Nasdaq, Inc. $NDAQ Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Nasdaq by 84.6%, buying 198,045 shares to hold 432,074 shares valued at about $38.2 million, and other institutions (e.g., Bank of Montreal, Capital World Investors) also materially raised positions as institutional ownership stands at ~72.5%.
• Nasdaq beat expectations for the quarter with $0.96 EPS vs. $0.92 expected and revenue of $2.12 billion (up 13.4% YoY), while analysts maintain a consensus "Buy" rating with a $103.80 average price target.
• The company declared a quarterly dividend of $0.27 (annualized $1.08, ~1.3% yield), even as insiders — including CEO Adena Friedman — sold shares recently, with insiders disposing of ~697,340 shares (~$66.8 million) over the last quarter.

Mackenzie Financial Corp boosted its holdings in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 84.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 432,074 shares of the financial services provider's stock after purchasing an additional 198,045 shares during the period. Mackenzie Financial Corp owned approximately 0.08% of Nasdaq worth $38,217,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Magnetar Financial LLC purchased a new position in shares of Nasdaq during the third quarter worth about $1,754,000. FourThought Financial Partners LLC increased its position in Nasdaq by 1.0% in the 3rd quarter. FourThought Financial Partners LLC now owns 132,652 shares of the financial services provider's stock valued at $11,733,000 after acquiring an additional 1,301 shares during the period. Capital World Investors raised its stake in Nasdaq by 83.9% during the 3rd quarter. Capital World Investors now owns 271,932 shares of the financial services provider's stock valued at $24,052,000 after acquiring an additional 124,096 shares during the last quarter. Bank of Montreal Can raised its stake in Nasdaq by 105.0% during the 3rd quarter. Bank of Montreal Can now owns 837,797 shares of the financial services provider's stock valued at $74,103,000 after acquiring an additional 429,119 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Nasdaq by 3.1% during the 3rd quarter. Legal & General Group Plc now owns 2,809,452 shares of the financial services provider's stock worth $248,496,000 after acquiring an additional 85,761 shares during the period. 72.47% of the stock is currently owned by institutional investors and hedge funds.

Nasdaq Trading Down 1.7%

NASDAQ:NDAQ opened at $84.06 on Friday. Nasdaq, Inc. has a 52-week low of $64.84 and a 52-week high of $101.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.70. The stock has a fifty day simple moving average of $90.85 and a 200-day simple moving average of $90.80. The company has a market capitalization of $47.78 billion, a PE ratio of 27.20, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. Nasdaq had a net margin of 21.77% and a return on equity of 16.90%. The firm had revenue of $2.12 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period in the prior year, the company earned $0.76 EPS. The firm's revenue was up 13.4% on a year-over-year basis. On average, equities research analysts expect that Nasdaq, Inc. will post 3.18 earnings per share for the current fiscal year.

Nasdaq Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be given a $0.27 dividend. The ex-dividend date is Monday, March 16th. This represents a $1.08 annualized dividend and a dividend yield of 1.3%. Nasdaq's dividend payout ratio is currently 34.95%.

Insider Activity at Nasdaq

In other news, CEO Adena T. Friedman sold 92,840 shares of the firm's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $90.08, for a total transaction of $8,363,027.20. Following the completion of the transaction, the chief executive officer directly owned 2,079,323 shares of the company's stock, valued at $187,305,415.84. This trade represents a 4.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Zecca sold 4,500 shares of Nasdaq stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $100.01, for a total value of $450,045.00. Following the transaction, the executive vice president owned 125,674 shares of the company's stock, valued at $12,568,656.74. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 697,340 shares of company stock worth $66,803,072 over the last quarter. Company insiders own 0.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NDAQ shares. Raymond James Financial reiterated an "outperform" rating and issued a $109.00 target price on shares of Nasdaq in a research note on Wednesday, February 25th. JPMorgan Chase & Co. increased their price target on Nasdaq from $100.00 to $101.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. UBS Group reiterated a "buy" rating and issued a $120.00 price objective (up from $115.00) on shares of Nasdaq in a research report on Monday, January 12th. TD Cowen raised shares of Nasdaq from a "hold" rating to a "buy" rating and boosted their price objective for the company from $105.00 to $106.00 in a research note on Thursday, February 26th. Finally, Barclays restated an "overweight" rating and set a $115.00 price objective (up from $114.00) on shares of Nasdaq in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Nasdaq has a consensus rating of "Buy" and a consensus price target of $103.80.

Nasdaq 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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