Nasdaq, Inc. $NDAQ Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Nasdaq, Inc. by 4.9%, selling 341,883 shares during the first quarter, leaving them with 6,612,451 shares valued at approximately $501.6 million.
• Nasdaq recently reported a quarterly earnings of $0.85 per share, exceeding expectations by $0.07, with revenue of $1.31 billion, reflecting a year-over-year growth of 12.7%.
• The company declared a quarterly dividend of $0.27 per share, which is set to be paid to stockholders on September 26, representing an annualized yield of 1.1%.

The Manufacturers Life Insurance Company lowered its position in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 4.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,612,451 shares of the financial services provider's stock after selling 341,883 shares during the period. The Manufacturers Life Insurance Company owned about 1.15% of Nasdaq worth $501,621,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of NDAQ. Grove Bank & Trust lifted its stake 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 purchasing an additional 216 shares during the last quarter. Highline Wealth Partners LLC boosted its position in shares of Nasdaq by 1,509.5% during the 1st 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 in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Nasdaq in the 1st quarter worth about $26,000. First Command Advisory Services Inc. purchased a new stake in Nasdaq in the 1st quarter valued at about $30,000. Finally, AlphaQuest LLC purchased a new stake in Nasdaq in the 1st quarter valued at about $34,000. Institutional investors own 72.47% of the company's stock.

Insider Transactions at Nasdaq

In related news, EVP Bradley J. Peterson sold 11,508 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $88.87, for a total value of $1,022,715.96. Following the completion of the sale, the executive vice president owned 111,035 shares of the company's stock, valued at approximately $9,867,680.45. This represents a 9.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jeremy Skule sold 2,105 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $95.49, for a total transaction of $201,006.45. Following the completion of the sale, the executive vice president directly owned 92,551 shares of the company's stock, valued at $8,837,694.99. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,409 shares of company stock valued at $2,223,599 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.

Nasdaq Stock Down 1.2%

Shares of Nasdaq stock traded down $1.15 on Tuesday, reaching $93.59. The stock had a trading volume of 3,084,991 shares, compared to its average volume of 3,246,846. The company has a 50 day moving average price of $92.64 and a 200 day moving average price of $83.36. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.73. Nasdaq, Inc. has a 1 year low of $64.84 and a 1 year high of $97.63. The stock has a market capitalization of $53.70 billion, a P/E ratio of 36.00, a P/E/G ratio of 2.08 and a beta of 1.02.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last released its earnings results 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 the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. Nasdaq's revenue was up 12.7% compared to the same quarter last year. As a group, equities research analysts forecast that Nasdaq, Inc. will post 3.18 EPS for the current year.

Nasdaq Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, September 12th. This represents a $1.08 dividend on an annualized basis and a yield of 1.2%. Nasdaq's dividend payout ratio is currently 41.54%.

Analyst Upgrades and Downgrades

NDAQ has been the subject of several analyst reports. Piper Sandler raised their price objective on shares of Nasdaq from $97.00 to $104.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Royal Bank Of Canada boosted their price objective on shares of Nasdaq from $95.00 to $108.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Raymond James Financial reissued an "outperform" rating and set a $96.00 price objective (up previously from $84.00) on shares of Nasdaq in a research note on Wednesday, July 9th. Oppenheimer reiterated an "outperform" rating and issued a $101.00 target price (up previously from $96.00) on shares of Nasdaq in a research note on Tuesday, July 15th. Finally, Barclays upped their target price on shares of Nasdaq from $101.00 to $109.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $97.06.

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.