Booking Holdings Inc. $BKNG Shares Sold by Smith Group Asset Management LLC

Key Points

• Smith Group Asset Management cut its Booking Holdings stake by 38.2% in the third quarter, selling 102,973 shares and retaining 166,584 shares valued at approximately $27.1 million. Institutional investors and hedge funds still own 92.42% of the company.
• Booking exceeded quarterly expectations with $2.54 in EPS versus a $2.43 consensus and $7.35 billion in revenue, up 8.1% year over year. The company also paid a quarterly dividend of $0.42 per share, representing a 1.1% yield.
• Analyst sentiment remains mixed despite a “Moderate Buy” consensus and average price target of $233.71; shares opened at $147.94, near their 52-week low of $146.28, amid recent selling pressure and concerns about the next earnings report.

Smith Group Asset Management LLC trimmed its stake in Booking Holdings Inc. (NASDAQ:BKNG - Free Report) by 38.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 166,584 shares of the business services provider's stock after selling 102,973 shares during the quarter. Booking accounts for 1.8% of Smith Group Asset Management LLC's portfolio, making the stock its 27th largest position. Smith Group Asset Management LLC's holdings in Booking were worth $27,138,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in Booking in the 2nd quarter worth approximately $11,646,302,000. State Street Corp boosted its stake in shares of Booking by 2,674.6% during the 2nd quarter. State Street Corp now owns 39,420,711 shares of the business services provider's stock valued at $7,026,348,000 after buying an additional 37,999,915 shares during the period. Bank of Nova Scotia grew its holdings in shares of Booking by 1,497.3% during the 1st quarter. Bank of Nova Scotia now owns 870,520 shares of the business services provider's stock valued at $3,665,168,000 after acquiring an additional 816,022 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Booking during the 2nd quarter valued at $1,691,186,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Booking during the 2nd quarter valued at $1,370,455,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Booking Price Performance

NASDAQ BKNG opened at $147.94 on Thursday. Booking Holdings Inc. has a fifty-two week low of $146.28 and a fifty-two week high of $220.81. The stock's 50-day moving average is $173.75 and its two-hundred day moving average is $177.93. The firm has a market cap of $111.16 billion, a P/E ratio of 16.37, a price-to-earnings-growth ratio of 0.96 and a beta of 1.13.

Booking (NASDAQ:BKNG - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The business services provider reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.11. The company had revenue of $7.35 billion during the quarter, compared to the consensus estimate of $7.19 billion. Booking had a negative return on equity of 102.96% and a net margin of 25.53%. The firm's revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $55.40 EPS. On average, equities analysts expect that Booking Holdings Inc. will post 10.48 EPS for the current year.

Booking Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Friday, September 11th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, September 11th. Booking's payout ratio is 18.58%.

Key Booking News

Here are the key news stories impacting Booking this week:

• Positive Sentiment: Unusually high call-option activity indicates that some traders are positioning for a rebound. Nearly 48,851 call options changed hands, roughly 225% above typical daily volume, while another report described the activity as potentially signaling that the stock is undervalued. Booking Holdings unusual call options activity
• Positive Sentiment: Booking’s revenue trajectory has shown stronger upward momentum than Advance Auto Parts’ over the past eight comparable quarters. However, the pattern is seasonal, with notable late-summer peaks, so comparisons should be interpreted cautiously. Advance Auto Parts vs. Booking Holdings revenue comparison
• Neutral Sentiment: Analyst views on Booking are mixed, suggesting limited consensus on the stock’s near-term outlook and potentially contributing to continued volatility. Mixed analyst opinions on Booking Holdings
• Negative Sentiment: BKNG fell even as the wider market advanced, highlighting company-specific selling pressure. The decline followed several weak sessions and reinforced concerns about investor confidence. Booking Holdings stock drops despite market gains
• Negative Sentiment: The stock recently reached a fresh 52-week low, a technical warning that sellers remain in control and that investors may be demanding stronger earnings evidence before buying. Booking Holdings reaches a fresh 52-week low
• Negative Sentiment: Although analysts expect earnings to grow in the upcoming report, Zacks says Booking lacks the combination of factors that typically supports a likely earnings beat. That raises the risk of disappointment if results or guidance fail to exceed expectations. Booking Holdings earnings expectations

Analysts Set New Price Targets

BKNG has been the topic of a number of research reports. UBS Group upped their price target on shares of Booking from $266.00 to $274.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Sanford C. Bernstein reissued a "market perform" rating and set a $188.00 price objective on shares of Booking in a research report on Wednesday, August 26th. Wells Fargo & Company reissued a "reduce" rating and set a $190.00 price objective (down from $220.00) on shares of Booking in a research report on Wednesday, October 7th. Jefferies Financial Group boosted their target price on Booking from $180.00 to $190.00 and gave the company a "hold" rating in a research note on Tuesday, July 14th. Finally, DA Davidson set a $240.00 target price on Booking in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $233.71.

Insider Transactions at Booking

In other Booking news, Director Vanessa Wittman sold 375 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $211.00, for a total transaction of $79,125.00. Following the completion of the sale, the director owned 16,133 shares of the company's stock, valued at $3,404,063. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ewout L. Steenbergen sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $211.03, for a total value of $4,220,600.00. Following the sale, the chief financial officer directly owned 59,794 shares of the company's stock, valued at $12,618,327.82. The trade was a 25.06% 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. In the last quarter, insiders sold 78,425 shares of company stock worth $16,210,864. 0.17% of the stock is currently owned by company insiders.

Booking Company Profile

Booking Holdings Inc is a global online travel and restaurant-reservation company that connects consumers with travel providers through digital platforms and mobile applications. Its services include accommodations, flights, rental cars, cruises, vacation packages, restaurant reservations and other travel-related offerings.

The company operates a portfolio of well-known brands, including Booking.com, Priceline, Agoda, KAYAK, OpenTable, Rentalcars.com and Kayak-associated travel services.

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