Manning & Napier Advisors LLC Has $57.69 Million Stock Holdings in Nasdaq, Inc. $NDAQ

Key Points

• Manning & Napier Advisors reduced its Nasdaq stake by 13% in the first quarter, selling 101,413 shares and ending with 679,564 shares worth about $57.7 million.
• Nasdaq reported strong quarterly results, with earnings of $0.96 per share topping estimates and revenue rising 13.7% year over year to $2.14 billion.
• The company raised its quarterly dividend to $0.31 per share from $0.27, while analysts remain broadly positive with a consensus rating of Buy and an average price target of $106.92.

Manning & Napier Advisors LLC decreased its position in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 679,564 shares of the financial services provider's stock after selling 101,413 shares during the period. Manning & Napier Advisors LLC owned 0.12% of Nasdaq worth $57,688,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NDAQ. Vanguard Group Inc. lifted its position in Nasdaq by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 59,916,887 shares of the financial services provider's stock valued at $5,819,727,000 after purchasing an additional 268,481 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Nasdaq by 4.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 27,627,767 shares of the financial services provider's stock worth $2,683,485,000 after buying an additional 1,258,964 shares during the period. State Street Corp grew its position in shares of Nasdaq by 1.3% during the 4th quarter. State Street Corp now owns 19,878,600 shares of the financial services provider's stock worth $1,930,808,000 after buying an additional 259,408 shares during the period. Geode Capital Management LLC raised its stake in shares of Nasdaq by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 12,851,894 shares of the financial services provider's stock worth $1,243,807,000 after buying an additional 378,577 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Nasdaq by 62.6% during the fourth quarter. Morgan Stanley now owns 9,266,562 shares of the financial services provider's stock worth $900,061,000 after buying an additional 3,567,843 shares during the last quarter. 72.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Nasdaq news, major shareholder Ab Investor purchased 56,782 shares of the stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $85.98 per share, for a total transaction of $4,882,116.36. Following the completion of the acquisition, the insider directly owned 58,439,208 shares of the company's stock, valued at $5,024,603,103.84. The trade was a 0.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cohen Tal sold 15,518 shares of the firm's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $90.75, for a total value of $1,408,258.50. Following the sale, the insider directly owned 215,208 shares in the company, valued at approximately $19,530,126. This represents a 6.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 24,551 shares of company stock valued at $2,225,990 over the last ninety days. 0.60% of the stock is owned by insiders.

Nasdaq Trading Up 0.6%

NDAQ traded up $0.56 during mid-day trading on Friday, hitting $88.08. The stock had a trading volume of 2,620,120 shares, compared to its average volume of 4,808,497. The stock's fifty day simple moving average is $87.20 and its 200-day simple moving average is $89.01. The firm has a market capitalization of $49.81 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 1.74 and a beta of 0.99. Nasdaq, Inc. has a 1-year low of $76.55 and a 1-year high of $101.79. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.00 and a quick ratio of 1.00.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.03. Nasdaq had a net margin of 23.15% and a return on equity of 17.51%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the business earned $0.79 EPS. The firm's revenue was up 13.7% on a year-over-year basis. As a group, research analysts forecast that Nasdaq, Inc. will post 3.89 EPS for the current fiscal year.

Nasdaq Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.31 dividend. The ex-dividend date of this dividend was Friday, June 12th. This is a positive change from Nasdaq's previous quarterly dividend of $0.27. This represents a $1.24 dividend on an annualized basis and a yield of 1.4%. Nasdaq's payout ratio is presently 37.35%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NDAQ shares. Loop Capital set a $113.00 price objective on shares of Nasdaq in a research note on Friday, April 24th. Raymond James Financial reaffirmed an "outperform" rating and set a $113.00 target price (up from $111.00) on shares of Nasdaq in a report on Thursday. Rothschild & Co Redburn set a $110.00 target price on shares of Nasdaq in a research report on Thursday, June 11th. Morgan Stanley cut their price target on Nasdaq from $116.00 to $112.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Nasdaq in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Nasdaq presently has an average rating of "Buy" and a consensus target price of $106.92.

Nasdaq Company Profile

Nasdaq, Inc is a global financial technology company that operates one of the world's leading electronic securities exchanges and provides a broad array of products and services to capital markets participants. Its core activities include operating the Nasdaq Stock Market and other trading venues, developing and supplying market technology and matching engines to exchanges and trading firms, licensing market data and indices, and offering clearing, trade execution and post-trade solutions. The company also provides market surveillance, risk management and regulatory technology used by exchanges and regulators.

Founded in 1971 by the National Association of Securities Dealers (NASD) as the first electronic stock market, Nasdaq has evolved into a diversified marketplace and technology provider.

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