Canoe Financial LP Sells 24,357 Shares of CME Group Inc. $CME

Key Points

• Canoe Financial LP has reduced its position in CME Group Inc. by 4.1%, owning 576,062 shares valued at approximately $158.77 million, making it the firm's 13th largest holding.
• CME Group reported earnings of $2.96 per share for the last quarter, exceeding analysts' expectations, with a revenue of $1.69 billion, up 10.4% year-over-year.
• The company announced a quarterly dividend of $1.25 per share, with a yield of 1.9% and a payout ratio of 48.40%.

Canoe Financial LP reduced its stake in shares of CME Group Inc. (NASDAQ:CME - Free Report) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 576,062 shares of the financial services provider's stock after selling 24,357 shares during the quarter. CME Group comprises about 2.3% of Canoe Financial LP's investment portfolio, making the stock its 13th largest holding. Canoe Financial LP owned 0.16% of CME Group worth $158,774,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank Pictet & Cie Europe AG raised its position in CME Group by 29.0% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 86,941 shares of the financial services provider's stock worth $20,190,000 after acquiring an additional 19,533 shares in the last quarter. Woodline Partners LP bought a new stake in CME Group in the fourth quarter worth about $5,026,000. Waverly Advisors LLC raised its position in CME Group by 32.2% in the fourth quarter. Waverly Advisors LLC now owns 10,827 shares of the financial services provider's stock worth $2,514,000 after acquiring an additional 2,637 shares in the last quarter. Focus Partners Advisor Solutions LLC raised its position in CME Group by 61.0% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 1,671 shares of the financial services provider's stock worth $388,000 after acquiring an additional 633 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in CME Group by 14.8% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 68,955 shares of the financial services provider's stock worth $16,013,000 after acquiring an additional 8,876 shares in the last quarter. 87.75% of the stock is currently owned by institutional investors.

Insider Transactions at CME Group

In other news, Director William R. Shepard purchased 256 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was acquired at an average price of $270.53 per share, with a total value of $69,255.68. Following the purchase, the director owned 258,196 shares in the company, valued at $69,849,763.88. This represents a 0.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sunil Cutinho sold 11,896 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $271.47, for a total value of $3,229,407.12. Following the completion of the sale, the insider directly owned 17,440 shares of the company's stock, valued at approximately $4,734,436.80. The trade was a 40.55% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,043 shares of company stock worth $3,527,956. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CME has been the topic of several research reports. Oppenheimer boosted their price target on shares of CME Group from $300.00 to $303.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Citigroup lifted their price target on CME Group from $265.00 to $275.00 and gave the stock a "neutral" rating in a research note on Thursday, July 3rd. Piper Sandler boosted their price objective on CME Group from $283.00 to $296.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Wall Street Zen downgraded CME Group from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Finally, Barclays set a $298.00 price objective on CME Group and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, CME Group presently has a consensus rating of "Hold" and an average price target of $260.60.

CME Group Stock Down 0.2%

NASDAQ:CME traded down $0.45 on Monday, hitting $261.08. 1,069,495 shares of the company's stock traded hands, compared to its average volume of 2,283,281. The company has a market cap of $94.09 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 4.73 and a beta of 0.43. The firm has a 50-day moving average price of $271.98 and a 200-day moving average price of $270.81. CME Group Inc. has a 1 year low of $212.60 and a 1 year high of $290.79. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.12.

CME Group (NASDAQ:CME - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.96 EPS for the quarter, beating the consensus estimate of $2.91 by $0.05. The business had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.68 billion. CME Group had a return on equity of 14.60% and a net margin of 58.48%.The firm's quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.56 EPS. Equities analysts anticipate that CME Group Inc. will post 10.49 EPS for the current fiscal year.

CME Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Tuesday, September 9th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. CME Group's payout ratio is presently 48.40%.

CME Group Company Profile

CME Group Inc, together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, foreign exchange, agricultural commodities, energy, and metals, as well as fixed income and foreign currency trading services.