Washington Trust Advisors Inc. Has $31.86 Million Holdings in Booking Holdings Inc. $BKNG

Key Points

• Washington Trust Advisors increased its Booking Holdings stake by 2,273.3% in the second quarter, bringing its holdings to 178,758 shares valued at $31.86 million. Institutional investors and hedge funds collectively own 92.42% of BKNG.
• Booking reported stronger-than-expected quarterly results, with EPS of $2.54 versus the $2.43 consensus and revenue of $7.35 billion, up 8.1% year over year.
• Analysts maintain a generally positive outlook, with the stock rated “Moderate Buy” and an average price target of $236.70, while Booking announced a quarterly dividend of $0.42 per share.

Washington Trust Advisors Inc. raised its holdings in Booking Holdings Inc. (NASDAQ:BKNG - Free Report) by 2,273.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 178,758 shares of the business services provider's stock after buying an additional 171,226 shares during the period. Booking comprises approximately 2.4% of Washington Trust Advisors Inc.'s investment portfolio, making the stock its 12th biggest holding. Washington Trust Advisors Inc.'s holdings in Booking were worth $31,862,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BKNG. BlackRock Inc. bought a new position in shares of Booking during the 2nd quarter worth approximately $11,646,302,000. Deutsche Bank AG bought a new stake in Booking in the 2nd quarter valued at $1,691,186,000. Bank of New York Mellon Corp bought a new stake in Booking in the 2nd quarter valued at $1,370,455,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Booking by 2,525.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,101,866 shares of the business services provider's stock valued at $1,087,597,000 after purchasing an additional 5,869,459 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in Booking during the 2nd quarter valued at $992,026,000. 92.42% of the stock is owned by institutional investors and hedge funds.

Booking Stock Performance

Shares of BKNG opened at $193.29 on Monday. Booking Holdings Inc. has a 12 month low of $150.14 and a 12 month high of $226.10. The firm's 50 day moving average is $194.31 and its 200-day moving average is $178.60. The stock has a market capitalization of $145.23 billion, a PE ratio of 21.39, a P/E/G ratio of 1.20 and a beta of 1.07.

Booking (NASDAQ:BKNG - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The business services provider reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.11. The business had revenue of $7.35 billion during the quarter, compared to analysts' expectations of $7.19 billion. Booking had a negative return on equity of 102.96% and a net margin of 25.53%.The firm's revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the company posted $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 business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 11th. Booking's dividend payout ratio is presently 18.58%.

Analyst Ratings Changes

BKNG has been the topic of several research reports. Jefferies Financial Group upped their price objective on shares of Booking from $180.00 to $190.00 and gave the company a "hold" rating in a report on Tuesday, July 14th. The Goldman Sachs Group set a $215.00 target price on shares of Booking and gave the stock a "neutral" rating in a research note on Monday, July 20th. B. Riley Financial reaffirmed a "buy" rating and set a $274.00 target price (up from $264.00) on shares of Booking in a report on Wednesday, August 5th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $188.00 price target on shares of Booking in a research note on Wednesday, August 26th. Finally, Robert W. Baird set a $230.00 price target on shares of Booking in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $236.70.

Insider Activity

In related news, VP Peter Millones, Jr. sold 50,050 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $207.59, for a total value of $10,389,879.50. Following the transaction, the vice president owned 375,025 shares in the company, valued at approximately $77,851,439.75. This trade represents a 11.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ewout L. Steenbergen sold 20,000 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer directly owned 59,794 shares of the company's stock, valued at approximately $12,618,327.82. This trade represents a 25.06% decrease in their position. 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 quarter, insiders sold 81,550 shares of company stock worth $16,922,744. 0.17% of the stock is owned by insiders.

Booking 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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