Mackenzie Financial Corp Trims Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Mackenzie Financial Corp has reduced its holdings in Intercontinental Exchange Inc. by 20.6%, now owning approximately 0.06% of the company, valued at $59.4 million.
• A significant number of institutional investors have increased their stakes in Intercontinental Exchange, with notable increases from Royal Bank of Canada and Bank of New York Mellon Corp, highlighting a robust interest in the stock.
• Analysts remain optimistic about Intercontinental Exchange, with several firms adjusting their price targets upward, indicating a consensus average target price of $194.42 and ratings leaning towards a "Moderate Buy."

Mackenzie Financial Corp trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 20.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 344,414 shares of the financial services provider's stock after selling 89,159 shares during the quarter. Mackenzie Financial Corp owned about 0.06% of Intercontinental Exchange worth $59,411,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ICE. Geode Capital Management LLC grew its stake in shares of Intercontinental Exchange by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 11,883,252 shares of the financial services provider's stock worth $1,765,317,000 after acquiring an additional 327,637 shares during the period. Royal Bank of Canada grew its stake in shares of Intercontinental Exchange by 132.9% in the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after acquiring an additional 5,204,309 shares during the period. Northern Trust Corp grew its stake in shares of Intercontinental Exchange by 9.7% in the fourth quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider's stock worth $1,105,953,000 after acquiring an additional 655,247 shares during the period. Independent Franchise Partners LLP grew its stake in shares of Intercontinental Exchange by 20.8% in the fourth quarter. Independent Franchise Partners LLP now owns 6,160,836 shares of the financial services provider's stock worth $918,026,000 after acquiring an additional 1,062,904 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Intercontinental Exchange by 50.6% in the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock worth $1,023,534,000 after acquiring an additional 1,993,084 shares during the period. 89.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the transaction, the general counsel owned 48,480 shares of the company's stock, valued at $8,683,737.60. The trade was a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,101,705 shares in the company, valued at $376,667,570.10. This trade represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 226,119 shares of company stock valued at $40,524,217. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE opened at $182.63 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.00 and a quick ratio of 1.00. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $185.29. The company has a market capitalization of $104.76 billion, a P/E ratio of 37.81, a P/E/G ratio of 2.02 and a beta of 1.11. The firm's 50 day simple moving average is $179.92 and its two-hundred day simple moving average is $170.45.

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

Intercontinental Exchange Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.05%. Intercontinental Exchange's dividend payout ratio is currently 39.75%.

Analysts Set New Price Targets

A number of analysts have recently commented on ICE shares. Barclays lifted their price target on shares of Intercontinental Exchange from $198.00 to $206.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Keefe, Bruyette & Woods lifted their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Morgan Stanley raised their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. UBS Group raised their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Bank of America dropped their price objective on shares of Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Intercontinental Exchange has an average rating of "Moderate Buy" and an average target price of $194.42.

Intercontinental Exchange Profile

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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