Wedge Capital Management L L P NC Lowers Stock Holdings in Cannae Holdings, Inc. (NYSE:CNNE)

Wedge Capital Management L L P NC reduced its stake in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 24.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 170,404 shares of the company's stock after selling 54,290 shares during the quarter. Wedge Capital Management L L P NC owned about 0.27% of Cannae worth $3,124,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CNNE. Spire Wealth Management purchased a new position in Cannae in the 4th quarter worth approximately $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Cannae in the fourth quarter worth approximately $76,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Cannae by 133.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock worth $85,000 after purchasing an additional 2,436 shares in the last quarter. Global Retirement Partners LLC increased its stake in shares of Cannae by 29.6% in the 4th quarter. Global Retirement Partners LLC now owns 5,251 shares of the company's stock worth $104,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Ameriflex Group Inc. purchased a new stake in Cannae in the fourth quarter worth about $122,000. Hedge funds and other institutional investors own 88.12% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CNNE. Oppenheimer decreased their price objective on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $22.00 target price on shares of Cannae in a report on Wednesday, May 14th.

Cannae Trading Up 1.2%

Shares of NYSE CNNE traded up $0.24 during trading hours on Tuesday, hitting $19.90. 612,704 shares of the company traded hands, compared to its average volume of 475,582. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. Cannae Holdings, Inc. has a 12 month low of $15.92 and a 12 month high of $22.36. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -4.14 and a beta of 1.00. The company's 50 day moving average price is $17.88 and its 200 day moving average price is $18.87.

Cannae (NYSE:CNNE - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). The firm had revenue of $103.20 million during the quarter, compared to the consensus estimate of $105.30 million. Cannae had a negative return on equity of 8.26% and a negative net margin of 68.61%. Cannae's revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted ($1.27) EPS. On average, equities research analysts anticipate that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae announced that its board has authorized a share repurchase program on Tuesday, March 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Cannae Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, June 16th. This represents a $0.48 annualized dividend and a dividend yield of 2.41%. Cannae's dividend payout ratio (DPR) is presently -9.13%.

Cannae Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.