Wedge Capital Management L L P NC Has $3.12 Million Stake in Cannae Holdings, Inc. (NYSE:CNNE)

Wedge Capital Management L L P NC trimmed its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 24.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,404 shares of the company's stock after selling 54,290 shares during the period. Wedge Capital Management L L P NC owned about 0.27% of Cannae worth $3,124,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CNNE. Park Avenue Securities LLC lifted its stake in Cannae by 6.3% in the 1st quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock worth $240,000 after acquiring an additional 777 shares in the last quarter. GAMMA Investing LLC lifted its stake in Cannae by 2,236.9% in the 1st quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock worth $154,000 after acquiring an additional 8,053 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Cannae in the 4th quarter worth about $122,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cannae by 10.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,116 shares of the company's stock worth $3,438,000 after acquiring an additional 16,272 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Cannae in the 4th quarter worth about $230,000. 88.12% of the stock is owned by hedge funds and other institutional investors.

Cannae Stock Down 0.7%

Shares of CNNE traded down $0.13 during midday trading on Friday, reaching $19.62. 1,924,561 shares of the stock were exchanged, compared to its average volume of 484,014. Cannae Holdings, Inc. has a 12-month low of $15.92 and a 12-month high of $22.36. The firm has a 50 day simple moving average of $18.04 and a 200-day simple moving average of $18.87. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -4.08 and a beta of 1.00.

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

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Monday, June 16th. Cannae's dividend payout ratio (DPR) is presently -9.13%.

Cannae declared that its Board of Directors has approved a share buyback plan on Tuesday, March 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CNNE shares. Oppenheimer reduced their price objective on Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $22.00 price objective on shares of Cannae in a research note on Wednesday, May 14th.

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.