Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Booking Holdings Inc. (NASDAQ:BKNG – Free Report) by 2.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,780,308 shares of the business services provider’s stock after selling 53,357 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Booking were worth $290,030,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in BKNG. BlackRock Inc. purchased a new position in Booking in the 2nd quarter valued at $11,646,302,000. State Street Corp boosted its stake in Booking by 2,674.6% during the 2nd quarter. State Street Corp now owns 39,420,711 shares of the business services provider’s stock worth $7,026,348,000 after purchasing an additional 37,999,915 shares during the last quarter. Bank of Nova Scotia grew its holdings in shares of Booking by 1,497.3% during the first quarter. Bank of Nova Scotia now owns 870,520 shares of the business services provider’s stock worth $3,665,168,000 after buying an additional 816,022 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Booking during the second quarter worth $1,691,186,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Booking during the second quarter worth $1,370,455,000. 92.42% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on BKNG. TD Cowen upgraded shares of Booking to a “strong-buy” rating in a research report on Monday, September 14th. Rosenblatt Securities assumed coverage on shares of Booking in a research report on Tuesday, September 1st. They set a “buy” rating and a $245.00 price target on the stock. Mizuho set a $240.00 price objective on shares of Booking in a research note on Wednesday, August 5th. BMO Capital Markets reiterated an “outperform” rating and issued a $250.00 price objective (up from $240.00) on shares of Booking in a report on Wednesday, August 5th. Finally, Bank of America reissued a “buy” rating on shares of Booking in a research note on Monday, October 26th. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $233.07.
Read Our Latest Analysis on Booking
Booking Stock Down 1.5%
Shares of NASDAQ:BKNG opened at $148.13 on Friday. The business has a fifty day moving average of $171.26 and a two-hundred day moving average of $177.25. The stock has a market cap of $111.30 billion, a P/E ratio of 16.39, a PEG ratio of 0.93 and a beta of 1.13. Booking Holdings Inc. has a 52-week low of $146.28 and a 52-week high of $220.81.
Booking (NASDAQ:BKNG – Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The business services provider reported $2.54 EPS for the quarter, topping the consensus estimate of $2.43 by $0.11. Booking had a negative return on equity of 102.96% and a net margin of 25.53%. The business had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.19 billion. During the same quarter in the previous year, the firm earned $55.40 EPS. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, equities analysts anticipate that Booking Holdings Inc. will post 10.48 earnings per share for the current year.
Booking Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Friday, September 11th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, September 11th. Booking’s dividend payout ratio (DPR) is presently 18.58%.
Booking News Roundup
Here are the key news stories impacting Booking this week:
- Positive Sentiment: Booking’s global travel leadership, high margins and strong cash-flow generation remain important supports for the investment case. Its cash position could provide flexibility for share repurchases, investment and other shareholder returns. Booking vs. Coupang: Which Stock Is the Better Buy in November?
- Positive Sentiment: Investors will be watching for continued progress in loyalty adoption and the Connected Trip initiative, which aims to increase customer engagement and cross-selling across accommodations, flights, rental cars and other travel services. Strong execution could improve longer-term growth expectations. The Connected Trip Gamble
- Neutral Sentiment: BKNG has attracted unusually high investor attention and options activity ahead of earnings. This may increase short-term volatility, but the available reports do not indicate whether traders are positioning for a rise or decline. Booking Sees Unusually Large Options Volume
- Neutral Sentiment: Analysts are focused not only on revenue and earnings per share but also on operating metrics and other key indicators for the September quarter. These estimates could set the bar for the earnings reaction. Exploring Analyst Estimates for Booking Holdings Q3 Earnings
- Negative Sentiment: Currency headwinds could reduce the reported value of international bookings and earnings, while travel disruptions may weigh on demand or create additional costs. Booking Holdings Q3 Earnings Ahead
- Negative Sentiment: Higher marketing spending may pressure profitability even if bookings and revenue continue to grow. Investors are therefore likely to scrutinize margins, guidance and management’s outlook. Booking Holdings Q3 Earnings Ahead: What’s in Store for the Stock?
- Negative Sentiment: The shares have declined substantially and are trading near their 12-month low, reflecting elevated expectations risk ahead of the report. Any weak guidance or disappointment in Connected Trip adoption could add further pressure.
Insider Activity
In other Booking news, insider Paulo Pisano sold 1,500 shares of Booking stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $163.06, for a total transaction of $244,590.00. Following the transaction, the insider directly owned 70,400 shares of the company’s stock, valued at $11,479,424. The trade was a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vanessa Wittman sold 375 shares of Booking stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $211.00, for a total transaction of $79,125.00. Following the transaction, the director directly owned 16,133 shares in the company, valued at $3,404,063. This trade represents a 2.27% 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. Insiders sold 78,425 shares of company stock valued at $16,210,864 in the last quarter. Insiders own 0.17% of the company’s stock.
About Booking
Booking Holdings Inc is a global online travel and restaurant-reservation company that connects consumers with travel providers through digital platforms and mobile applications. Its services include accommodations, flights, rental cars, cruises, vacation packages, restaurant reservations and other travel-related offerings.
The company operates a portfolio of well-known brands, including Booking.com, Priceline, Agoda, KAYAK, OpenTable, Rentalcars.com and Kayak-associated travel services.
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