Monster Beverage Corp ( MNST ) shares are trading higher in Monday’s after-hours session after the company announced a new $500 million buyback program.

What Happened: After the market close on Monday, Monster Beverage ( MNST ) said its board authorized a new share repurchase program of up to $500 million of the company’s outstanding common stock. 

As of Aug. 19, there were no authorized share repurchases remaining under the company’s previously authorized buyback program.

The new share repurchase program comes less than two weeks after Monster Beverage ( MNST ) shares dropped on worse-than-expected earnings results for the second quarter.

Monster missed analyst estimates on the top and bottom lines as the energy drink category experienced lower growth rates in the U.S. The company noted at the time that it repurchased 2.2 million shares in the second quarter at an average purchase price of $49.55 per share.

MNST Price Action: Monster Beverage ( MNST ) shares are down approximately 19% year-to-date. The stock initially traded up to around the $47.50 level on the buyback announcement before pulling back slightly. Monster shares were up 0.75% after hours at $46.95 at the time of publication, per Benzinga Pro.

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