Teacher Retirement System of Texas Has $3.45 Million Stock Holdings in Nasdaq, Inc. $NDAQ

Key Points

• Teacher Retirement System of Texas cut its Nasdaq stake by 92.5% in Q4, selling 435,953 shares and leaving 35,539 shares valued at about $3.45 million.
• Nasdaq beat Q1 estimates with $0.96 EPS and $2.14 billion revenue (revenue +13.7% YoY), and raised its quarterly dividend to $0.31 (ex-dividend June 12), implying a 1.4% yield.
• CEO Adena Friedman sold 113,611 shares (part of roughly $47.1 million in insider sales over 90 days) under a Rule 10b5-1 plan, while analysts hold a consensus "Moderate Buy" rating with an average target of $107.15.

Teacher Retirement System of Texas trimmed its stake in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 92.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,539 shares of the financial services provider's stock after selling 435,953 shares during the period. Teacher Retirement System of Texas' holdings in Nasdaq were worth $3,452,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kanawha Capital Management LLC increased its stake in Nasdaq by 0.6% in the 4th quarter. Kanawha Capital Management LLC now owns 82,342 shares of the financial services provider's stock worth $7,998,000 after purchasing an additional 521 shares in the last quarter. HB Wealth Management LLC boosted its holdings in shares of Nasdaq by 4.6% in the fourth quarter. HB Wealth Management LLC now owns 13,828 shares of the financial services provider's stock worth $1,343,000 after buying an additional 604 shares during the period. KLP Kapitalforvaltning AS increased its position in shares of Nasdaq by 4.4% in the fourth quarter. KLP Kapitalforvaltning AS now owns 234,584 shares of the financial services provider's stock worth $22,785,000 after acquiring an additional 9,900 shares in the last quarter. M&T Bank Corp increased its position in shares of Nasdaq by 14.4% in the fourth quarter. M&T Bank Corp now owns 54,835 shares of the financial services provider's stock worth $5,326,000 after acquiring an additional 6,919 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Nasdaq by 0.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 624,836 shares of the financial services provider's stock valued at $60,904,000 after acquiring an additional 5,119 shares during the period. Institutional investors and hedge funds own 72.47% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Nasdaq from $100.00 to $101.00 and gave the company an "overweight" rating in a research report on Friday, January 30th. Royal Bank Of Canada reiterated an "outperform" rating and set a $108.00 price objective on shares of Nasdaq in a research report on Friday, January 30th. Loop Capital set a $113.00 target price on shares of Nasdaq in a research note on Friday. Wall Street Zen cut Nasdaq from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Raymond James Financial reiterated an "outperform" rating and set a $109.00 price target on shares of Nasdaq in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $107.15.

Nasdaq Stock Performance

Shares of NDAQ opened at $90.43 on Tuesday. The company has a market capitalization of $51.40 billion, a PE ratio of 27.24, a PEG ratio of 1.94 and a beta of 1.02. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.00. The company's 50 day moving average price is $85.87 and its 200 day moving average price is $89.61. Nasdaq, Inc. has a 52 week low of $74.11 and a 52 week high of $101.79.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.03. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $1.42 billion. Nasdaq had a net margin of 23.15% and a return on equity of 17.51%. The company's revenue was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.79 EPS. Research analysts expect that Nasdaq, Inc. will post 3.84 EPS for the current fiscal year.

Nasdaq Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a dividend of $0.31 per share. This is a positive change from Nasdaq's previous quarterly dividend of $0.27. This represents a $1.24 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, June 12th. Nasdaq's dividend payout ratio is 32.53%.

Insider Activity

In related news, CEO Adena T. Friedman sold 113,611 shares of Nasdaq stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $85.44, for a total transaction of $9,706,923.84. Following the completion of the sale, the chief executive officer owned 1,965,751 shares of the company's stock, valued at approximately $167,953,765.44. This trade represents a 5.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 506,451 shares of company stock worth $47,142,951 in the last ninety days. 0.70% of the stock is currently owned by company insiders.

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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