Bowie Capital Management LLC Acquires New Shares in Booking Holdings Inc. $BKNG

Key Points

• Bowie Capital Management initiated a 381,532-share position in Booking Holdings worth approximately $68 million, representing 2.9% of its portfolio. Institutional investors collectively own 92.42% of BKNG.
• Booking reported quarterly EPS of $2.54, beating estimates by $0.11, while revenue reached $7.35 billion and increased 8.1% year over year.
• Analysts maintain a generally bullish outlook, with a “Moderate Buy” consensus rating and an average price target of $235.72 versus the reported share price of $209.87. Booking also declared a quarterly dividend of $0.42 per share.

Bowie Capital Management LLC purchased a new position in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 381,532 shares of the business services provider's stock, valued at approximately $68,004,000. Booking comprises about 2.9% of Bowie Capital Management LLC's portfolio, making the stock its 16th largest position. Bowie Capital Management LLC owned 0.05% of Booking as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BKNG. Bogart Wealth LLC grew its stake in shares of Booking by 3,475.0% in the second quarter. Bogart Wealth LLC now owns 143 shares of the business services provider's stock worth $25,000 after purchasing an additional 139 shares in the last quarter. Wilkerson Advisory Group LLC grew its stake in shares of Booking by 3,550.0% in the 2nd quarter. Wilkerson Advisory Group LLC now owns 146 shares of the business services provider's stock worth $26,000 after purchasing an additional 142 shares during the last quarter. Camelot Portfolios LLC bought a new position in shares of Booking in the fourth quarter valued at $27,000. Osbon Capital Management LLC acquired a new stake in shares of Booking during the fourth quarter worth $27,000. Finally, First Financial Corp IN lifted its stake in Booking by 2,400.0% during the second quarter. First Financial Corp IN now owns 150 shares of the business services provider's stock valued at $27,000 after buying an additional 144 shares in the last quarter. 92.42% of the stock is owned by institutional investors.

Booking Trading Down 1.5%

Shares of Booking stock opened at $209.87 on Friday. Booking Holdings Inc. has a 1-year low of $150.14 and a 1-year high of $231.80. The firm has a fifty day simple moving average of $187.71 and a 200-day simple moving average of $177.15. The stock has a market capitalization of $157.69 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 1.29 and a beta of 1.07.

Booking (NASDAQ:BKNG - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The business services provider reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.11. The company had revenue of $7.35 billion for 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% compared to the same quarter last year. During the same period last year, the business posted $55.40 earnings per share. As a group, research analysts predict that Booking Holdings Inc. will post 10.47 earnings per share for the current year.

Booking Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, September 11th. This represents a $1.68 annualized dividend and a dividend yield of 0.8%. Booking's payout ratio is presently 18.58%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BKNG. Mizuho set a $240.00 target price on Booking in a report on Wednesday, August 5th. Argus increased their price objective on Booking from $210.00 to $245.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. UBS Group raised their price objective on Booking from $266.00 to $274.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Cantor Fitzgerald lifted their target price on Booking from $175.00 to $220.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Finally, Gordon Haskett upped their price objective on shares of Booking from $217.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $235.72.

Insider Transactions at Booking

In other Booking news, VP Peter J. Millones sold 62,500 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $163.67, for a total value of $10,229,375.00. Following the completion of the transaction, the vice president owned 425,075 shares of the company's stock, valued at $69,572,025.25. This represents a 12.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 on Wednesday, August 12th. The shares were sold at an average price of $211.03, for a total value of $4,220,600.00. Following the completion of the transaction, the chief financial officer owned 59,794 shares of the company's stock, valued at $12,618,327.82. The trade was a 25.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 140,050 shares of company stock valued at $26,341,680. 0.17% of the stock is currently owned by insiders.

Booking 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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