Burgundy Asset Management Ltd. Reduces Stake in Intercontinental Exchange, Inc. (NYSE:ICE)

Burgundy Asset Management Ltd. cut its holdings in Intercontinental Exchange, Inc. (NYSE:ICE - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,737,611 shares of the financial services provider's stock after selling 170,974 shares during the period. Intercontinental Exchange accounts for 2.6% of Burgundy Asset Management Ltd.'s investment portfolio, making the stock its 7th biggest position. Burgundy Asset Management Ltd. owned approximately 0.30% of Intercontinental Exchange worth $258,921,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Intercontinental Exchange by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 52,228,177 shares of the financial services provider's stock valued at $7,782,521,000 after acquiring an additional 538,670 shares during the period. Geode Capital Management LLC increased its holdings in Intercontinental Exchange by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 11,883,252 shares of the financial services provider's stock worth $1,765,317,000 after acquiring an additional 327,637 shares during the period. Royal Bank of Canada lifted its stake in Intercontinental Exchange by 132.9% in the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after purchasing an additional 5,204,309 shares in the last quarter. Norges Bank bought a new position in Intercontinental Exchange in the 4th quarter valued at $1,196,258,000. Finally, Northern Trust Corp grew its position in shares of Intercontinental Exchange by 9.7% during the 4th quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider's stock valued at $1,105,953,000 after purchasing an additional 655,247 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Trading Up 1.3%

Shares of Intercontinental Exchange stock traded up $2.27 during trading on Monday, reaching $176.27. The company's stock had a trading volume of 2,248,069 shares, compared to its average volume of 3,006,613. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.63. Intercontinental Exchange, Inc. has a 52-week low of $131.79 and a 52-week high of $179.44. The firm's 50-day moving average is $167.76 and its two-hundred day moving average is $161.95. The company has a market cap of $101.11 billion, a price-to-earnings ratio of 36.88, a PEG ratio of 2.10 and a beta of 1.12.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.02. The firm had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.44 billion. Intercontinental Exchange had a return on equity of 12.95% and a net margin of 23.42%. The company's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the firm earned $1.48 earnings per share. On average, sell-side analysts anticipate that Intercontinental Exchange, Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.09%. Intercontinental Exchange's dividend payout ratio (DPR) is currently 39.75%.

Insiders Place Their Bets

In related news, insider Christopher Scott Edmonds sold 552 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $174.52, for a total transaction of $96,335.04. Following the transaction, the insider now owns 15,658 shares in the company, valued at $2,732,634.16. The trade was a 3.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Benjamin Jackson sold 7,900 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $171.43, for a total value of $1,354,297.00. Following the transaction, the president now directly owns 147,274 shares of the company's stock, valued at $25,247,181.82. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,082 shares of company stock valued at $1,868,802 in the last ninety days. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ICE shares. Barclays increased their price objective on Intercontinental Exchange from $189.00 to $198.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. UBS Group lifted their price target on Intercontinental Exchange from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Wall Street Zen raised Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Monday, February 10th. Morgan Stanley raised their target price on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Finally, Bank of America dropped their target price on shares of Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $188.46.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.