Booking (NASDAQ:BKNG) Sets New 12-Month Low - Here's Why

Key Points

• Booking Holdings shares hit a new 52-week low on Wednesday, trading as low as $150.14 before ending near $152.95. The stock had previously closed at $154.54.
• Analysts have trimmed price targets on BKNG despite mostly positive ratings, with several firms lowering estimates to the $220-$225 range. The consensus rating remains Moderate Buy, with an average price target of $227.14.
• The company beat earnings expectations in its latest quarter, posting $1.14 EPS versus $1.08 expected and revenue of $5.53 billion, up 16.2% year over year. Booking also announced a quarterly dividend of $0.42 per share, payable June 30.

Booking Holdings Inc. (NASDAQ:BKNG - Get Free Report)'s share price hit a new 52-week low on Wednesday . The company traded as low as $150.14 and last traded at $152.9460, with a volume of 724517 shares changing hands. The stock had previously closed at $154.54.

Analyst Upgrades and Downgrades

BKNG has been the subject of a number of research analyst reports. Benchmark cut their price objective on Booking from $256.00 to $224.00 and set a "buy" rating for the company in a research report on Thursday, February 19th. BTIG Research restated a "buy" rating and set a $250.00 price objective on shares of Booking in a research report on Wednesday, April 29th. Royal Bank Of Canada cut their price objective on Booking from $244.00 to $220.00 and set an "outperform" rating for the company in a research report on Wednesday, April 29th. Morgan Stanley upgraded Booking from an "equal weight" rating to an "overweight" rating and cut their price objective for the company from $246.00 to $220.00 in a research report on Monday, February 23rd. Finally, Citigroup lowered their price objective on shares of Booking from $250.00 to $225.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $227.14.

Booking Trading Up 1.8%

The firm's 50-day moving average price is $172.20 and its 200-day moving average price is $188.55. The stock has a market capitalization of $121.94 billion, a PE ratio of 20.62, a PEG ratio of 0.93 and a beta of 1.10.

Booking (NASDAQ:BKNG - Get Free Report) last announced its earnings results on Tuesday, April 28th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.06. The firm had revenue of $5.53 billion for the quarter, compared to analysts' expectations of $5.52 billion. Booking had a net margin of 22.23% and a negative return on equity of 117.14%. The business's revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 EPS. On average, equities research analysts predict that Booking Holdings Inc. will post 10.44 earnings per share for the current fiscal year.

Booking Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, June 5th. Booking's dividend payout ratio (DPR) is 22.11%.

Insider Activity

In other news, CEO Glenn D. Fogel sold 16,726 shares of the firm's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $185.36, for a total value of $3,100,331.36. Following the completion of the sale, the chief executive officer owned 298,174 shares in the company, valued at approximately $55,269,532.64. This trade represents a 5.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vanessa Ames Wittman sold 1,125 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $192.00, for a total transaction of $216,000.00. Following the completion of the sale, the director owned 16,050 shares of the company's stock, valued at $3,081,600. This trade represents a 6.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 34,576 shares of company stock valued at $6,187,746 in the last 90 days. Company insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Booking

Several institutional investors have recently made changes to their positions in the company. Edgestream Partners L.P. increased its stake in Booking by 599.4% in the 1st quarter. Edgestream Partners L.P. now owns 2,532 shares of the business services provider's stock worth $10,661,000 after buying an additional 2,170 shares during the period. Bull Harbor Capital LLC purchased a new position in Booking during the 1st quarter valued at about $1,410,000. South Dakota Investment Council increased its position in Booking by 593.0% during the 1st quarter. South Dakota Investment Council now owns 2,183 shares of the business services provider's stock valued at $9,191,000 after purchasing an additional 1,868 shares during the period. Smith Group Asset Management LLC grew its position in shares of Booking by 7.5% in the 1st quarter. Smith Group Asset Management LLC now owns 10,890 shares of the business services provider's stock worth $45,850,000 after buying an additional 759 shares during the last quarter. Finally, Opal Capital LLC purchased a new position in shares of Booking in the 1st quarter worth approximately $1,794,000. Institutional investors own 92.42% of the company's stock.

Booking Company Profile

Booking Holdings Inc is a global online travel company that operates a portfolio of consumer brands and technology platforms that facilitate the search for and booking of travel services. The company's businesses focus on accommodations, transportation and related travel services through consumer-facing websites and apps as well as partner distribution channels. Booking Holdings was originally founded as Priceline in the late 1990s and adopted the Booking Holdings name in 2018; it is headquartered in Norwalk, Connecticut.

Its core offerings include online reservations for hotels, vacation rentals and other lodging; flight and car rental search and booking; and ancillary services that support travel planning and on-property experiences.

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