Monster Beverage said its board authorized a new $500 million share repurchase plan for the company’s common stock.
The prior company’s repurchase plan has no amount remaining, Monster said.
Monster has a market cap of $45.8 billion, 979.52 million shares outstanding and a public float of 712.81 million shares.
The stock finished Monday’s regular session with a decline of less than 1%, closing at $46.60. Year to date, shares are down about 19%.