Cumberland Partners Ltd Sells 9,023 Shares of Nasdaq, Inc. (NASDAQ:NDAQ)

Key Points

• Cumberland Partners Ltd reduced its stake in Nasdaq, Inc. by 5.3% during the first quarter, now owning 160,972 shares valued at approximately $12.21 million.
• Nasdaq reported earnings of $0.85 EPS for the last quarter, beating estimates by $0.07, with revenues of $1.31 billion, up 12.7% year-over-year.
• The company recently announced a quarterly dividend of $0.27, which will yield approximately 1.1%, and has a payout ratio of 41.54%.

Cumberland Partners Ltd trimmed its holdings in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 5.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 160,972 shares of the financial services provider's stock after selling 9,023 shares during the quarter. Nasdaq accounts for about 0.9% of Cumberland Partners Ltd's holdings, making the stock its 28th biggest holding. Cumberland Partners Ltd's holdings in Nasdaq were worth $12,211,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Grove Bank & Trust lifted its position in Nasdaq by 194.6% in the 1st quarter. Grove Bank & Trust now owns 327 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 216 shares in the last quarter. Highline Wealth Partners LLC raised its stake in shares of Nasdaq by 1,509.5% in the first quarter. Highline Wealth Partners LLC now owns 338 shares of the financial services provider's stock worth $26,000 after purchasing an additional 317 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Nasdaq during the first quarter valued at $26,000. First Command Advisory Services Inc. bought a new stake in Nasdaq in the 1st quarter worth about $30,000. Finally, Kapitalo Investimentos Ltda purchased a new position in Nasdaq in the 4th quarter worth about $37,000. 72.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on NDAQ. Barclays boosted their target price on Nasdaq from $101.00 to $109.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $96.00 price target (up previously from $84.00) on shares of Nasdaq in a research note on Wednesday, July 9th. UBS Group upgraded Nasdaq from a "neutral" rating to a "buy" rating and upped their target price for the stock from $95.00 to $115.00 in a report on Friday, July 25th. Piper Sandler boosted their target price on Nasdaq from $97.00 to $104.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of Nasdaq in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $97.06.

Nasdaq Stock Up 1.8%

Shares of NASDAQ NDAQ traded up $1.74 during mid-day trading on Monday, reaching $96.91. 2,327,307 shares of the company's stock were exchanged, compared to its average volume of 3,563,475. The firm has a market capitalization of $55.61 billion, a price-to-earnings ratio of 37.27, a PEG ratio of 2.11 and a beta of 1.00. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.73. Nasdaq, Inc. has a twelve month low of $64.33 and a twelve month high of $97.07. The business has a fifty day simple moving average of $88.29 and a 200 day simple moving average of $81.30.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.07. Nasdaq had a net margin of 18.59% and a return on equity of 15.90%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the business earned $0.69 EPS. Nasdaq's revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, equities analysts expect that Nasdaq, Inc. will post 3.18 EPS for the current fiscal year.

Nasdaq Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, September 12th. Nasdaq's dividend payout ratio is currently 41.54%.

Insider Activity at Nasdaq

In other news, EVP Jeremy Skule sold 2,105 shares of Nasdaq stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $89.17, for a total transaction of $187,702.85. Following the transaction, the executive vice president owned 94,656 shares in the company, valued at approximately $8,440,475.52. The trade was a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pc Nelson Griggs sold 8,000 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $83.03, for a total value of $664,240.00. Following the completion of the sale, the insider owned 211,405 shares of the company's stock, valued at $17,552,957.15. The trade was a 3.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,304 shares of company stock valued at $2,686,833 in the last quarter. 0.70% of the stock is owned by company insiders.

About Nasdaq

Nasdaq, Inc operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products.