Castleark Management LLC Makes New $24.38 Million Investment in Booking Holdings Inc. $BKNG

Key Points

• Castleark Management LLC purchased 136,776 Booking Holdings shares worth approximately $24.38 million in the second quarter, making BKNG its 25th-largest holding. Institutional investors collectively own 92.42% of the company.
• Analysts maintain a generally positive outlook, with Booking carrying a consensus “Moderate Buy” rating and an average price target of $236.45, versus a recent share price of $213.78.
• Booking exceeded quarterly expectations, reporting $2.54 in adjusted earnings per share and $7.35 billion in revenue, up 8.1% year over year. The company also declared a quarterly dividend of $0.42 per share, while insiders sold $16.1 million in stock over the past 90 days.

Castleark Management LLC purchased a new position in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 136,776 shares of the business services provider's stock, valued at approximately $24,379,000. Booking makes up 0.7% of Castleark Management LLC's holdings, making the stock its 25th largest holding.

Other large investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Booking during the 2nd quarter valued at $11,646,302,000. Deutsche Bank AG acquired a new position in Booking in the 2nd quarter worth about $1,691,186,000. Bank of New York Mellon Corp bought a new position in Booking in the second quarter valued at about $1,370,455,000. Legal & General Group Plc bought a new position in Booking in the second quarter valued at about $992,026,000. Finally, J. Stern & Co. LLP raised its position in Booking by 191,965.8% in the fourth quarter. J. Stern & Co. LLP now owns 2,832,970 shares of the business services provider's stock valued at $15,171,489,000 after purchasing an additional 2,831,495 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on BKNG. Jefferies Financial Group boosted their price target on Booking from $180.00 to $190.00 and gave the stock a "hold" rating in a report on Tuesday, July 14th. Royal Bank Of Canada cut their target price on shares of Booking from $244.00 to $220.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald lifted their target price on shares of Booking from $175.00 to $220.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. Evercore reissued an "outperform" rating and set a $270.00 target price on shares of Booking in a report on Monday. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Booking in a research report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Booking currently has a consensus rating of "Moderate Buy" and a consensus price target of $236.45.

Booking Price Performance

Booking stock opened at $213.78 on Wednesday. The stock's 50 day moving average is $190.14 and its 200 day moving average is $177.35. Booking Holdings Inc. has a one year low of $150.14 and a one year high of $229.13. The firm has a market cap of $160.63 billion, a P/E ratio of 23.66, a P/E/G ratio of 1.29 and a beta of 1.07.

Booking (NASDAQ:BKNG - Get Free Report) last released its earnings results on Monday, August 3rd. The business services provider reported $2.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.43 by $0.11. The business had revenue of $7.35 billion during the quarter, compared to the consensus estimate of $7.19 billion. Booking had a net margin of 25.53% and a negative return on equity of 102.96%. The company's revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $55.40 EPS. Equities analysts anticipate that Booking Holdings Inc. will post 10.47 earnings per share for the current fiscal year.

Booking Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, September 11th. Booking's dividend payout ratio is currently 18.58%.

Insider Activity

In related news, Director Robert J. Mylod, Jr. sold 1,000 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $206.70, for a total value of $206,700.00. Following the transaction, the director owned 15,000 shares in the company, valued at $3,100,500. The trade was a 6.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ewout L. Steenbergen sold 20,000 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $211.03, for a total transaction of $4,220,600.00. Following the sale, the chief financial officer directly owned 59,794 shares in the company, valued at $12,618,327.82. This trade represents a 25.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 77,550 shares of company stock valued at $16,112,304. Company insiders own 0.17% of the company's stock.

Booking Profile

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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