Cortland Associates Inc. MO Lowers Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Cortland Associates Inc. MO lowered its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 49.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,705 shares of the financial services provider's stock after selling 53,886 shares during the quarter. Intercontinental Exchange accounts for about 1.2% of Cortland Associates Inc. MO's investment portfolio, making the stock its 24th biggest holding. Cortland Associates Inc. MO's holdings in Intercontinental Exchange were worth $9,609,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. REAP Financial Group LLC raised its stake in shares of Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after purchasing an additional 91 shares during the last quarter. Tsfg LLC grew its holdings in shares of Intercontinental Exchange by 187.3% in the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after acquiring an additional 103 shares during the period. Menard Financial Group LLC bought a new stake in shares of Intercontinental Exchange in the fourth quarter worth $29,000. Rakuten Securities Inc. grew its holdings in shares of Intercontinental Exchange by 595.8% in the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after acquiring an additional 143 shares during the period. Finally, Global Trust Asset Management LLC bought a new stake in shares of Intercontinental Exchange in the first quarter worth $31,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the completion of the sale, the general counsel owned 48,480 shares of the company's stock, valued at $8,683,737.60. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total value of $283,968.00. Following the completion of the sale, the senior vice president directly owned 27,313 shares of the company's stock, valued at $4,847,511.24. The trade was a 5.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,749 shares of company stock worth $40,942,387. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Trading Down 0.8%

ICE opened at $180.45 on Friday. The stock's fifty day moving average is $178.47 and its two-hundred day moving average is $167.60. The company has a market capitalization of $103.51 billion, a P/E ratio of 37.36, a PEG ratio of 1.99 and a beta of 1.11. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $183.99. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.70 by $0.02. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.44 billion. Intercontinental Exchange had a return on equity of 13.27% and a net margin of 22.84%. Intercontinental Exchange's quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the business posted $1.48 EPS. Analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.06%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 39.75%.

Analysts Set New Price Targets

Several analysts recently commented on ICE shares. Bank of America cut their price objective on Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods lifted their price objective on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Morgan Stanley lifted their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Barclays boosted their price target on Intercontinental Exchange from $198.00 to $206.00 and gave the company an "overweight" rating in a report on Thursday. Finally, UBS Group boosted their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Intercontinental Exchange presently has an average rating of "Moderate Buy" and an average target price of $192.58.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.

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