Cibc World Market Inc. Makes New $31.46 Million Investment in Booking Holdings Inc. $BKNG

Key Points

• CIBC World Market acquired a new $31.46 million stake in Booking Holdings during the second quarter, purchasing 176,501 shares. Institutional investors collectively own 92.42% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $235.72. Recent targets range from $220 to $250.
• Booking exceeded quarterly earnings and revenue expectations, reporting $2.54 in EPS and $7.35 billion in revenue, while declaring a quarterly dividend of $0.42 per share. Insiders sold $26.34 million of stock over the past three months, largely under pre-arranged trading plans.

Cibc World Market Inc. acquired a new stake in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 176,501 shares of the business services provider's stock, valued at approximately $31,460,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Benjamin Edwards Inc. lifted its position in Booking by 1.7% in the second quarter. Benjamin Edwards Inc. now owns 121 shares of the business services provider's stock worth $700,000 after purchasing an additional 2 shares during the period. Simon Quick Advisors LLC increased its holdings in Booking by 1.0% in the 4th quarter. Simon Quick Advisors LLC now owns 289 shares of the business services provider's stock valued at $1,548,000 after buying an additional 3 shares during the period. LFA Lugano Financial Advisors SA raised its stake in shares of Booking by 6.0% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 53 shares of the business services provider's stock valued at $284,000 after buying an additional 3 shares in the last quarter. Mutual Advisors LLC raised its stake in shares of Booking by 1.2% in the 4th quarter. Mutual Advisors LLC now owns 246 shares of the business services provider's stock valued at $1,317,000 after buying an additional 3 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its holdings in shares of Booking by 3.2% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 97 shares of the business services provider's stock worth $518,000 after acquiring an additional 3 shares during the period. 92.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Susquehanna reissued a "positive" rating and issued a $240.00 target price on shares of Booking in a research note on Thursday, August 6th. Wells Fargo & Company set a $220.00 price objective on Booking and gave the company an "equal weight" rating in a report on Wednesday, August 5th. BMO Capital Markets reiterated an "outperform" rating and issued a $250.00 price objective (up from $240.00) on shares of Booking in a research note on Wednesday, August 5th. TD Cowen reissued a "buy" rating and issued a $230.00 target price (down from $240.00) on shares of Booking in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald raised their target price on Booking from $175.00 to $220.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $235.72.

Insider Activity at Booking

In related news, Director Vanessa Ames Wittman sold 375 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $211.00, for a total value of $79,125.00. Following the completion of the sale, the director owned 16,133 shares of the company's stock, valued at $3,404,063. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Peter J. Millones sold 50,050 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $207.59, for a total transaction of $10,389,879.50. Following the completion of the transaction, the vice president owned 375,025 shares of the company's stock, valued at $77,851,439.75. This trade represents a 11.77% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 140,050 shares of company stock valued at $26,341,680 over the last three months. 0.17% of the stock is owned by company insiders.

Booking Price Performance

Booking stock opened at $209.62 on Monday. The stock has a 50-day simple moving average of $188.60 and a 200 day simple moving average of $176.84. The stock has a market capitalization of $157.50 billion, a price-to-earnings ratio of 23.20, a P/E/G ratio of 1.27 and a beta of 1.07. Booking Holdings Inc. has a 12-month low of $150.14 and a 12-month high of $231.80.

Booking (NASDAQ:BKNG - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The business services provider reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $2.43 by $0.11. The firm had revenue of $7.35 billion for the quarter, compared to analyst estimates 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 was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $55.40 EPS. As a group, sell-side analysts anticipate that Booking Holdings Inc. will post 10.47 EPS for the current year.

Booking Dividend Announcement

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

Booking Company 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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