Oppenheimer Asset Management Inc. Purchases New Shares in CME Group Inc. $CME

Key Points

• Oppenheimer Asset Management initiated a CME Group position by purchasing 14,568 shares valued at approximately $3.2 million. Institutional investors collectively own 87.75% of the company.
• CME Group exceeded quarterly expectations, reporting $2.99 in EPS and $1.71 billion in revenue, while announcing a $1.30 quarterly dividend, equivalent to a 1.9% yield.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $291.81; the stock recently opened at $269.80.

Oppenheimer Asset Management Inc. purchased a new position in CME Group Inc. (NASDAQ:CME - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,568 shares of the financial services provider's stock, valued at approximately $3,217,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bryn Mawr Trust Advisors LLC purchased a new stake in shares of CME Group during the second quarter worth about $10,711,000. Mill Capital Management LLC purchased a new position in CME Group in the 2nd quarter valued at about $994,000. Lederer & Associates Investment Counsel CA lifted its stake in CME Group by 13.1% in the 2nd quarter. Lederer & Associates Investment Counsel CA now owns 5,424 shares of the financial services provider's stock valued at $1,198,000 after buying an additional 627 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in CME Group by 0.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 129,709 shares of the financial services provider's stock worth $28,644,000 after buying an additional 915 shares during the last quarter. Finally, Perkins Coie Trust Co boosted its holdings in CME Group by 9.0% in the 2nd quarter. Perkins Coie Trust Co now owns 2,613 shares of the financial services provider's stock worth $577,000 after buying an additional 215 shares during the last quarter. 87.75% of the stock is owned by hedge funds and other institutional investors.

CME Group Stock Performance

CME Group stock opened at $269.80 on Friday. The firm has a 50 day simple moving average of $250.20 and a 200-day simple moving average of $280.22. CME Group Inc. has a 1-year low of $218.31 and a 1-year high of $329.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $97.01 billion, a price-to-earnings ratio of 22.88, a price-to-earnings-growth ratio of 3.14 and a beta of 0.23.

CME Group (NASDAQ:CME - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $2.99 EPS for the quarter, beating the consensus estimate of $2.91 by $0.08. CME Group had a net margin of 63.30% and a return on equity of 15.60%. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company earned $2.96 EPS. The business's revenue for the quarter was up .8% compared to the same quarter last year. On average, analysts expect that CME Group Inc. will post 12.27 EPS for the current year.

CME Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Wednesday, September 9th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $5.20 annualized dividend and a yield of 1.9%. CME Group's dividend payout ratio (DPR) is 44.11%.

Insiders Place Their Bets

In other CME Group news, Director William R. Shepard bought 325 shares of CME Group stock in a transaction on Thursday, June 25th. The shares were bought at an average price of $230.57 per share, for a total transaction of $74,935.25. Following the completion of the transaction, the director directly owned 260,442 shares of the company's stock, valued at $60,050,111.94. This trade represents a 0.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Hilda Harris Piell sold 5,753 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $304.63, for a total value of $1,752,536.39. Following the completion of the transaction, the insider directly owned 27,702 shares in the company, valued at approximately $8,438,860.26. This trade represents a 17.20% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CME has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their target price on CME Group from $267.00 to $245.00 and set a "sell" rating for the company in a report on Tuesday, June 30th. Weiss Ratings lowered CME Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday. Keefe, Bruyette & Woods raised CME Group from a "market perform" rating to an "outperform" rating and set a $305.00 price objective for the company in a research note on Thursday, June 18th. Piper Sandler reduced their price objective on CME Group from $329.00 to $295.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Finally, Barclays lowered their target price on shares of CME Group from $316.00 to $270.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 9th. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $291.81.

About CME Group

CME Group Inc is a global markets company that operates some of the world's largest and most liquid derivatives exchanges, including the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and COMEX. The firm offers futures and options contracts across a broad range of asset classes — including interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals — and serves a diverse client base of institutional investors, commercial hedgers, brokers and retail participants.

The company's core services include electronic trading on the CME Globex platform, central clearing through CME Clearing, and distribution of market data, indexes and analytics.

Want to see what other hedge funds are holding CME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CME Group Inc. (NASDAQ:CME - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source