Focus Financial Network Inc. Acquires 4,888 Shares of Booking Holdings Inc. $BKNG

Key Points

• Focus Financial Network increased its Booking Holdings stake by 2,419.8% in the second quarter, acquiring 4,888 additional shares and bringing its total holdings to 5,090 shares valued at approximately $907,000. Institutional investors collectively own 92.42% of BKNG.
• Booking reported quarterly earnings of $2.54 per share and revenue of $7.35 billion, beating analyst estimates; revenue increased 8.1% year over year. The company also declared a quarterly dividend of $0.42 per share, equating to a 0.8% yield.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $235.72. Recent target increases range from $220 to $250, although insiders sold more than $11.6 million in shares over the past three months.

Focus Financial Network Inc. boosted its holdings in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) by 2,419.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,090 shares of the business services provider's stock after acquiring an additional 4,888 shares during the quarter. Focus Financial Network Inc.'s holdings in Booking were worth $907,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BKNG. Brighton Jones LLC lifted its holdings in shares of Booking by 34.9% during the fourth quarter. Brighton Jones LLC now owns 251 shares of the business services provider's stock worth $1,249,000 after purchasing an additional 65 shares during the period. Revolve Wealth Partners LLC acquired a new stake in Booking in the fourth quarter valued at $209,000. Sivia Capital Partners LLC raised its position in Booking by 25.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 165 shares of the business services provider's stock worth $955,000 after purchasing an additional 33 shares during the last quarter. Schnieders Capital Management LLC. raised its position in Booking by 50.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 87 shares of the business services provider's stock worth $504,000 after purchasing an additional 29 shares during the last quarter. Finally, Osterweis Capital Management Inc. acquired a new position in Booking during the 2nd quarter worth about $179,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Booking Trading Down 0.0%

Shares of BKNG opened at $212.87 on Wednesday. The firm's fifty day simple moving average is $181.21 and its two-hundred day simple moving average is $176.87. Booking Holdings Inc. has a 12 month low of $150.14 and a 12 month high of $231.80. The stock has a market capitalization of $159.95 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 1.28 and a beta of 1.07.

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

Booking Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have commented on BKNG shares. Wedbush upped their price target on Booking from $211.00 to $247.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Gordon Haskett raised their price objective on Booking from $217.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Piper Sandler reaffirmed a "neutral" rating and issued a $215.00 price objective (up from $195.00) on shares of Booking in a research note on Wednesday, August 5th. Oppenheimer reiterated an "outperform" rating and issued a $240.00 target price (up from $215.00) on shares of Booking in a report on Wednesday, August 5th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $250.00 target price (up from $240.00) on shares of Booking in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $235.72.

Insiders Place Their Bets

In other news, Director Vanessa Ames Wittman sold 1,125 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $192.00, for a total transaction of $216,000.00. Following the completion of the sale, the director owned 16,508 shares of the company's stock, valued at $3,169,536. This trade represents a 6.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Peter J. Millones sold 62,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $163.67, for a total transaction of $10,229,375.00. Following the sale, the vice president directly owned 425,075 shares of the company's stock, valued at approximately $69,572,025.25. This trade represents a 12.82% 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. Over the last three months, insiders sold 69,625 shares of company stock worth $11,652,075. 0.17% of the stock is owned by corporate insiders.

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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