Clear Harbor Asset Management LLC Invests $4.98 Million in Booking Holdings Inc. $BKNG

Key Points

• Clear Harbor Asset Management acquired 27,923 Booking Holdings shares worth approximately $4.98 million during the second quarter. Institutional investors and hedge funds collectively own 92.42% of the company.
• Booking’s latest quarterly results exceeded expectations, with adjusted earnings of $2.54 per share and revenue of $7.35 billion, up 8.1% year over year.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $235.72 versus the stock’s reported price of $209.62. Booking also announced a quarterly dividend of $0.42 per share.

Clear Harbor Asset Management LLC acquired a new stake in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 27,923 shares of the business services provider's stock, valued at approximately $4,977,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Camelot Portfolios LLC bought a new stake in Booking during the 4th quarter worth approximately $27,000. Osbon Capital Management LLC bought a new position in Booking in the fourth quarter valued at approximately $27,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Booking in the fourth quarter valued at approximately $27,000. Strive Asset Management LLC acquired a new position in shares of Booking in the third quarter valued at approximately $27,000. Finally, Swiss RE Ltd. bought a new stake in shares of Booking during the fourth quarter worth $27,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert J. Mylod, Jr. sold 5,000 shares of the company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $200.00, for a total value of $1,000,000.00. Following the sale, the director directly owned 16,000 shares of the company's stock, valued at approximately $3,200,000. This represents a 23.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Peter J. Millones sold 62,500 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $163.67, for a total transaction of $10,229,375.00. Following the completion of the sale, the vice president directly owned 425,075 shares in the company, valued at approximately $69,572,025.25. The trade was a 12.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 140,050 shares of company stock valued at $26,341,680 over the last quarter. 0.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wells Fargo & Company set a $220.00 price objective on shares of Booking and gave the company an "equal weight" rating in a research report on Wednesday, August 5th. B. Riley Financial reiterated a "buy" rating and set a $274.00 target price (up from $264.00) on shares of Booking in a report on Wednesday, August 5th. Mizuho set a $240.00 price target on Booking in a report on Wednesday, August 5th. Evercore set a $245.00 price objective on Booking in a research report on Wednesday, April 29th. Finally, Bank of America reiterated a "buy" rating and set a $234.00 price objective on shares of Booking in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Booking has an average rating of "Moderate Buy" and an average target price of $235.72.

Booking Trading Down 0.1%

NASDAQ BKNG opened at $209.62 on Friday. Booking Holdings Inc. has a 12 month low of $150.14 and a 12 month high of $231.80. The stock has a 50 day moving average of $188.60 and a 200-day moving average of $177.00. The company has a market cap of $157.50 billion, a PE ratio of 23.20, a PEG ratio of 1.27 and a beta of 1.07.

Booking (NASDAQ:BKNG - Get Free Report) last issued its earnings results on Monday, August 3rd. The business services provider reported $2.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.43 by $0.11. Booking had a net margin of 25.53% and a negative return on equity of 102.96%. The business had revenue of $7.35 billion for the quarter, compared to the consensus estimate of $7.19 billion. During the same period in the previous year, the company earned $55.40 earnings per share. The firm's revenue for the quarter was up 8.1% on a year-over-year basis. As a group, sell-side analysts predict that Booking Holdings Inc. will post 10.47 EPS 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 given 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 (DPR) is 18.58%.

About Booking

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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