Polar Capital Holdings Plc Sells 119,721 Shares of Cannae Holdings, Inc. (NYSE:CNNE)

Polar Capital Holdings Plc reduced its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 27.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 316,697 shares of the company's stock after selling 119,721 shares during the period. Polar Capital Holdings Plc owned about 0.50% of Cannae worth $6,290,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Spire Wealth Management bought a new position in shares of Cannae in the fourth quarter worth about $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Cannae during the fourth quarter valued at approximately $76,000. R Squared Ltd acquired a new position in Cannae during the fourth quarter valued at approximately $78,000. Nomura Asset Management Co. Ltd. grew its holdings in Cannae by 133.0% during the fourth 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 period. Finally, Blue Trust Inc. lifted its stake in Cannae by 457.9% in the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company's stock valued at $94,000 after buying an additional 4,062 shares in the last quarter. 88.12% of the stock is owned by institutional investors.

Cannae Stock Performance

NYSE CNNE traded down $0.14 on Wednesday, hitting $18.04. 143,303 shares of the stock were exchanged, compared to its average volume of 452,844. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. The business's fifty day moving average is $17.73 and its 200 day moving average is $19.09. Cannae Holdings, Inc. has a 52 week low of $15.92 and a 52 week high of $22.36. The company has a market capitalization of $1.13 billion, a PE ratio of -3.75 and a beta of 1.03.

Cannae (NYSE:CNNE - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). Cannae had a negative return on equity of 8.26% and a negative net margin of 68.61%. The firm had revenue of $103.20 million for the quarter, compared to the consensus estimate of $105.30 million. During the same period last year, the company posted ($1.27) earnings per share. The business's revenue was down 6.8% compared to the same quarter last year. Research analysts anticipate that Cannae Holdings, Inc. will post -3.14 EPS for the current fiscal year.

Cannae announced that its board has initiated a stock buyback program on Tuesday, March 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.66%. The ex-dividend date is Monday, June 16th. Cannae's dividend payout ratio (DPR) is currently -9.13%.

Analysts Set New Price Targets

A number of research analysts have weighed in on CNNE shares. Oppenheimer cut their price target on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $22.00 price objective on shares of Cannae in a research report on Wednesday, May 14th.

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.