Monster Beverage to split stock 3 for 1

Monster Beverage Corp. MNST, +0.54% announced Friday a 3-for-1 split of its common stock, to be effected in the form of a stock dividend. The energy drink company said the new shares will be distributed on Nov. 9 to shareholders of record on Oct. 26. The stock should begin trading at a split-adjusted basis on Nov. 10. The stock closed Thursday at $145.98, down from its Aug. 5, 2016 record close of $162.52. The split will triple the number of shares outstanding to about 571 million shares, and will in effect cut the stock price to a third of the Nov. 9 closing price. The stock has lost 2% year to date, while the S&P 500 SPX, +0.43% has gained 4.3%.