National Pension Service Raises Stock Position in Booking Holdings Inc. $BKNG

Key Points

• National Pension Service dramatically increased its Booking Holdings stake by 2,690.8% in the second quarter, adding 2.1 million shares to own 2.19 million shares worth approximately $422.7 million. Institutional investors now own 92.42% of BKNG.
• Booking reported better-than-expected quarterly results, with adjusted EPS of $2.54 versus the $2.43 consensus and revenue of $7.35 billion versus $7.19 billion expected; revenue rose 8.1% year over year. Despite this, shares opened down 3.8% at $173.43, below the $194.39 50-day moving average.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $236.70 price target, but Booking’s failed legal challenge to the EU’s veto of its ETraveli acquisition removes a potential expansion opportunity and highlights regulatory risks.

National Pension Service boosted its stake in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) by 2,690.8% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,185,020 shares of the business services provider's stock after acquiring an additional 2,106,726 shares during the period. National Pension Service owned about 0.29% of Booking worth $422,678,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BKNG. Benjamin Edwards Inc. increased its stake in shares of Booking by 1.7% during the second quarter. Benjamin Edwards Inc. now owns 121 shares of the business services provider's stock worth $700,000 after purchasing an additional 2 shares in the last quarter. Radnor Capital Management LLC lifted its stake in Booking by 0.6% in the 4th quarter. Radnor Capital Management LLC now owns 534 shares of the business services provider's stock valued at $2,860,000 after buying an additional 3 shares in the last quarter. MJP Associates Inc. ADV lifted its stake in Booking by 6.1% in the 4th quarter. MJP Associates Inc. ADV now owns 52 shares of the business services provider's stock valued at $278,000 after buying an additional 3 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Booking by 1.9% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 158 shares of the business services provider's stock worth $846,000 after buying an additional 3 shares during the last quarter. Finally, Goldstein Advisors LLC boosted its holdings in Booking by 7.9% in the 4th quarter. Goldstein Advisors LLC now owns 41 shares of the business services provider's stock worth $220,000 after buying an additional 3 shares during the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Booking

Here are the key news stories impacting Booking this week:

• Positive Sentiment: Travel demand remains relatively resilient despite geopolitical conflicts and a slower macroeconomic environment, supporting the outlook for Booking’s accommodation and travel-reservation businesses. Booking Holdings Stock: A Travel Stock to Buy Right Now?
• Positive Sentiment: Analyst-oriented coverage continues to characterize Booking as a growth stock, reflecting its scale, profitability and potential for continued expansion in online travel. The company’s most recent reported quarter also exceeded earnings and revenue expectations, providing fundamental support. Why Booking Holdings Is a Strong Growth Stock
• Neutral Sentiment: Booking executives recently participated in Goldman Sachs and Citi technology conferences. The transcripts may provide insight into demand trends, artificial intelligence, competition and capital allocation, but the available headlines do not identify a specific new forecast or material change in guidance. Goldman Sachs Conference Transcript Citi Conference Transcript
• Negative Sentiment: The European court rejected Booking’s challenge to the EU veto of its ETraveli acquisition, effectively ending the company’s effort to purchase the flight-booking platform. The ruling removes a potential avenue for expansion and could weigh on investor sentiment regarding Booking’s regulatory exposure and acquisition strategy. Booking Loses Court Fight Against EU Veto of ETraveli Deal

Booking Trading Down 3.8%

Shares of BKNG opened at $173.43 on Thursday. Booking Holdings Inc. has a 12-month low of $150.14 and a 12-month high of $225.00. The firm has a market capitalization of $130.31 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.12 and a beta of 1.07. The firm has a 50-day moving average price of $194.39 and a 200 day moving average price of $178.77.

Booking (NASDAQ:BKNG - Get Free Report) last issued its earnings results on Monday, August 3rd. The business services provider reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $2.43 by $0.11. The company had revenue of $7.35 billion for the quarter, compared to the consensus estimate of $7.19 billion. Booking had a net margin of 25.53% and a negative return on equity of 102.96%. Booking's quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $55.40 earnings per share. Equities research analysts predict that Booking Holdings Inc. will post 10.48 earnings per share for the current fiscal year.

Booking Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 11th. Booking's payout ratio is presently 18.58%.

Analyst Upgrades and Downgrades

BKNG has been the subject of a number of research analyst reports. Wells Fargo & Company set a $220.00 target price on Booking and gave the company an "equal weight" rating in a report on Wednesday, August 5th. Rosenblatt Securities assumed coverage on Booking in a research note on Tuesday, September 1st. They issued a "buy" rating and a $245.00 price target on the stock. Benchmark boosted their price target on Booking from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Bank of America reissued a "buy" rating and issued a $234.00 price objective on shares of Booking in a research note on Wednesday, August 5th. Finally, BTIG Research restated a "buy" rating and issued a $250.00 price objective on shares of Booking in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Booking presently has an average rating of "Moderate Buy" and a consensus target price of $236.70.

Insider Activity

In other Booking news, insider Paulo Pisano sold 3,000 shares of the firm's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $203.48, for a total transaction of $610,440.00. Following the completion of the sale, the insider owned 73,400 shares of the company's stock, valued at $14,935,432. This trade represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ewout L. Steenbergen sold 20,000 shares of Booking stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $211.03, for a total value of $4,220,600.00. Following the completion of the sale, the chief financial officer owned 59,794 shares in the company, valued at $12,618,327.82. This represents a 25.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 81,550 shares of company stock worth $16,922,744. 0.17% of the stock is owned by company insiders.

About Booking

Booking Holdings Inc is a global provider of online travel and related services. The company connects consumers with accommodations, flights, rental cars, restaurants and travel experiences through a portfolio of digital brands and websites.

Its principal brands include Booking.com, which offers lodging, transportation and travel experiences; Priceline, which provides online booking services for hotels, flights, rental cars and vacation packages; Agoda, which focuses primarily on travel bookings in Asia and other international markets; KAYAK, a travel metasearch engine; OpenTable, a restaurant reservation and management platform; and Rentalcars.com, a global car rental service.

Booking Holdings serves customers, travel providers and restaurants across numerous countries and regions, with a particularly extensive international presence.

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