Principal Financial Group Inc. reduced its position in shares of Nasdaq, Inc. (NASDAQ:NDAQ – Free Report) by 2.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 2,159,588 shares of the financial services provider’s stock after selling 49,914 shares during the period. Principal Financial Group Inc.’s holdings in Nasdaq were worth $183,327,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Legal & General Group Plc increased its holdings in shares of Nasdaq by 1.6% in the 4th quarter. Legal & General Group Plc now owns 2,855,235 shares of the financial services provider’s stock valued at $277,329,000 after purchasing an additional 45,783 shares during the period. M&T Bank Corp boosted its holdings in shares of Nasdaq by 27.5% during the fourth quarter. M&T Bank Corp now owns 61,076 shares of the financial services provider’s stock worth $5,933,000 after purchasing an additional 13,160 shares during the period. AlphaCore Capital LLC acquired a new stake in shares of Nasdaq during the fourth quarter worth approximately $1,245,000. Advisors Preferred LLC purchased a new position in Nasdaq during the fourth quarter valued at approximately $4,872,000. Finally, MKP Capital Management L.L.C. purchased a new position in Nasdaq during the fourth quarter valued at approximately $33,996,000. Hedge funds and other institutional investors own 72.47% of the company’s stock.
Insider Buying and Selling at Nasdaq
In other news, insider Cohen Tal sold 15,518 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $90.75, for a total transaction of $1,408,258.50. Following the completion of the sale, the insider owned 215,208 shares in the company, valued at approximately $19,530,126. This represents a 6.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michelle Lynn Daly sold 1,323 shares of the company’s stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $88.82, for a total value of $117,508.86. Following the sale, the senior vice president owned 10,089 shares of the company’s stock, valued at approximately $896,104.98. This trade represents a 11.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 24,551 shares of company stock valued at $2,225,990. Corporate insiders own 0.60% of the company’s stock.
Nasdaq Stock Performance
Nasdaq (NASDAQ:NDAQ – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.42 billion. Nasdaq had a net margin of 23.15% and a return on equity of 17.51%. Nasdaq’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. As a group, equities analysts anticipate that Nasdaq, Inc. will post 3.91 EPS for the current fiscal year.
Nasdaq Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, June 12th. This is a positive change from Nasdaq’s previous quarterly dividend of $0.27. This represents a $1.24 annualized dividend and a yield of 1.4%. Nasdaq’s dividend payout ratio (DPR) is currently 37.35%.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on NDAQ shares. Keefe, Bruyette & Woods increased their target price on shares of Nasdaq from $92.00 to $97.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Morgan Stanley lowered their price target on shares of Nasdaq from $116.00 to $112.00 and set an “overweight” rating on the stock in a report on Friday, July 10th. Barclays dropped their price target on shares of Nasdaq from $114.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. TD Cowen reduced their price objective on Nasdaq from $104.00 to $98.00 and set a “buy” rating for the company in a research report on Monday, June 22nd. Finally, Raymond James Financial reissued an “outperform” rating and set a $113.00 price objective (up from $111.00) on shares of Nasdaq in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $107.42.
Read Our Latest Analysis on Nasdaq
Nasdaq Company Profile
Nasdaq, Inc is a global financial technology company that operates one of the world’s leading electronic securities exchanges and provides a broad array of products and services to capital markets participants. Its core activities include operating the Nasdaq Stock Market and other trading venues, developing and supplying market technology and matching engines to exchanges and trading firms, licensing market data and indices, and offering clearing, trade execution and post-trade solutions. The company also provides market surveillance, risk management and regulatory technology used by exchanges and regulators.
Founded in 1971 by the National Association of Securities Dealers (NASD) as the first electronic stock market, Nasdaq has evolved into a diversified marketplace and technology provider.
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