Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by Burgundy Asset Management Ltd.

Key Points

• Burgundy Asset Management Ltd. has reduced its stake in Intercontinental Exchange Inc. by 26.5%, selling 460,617 shares and now holding over 1.2 million shares, contributing to a 2.3% portfolio allocation.
• Various institutional investors including Vanguard Group and Royal Bank of Canada have increased their holdings in Intercontinental Exchange, reflecting an overall 89.30% institutional ownership of the company's stock.
• Analysts have raised their target prices for Intercontinental Exchange, with a consensus rating of "Moderate Buy" and an average target price of $194.92, while the company recently announced a quarterly dividend of $0.48 per share.

Burgundy Asset Management Ltd. decreased its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 26.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,276,994 shares of the financial services provider's stock after selling 460,617 shares during the quarter. Intercontinental Exchange makes up about 2.3% of Burgundy Asset Management Ltd.'s investment portfolio, making the stock its 4th largest position. Burgundy Asset Management Ltd. owned 0.22% of Intercontinental Exchange worth $220,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Intercontinental Exchange by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock valued at $9,132,211,000 after purchasing an additional 712,179 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Intercontinental Exchange by 132.9% during the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock valued at $1,359,173,000 after purchasing an additional 5,204,309 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Intercontinental Exchange by 9.7% during the 4th quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider's stock valued at $1,105,953,000 after purchasing an additional 655,247 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Intercontinental Exchange by 50.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock valued at $1,023,534,000 after purchasing an additional 1,993,084 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Intercontinental Exchange by 26.6% during the 4th quarter. Janus Henderson Group PLC now owns 5,721,604 shares of the financial services provider's stock valued at $852,578,000 after purchasing an additional 1,200,965 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Piper Sandler lifted their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. UBS Group lifted their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Morgan Stanley lifted their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Barclays lifted their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods lifted their target price on Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Insider Buying and Selling at Intercontinental Exchange

In other news, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction dated 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 transaction, the senior vice president directly owned 27,313 shares in the company, valued at approximately $4,847,511.24. This represents a 5.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total value of $27,463,500.00. Following the transaction, the chief executive officer owned 1,951,705 shares in the company, valued at $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 443,488 shares of company stock valued at $80,323,823 over the last 90 days. Insiders own 1.00% of the company's stock.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $181.12 on Friday. The stock has a market cap of $103.68 billion, a PE ratio of 34.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.11. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a fifty day moving average of $182.02 and a 200-day moving average of $173.50.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The business had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same period in the previous year, the business earned $1.52 earnings per share. The firm's revenue was up 9.8% on a year-over-year basis. Equities research analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.1%. Intercontinental Exchange's payout ratio is 36.85%.

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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