Invenomic Capital Management LP Buys Shares of 512,294 Cannae Holdings, Inc. (NYSE:CNNE)

Invenomic Capital Management LP acquired a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 512,294 shares of the company's stock, valued at approximately $10,174,000. Invenomic Capital Management LP owned approximately 0.82% of Cannae at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spire Wealth Management acquired a new stake in Cannae in the fourth quarter valued at $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Cannae in the fourth quarter valued at about $76,000. R Squared Ltd acquired a new stake in shares of Cannae during the 4th quarter worth approximately $78,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Cannae by 133.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock valued at $85,000 after purchasing an additional 2,436 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Cannae by 457.9% during the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company's stock worth $94,000 after acquiring an additional 4,062 shares in the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CNNE shares. Oppenheimer dropped their price target on Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Royal Bank of Canada cut their price target on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th.

Cannae Stock Down 0.4 %

Cannae stock opened at $18.40 on Friday. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The firm's fifty day moving average is $17.59 and its 200 day moving average is $19.15. The company has a market capitalization of $1.16 billion, a PE ratio of -3.83 and a beta of 1.03. Cannae Holdings, Inc. has a 12-month low of $15.92 and a 12-month high of $22.36.

Cannae announced that its board has authorized a share buyback program on Tuesday, March 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Cannae Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.48 dividend on an annualized basis and a yield of 2.61%. Cannae's dividend payout ratio (DPR) is presently -10.17%.

Cannae Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.

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