Bowie Capital Management LLC Takes Position in Booking Holdings Inc. $BKNG

Key Points

• Bowie Capital Management initiated a new position in Booking Holdings, buying 7,658 shares valued at about $32.2 million. The stake makes BKNG about 1.2% of its portfolio and its 21st-largest holding.
• Booking reported better-than-expected quarterly results, with EPS of $1.14 versus $1.08 expected and revenue of $5.53 billion, up 16.2% from a year earlier. Analysts now expect the company to earn 10.45 EPS for the full year.
• The company also paid a quarterly $0.42 dividend, implying a 0.9% annual yield, while analysts remain generally bullish with a consensus Moderate Buy rating and an average price target of $227.05.

Bowie Capital Management LLC bought a new position in Booking Holdings Inc. (NASDAQ:BKNG - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 7,658 shares of the business services provider's stock, valued at approximately $32,243,000. Booking accounts for about 1.2% of Bowie Capital Management LLC's holdings, making the stock its 21st biggest holding.

Several other institutional investors also recently modified their holdings of BKNG. Brighton Jones LLC raised its position in shares of Booking by 34.9% in the 4th quarter. Brighton Jones LLC now owns 251 shares of the business services provider's stock worth $1,249,000 after purchasing an additional 65 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Booking during the 4th quarter valued at about $209,000. Sivia Capital Partners LLC increased its stake in Booking by 25.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 165 shares of the business services provider's stock valued at $955,000 after purchasing an additional 33 shares in the last quarter. Schnieders Capital Management LLC. raised its holdings in Booking by 50.0% in the second quarter. Schnieders Capital Management LLC. now owns 87 shares of the business services provider's stock worth $504,000 after buying an additional 29 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Booking during the second quarter valued at approximately $179,000. 92.42% of the stock is currently owned by institutional investors.

Booking Price Performance

NASDAQ BKNG opened at $177.86 on Thursday. The stock has a market capitalization of $137.82 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.07 and a beta of 1.07. Booking Holdings Inc. has a 1-year low of $150.14 and a 1-year high of $231.80. The business's fifty day moving average price is $171.15 and its 200-day moving average price is $178.43.

Booking (NASDAQ:BKNG - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The business services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.08 by $0.06. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.52 billion. Booking had a negative return on equity of 117.14% and a net margin of 22.23%.Booking's revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share. Equities research analysts anticipate that Booking Holdings Inc. will post 10.45 EPS for the current year.

Booking Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, June 5th. Booking's dividend payout ratio is 22.11%.

Insider Buying and Selling at Booking

In related news, VP Peter J. Millones sold 62,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $163.67, for a total value of $10,229,375.00. Following the transaction, the vice president owned 425,075 shares of the company's stock, valued at approximately $69,572,025.25. This trade represents a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Booking from $224.00 to $208.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Evercore set a $245.00 price target on Booking in a report on Wednesday, April 29th. Robert W. Baird dropped their price objective on Booking from $234.00 to $215.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 29th. Citigroup dropped their price objective on Booking from $250.00 to $225.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Finally, Tigress Financial reaffirmed a "strong-buy" rating and set a $260.00 price target (up from $244.00) on shares of Booking in a report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Booking presently has a consensus rating of "Moderate Buy" and an average price target of $227.05.

About Booking

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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