Varma Mutual Pension Insurance Co Makes New Investment in Booking Holdings Inc. $BKNG

Key Points

• Varma Mutual Pension Insurance Co. initiated a 129,200-share Booking Holdings position worth approximately $23 million in the second quarter. Institutional investors collectively own 92.42% of BKNG shares.
• Booking reported quarterly revenue of $7.35 billion and adjusted earnings of $2.54 per share, beating analyst expectations; revenue increased 8.1% year over year.
• Analysts maintain a generally bullish view, with a “Moderate Buy” consensus and an average price target of $235.72 versus the stock’s reported $209.62 price. Booking also declared a quarterly dividend of $0.42 per share, while insiders sold shares in recent months.

Varma Mutual Pension Insurance Co bought a new stake in shares of Booking Holdings Inc. (NASDAQ:BKNG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 129,200 shares of the business services provider's stock, valued at approximately $23,029,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Booking in the second quarter valued at approximately $11,646,302,000. Deutsche Bank AG bought a new stake in Booking during the 2nd quarter worth approximately $1,691,186,000. Bank of New York Mellon Corp bought a new stake in Booking during the 2nd quarter worth approximately $1,370,455,000. Vanguard Group Inc. lifted its stake in Booking by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,997,949 shares of the business services provider's stock worth $16,055,006,000 after purchasing an additional 23,159 shares in the last quarter. Finally, J. Stern & Co. LLP lifted its stake in Booking by 191,965.8% in the 4th quarter. J. Stern & Co. LLP now owns 2,832,970 shares of the business services provider's stock worth $15,171,489,000 after purchasing an additional 2,831,495 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BKNG shares. TD Cowen reissued a "buy" rating and issued a $230.00 price target (down from $240.00) on shares of Booking in a report on Wednesday, April 29th. Mizuho set a $240.00 price objective on Booking in a research report on Wednesday, August 5th. Robert W. Baird set a $230.00 price objective on Booking in a research report on Wednesday, August 5th. JPMorgan Chase & Co. dropped their price objective on Booking from $224.00 to $208.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Finally, B. Riley Financial restated a "buy" rating and set a $274.00 target price (up from $264.00) on shares of Booking in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Booking presently has an average rating of "Moderate Buy" and an average target price of $235.72.

Booking Trading Down 0.1%

Shares of NASDAQ:BKNG opened at $209.62 on Friday. The stock has a market capitalization of $157.50 billion, a P/E ratio of 23.20, a price-to-earnings-growth ratio of 1.27 and a beta of 1.07. The stock's 50-day moving average price is $188.60 and its 200-day moving average price is $177.00. Booking Holdings Inc. has a 12-month low of $150.14 and a 12-month high of $231.80.

Booking (NASDAQ:BKNG - Get Free Report) last released its earnings results on Monday, August 3rd. The business services provider reported $2.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.43 by $0.11. Booking had a negative return on equity of 102.96% and a net margin of 25.53%.The company had revenue of $7.35 billion during the quarter, compared to analyst estimates of $7.19 billion. During the same quarter in the previous year, the company posted $55.40 EPS. Booking's revenue for the quarter was up 8.1% on a year-over-year basis. As a group, research analysts predict that Booking Holdings Inc. will post 10.47 EPS for the current year.

Booking Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, September 11th. Booking's dividend payout ratio is 18.58%.

Insider Buying and Selling

In related news, Director Vanessa Ames Wittman sold 375 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $211.00, for a total transaction of $79,125.00. Following the completion of the sale, the director directly owned 16,133 shares in the company, valued at $3,404,063. This represents a 2.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert J. Mylod, Jr. sold 1,000 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $206.70, for a total transaction of $206,700.00. Following the sale, the director owned 15,000 shares of the company's stock, valued at $3,100,500. This represents a 6.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 140,050 shares of company stock worth $26,341,680. 0.17% of the stock is owned by company insiders.

Booking Company Profile

Booking Holdings Inc is a global online travel company that operates a portfolio of consumer brands and technology platforms that facilitate the search for and booking of travel services. The company's businesses focus on accommodations, transportation and related travel services through consumer-facing websites and apps as well as partner distribution channels. Booking Holdings was originally founded as Priceline in the late 1990s and adopted the Booking Holdings name in 2018; it is headquartered in Norwalk, Connecticut.

Its core offerings include online reservations for hotels, vacation rentals and other lodging; flight and car rental search and booking; and ancillary services that support travel planning and on-property experiences.

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