95. Its 50-day simple moving average stands at $34.92, while the 200-day simple moving average is at $40.75.
Equities research analysts have provided mixed reviews on National Beverage shares. UBS Group has set a price target of $35.00 with a “sell” rating, while Weiss Ratings has maintained a “hold (C-)” rating as of October 31, 2023. Currently, one analyst has rated the stock as a hold, and another has issued a sell rating. According to MarketBeat.com, the average rating for the company is “Reduce,” with a consensus target price also at $35.00.
About National Beverage Corp.
National Beverage Corp. operates through its subsidiaries, focusing on the development, production, marketing, and sale of a diverse portfolio of beverages, including sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in the United States and Canada. Its product lines feature popular brands such as LaCroix, Clear Fruit, and Rip It.
As changes in investment positions continue to unfold, National Beverage’s financial trajectory will be closely monitored by both investors and analysts alike.
