Prudential Financial Inc. has significantly reduced its investment in National Beverage Corp. (NASDAQ: FIZZ), selling 40,422 shares during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission (SEC), Prudential’s remaining holdings now total 36,626 shares, valued at approximately $1.58 million.
The divestment represents a 52.5% reduction in Prudential’s stake. This move reflects broader trends among institutional investors, as several hedge funds have also adjusted their positions in National Beverage. For instance, the Commonwealth of Pennsylvania Public School Employees Retirement System increased its stake by 7.3%, acquiring an additional 408 shares to bring its total to 6,009 shares, valued at around $260,000.
Additionally, Covestor Ltd raised its investment by 14.3%, taking ownership of 3,421 shares worth $142,000. Gabelli Funds LLC and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also enhanced their positions, with Gabelli acquiring 600 additional shares and MIRAE adding 620 shares to their portfolios. Notably, Signaturefd LLC made a substantial increase of 136.7%, now holding 1,375 shares valued at $59,000.
As of the latest trading session, National Beverage Corp. opened at $33.25. The company, which has a market capitalization of $3.11 billion, has seen fluctuations in its stock price, with a one-year low of $32.21 and a high of $49.95. The stock currently boasts a price-to-earnings ratio of 16.71 and a beta of 0.52.
Recent Analyst Ratings
The market sentiment surrounding National Beverage has been mixed, with various research analysts issuing ratings. UBS Group recently set a price target of $35.00 and assigned a “sell” rating. Similarly, Weiss Ratings reaffirmed a “hold (c-)” rating on the company’s shares as of October 31, 2023. Currently, one analyst has rated the stock as a Hold, while another has issued a Sell rating. According to MarketBeat.com, the consensus rating stands at “Reduce”, with an average target price of $35.00.
About National Beverage Corp.
National Beverage Corp. is a significant player in the beverage industry, focusing on the development and marketing of a diverse range of products. The company offers sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in the United States and Canada. Its brand portfolio includes popular names such as LaCroix, Clear Fruit, and Rip It, among others.
As National Beverage continues to navigate the market, changes in institutional holdings and analyst ratings will be closely monitored by investors and market watchers alike, reflecting the ongoing dynamics within the beverage sector.
